We all make mistakes, but some missteps really take the cake. People took to an online forum to share things that scream you make poor financial choices and struggle managing your money.
Driving an Expensive Car With Body Damage
A car is something that gets you from point A to point B. Having a pricey car, with extensive body damage, on the other hand, reveals something unwise.
“Driving a very expensive car with tons of body damage because all their money is going to their $800 a month car payment and they can’t afford to fix the damage they caused with their s****y driving,” comments one person.
Another adds, “I had this exact conversation with my friend today, if you can’t afford to fix your car, you probably shouldn’t be owning a 2022 60k Mercedes.”
Treat your cars well, and if you can’t afford to upkeep your expensive car, maybe you shouldn’t have it.
Upscaling Your Baby
Babies are fun to dress up, but as any parent will tell you, they quickly grow out of said outfit.
“Designer shoes and jewelry on your infant,” says one person identifying one thing that shows you make poor money moves.
Another adds, “Some people are just that rich to do that. The real kicker is if they can barely afford the same items that are adult size for themselves.”
If you can’t afford it for yourself, it’s best to skip it for your bundle of joy.
Taking a Loan to Go on Vacation
My family loves to travel hack with rewards credit cards for our vacations. But, we pay off our bills in full each month. Then, there’s taking on debt to travel.
“Guy I know took a 25k loan on his house to go on on vacation for a month with his family. Said you only get to live once. the thing is he went on vacation back to his birth country, and wanted to live large so people think he’s successful,” comments one person.
If you need to take out a loan to travel, perhaps you should postpone the travel.
Driving a Luxury Car as a Fitness Trainer
Luxury cars can be fun, but make sure you have a job that can support it.
“Drives a Maserati, but works as a fitness trainer and is in six figures in student loan debt,” notes one commenter.
Luxury car and six figure student loans for the daily double!
Taking Out Payday Loans
Payday loans are thankfully coming under some regulation, but they’re still a terrible choice. One person concurs, adding, “Using a check cashing store or payday advance type company.”
There are many other choices if you need fast cash. And, they’re all better than a payday loan.
Always Asking to Borrow Money
Everyone faces economic headwinds at times. Always facing them reveals another problem.
“Hey, can I borrow $15? I’ll pay you back next week when I get paid.” With the above happening every other week,” says one commenter.
Another adds, “I had a friend who constantly hit me up for $40 every other week. He paid me back every payday. One time I told him not to pay me back until he was sure he could go without asking for money. He was feeling really guilty 2 months later… paid me back $50… a month later asked me for more money… I didn’t have extra that time… I felt kinda bad. Long story short… I haven’t talked to him in a few years.”
Don’t be that friend that’s always asking for cash.
Smoking When You Have Asthma
Smoking is a nasty habit. Doing it when you have asthma is a different animal.
“Buying Marlboro 100’s everyday and smoking every last one. I have someone at my work that does this while he’s got asthma and uses a nebulizer 3 times a shift. I can’t imagine he’s got his finances in order all too well,” comments one person.
It’s like the person connected to an IV and still smoking. Seek help to beat the addiction.
Buying a TV When You Get Your Tax Refund
Purchasing a new TV can be fun, but it’s even better when you budget for it.
“Buying a widescreen television on tax return day and bringing it home in a car held together by duct tape and prayers,” says one commenter.
A large tax refund can be a welcome relief. Use it for things that matters first, then spend a little on something fun.
Making Payments For Tattoos
Tattoos aren’t free. However, having a payment plan may reveal unwise financial choices.
“I met a woman on a dating app once that had a number of tattoos. She had a low income job so I wondered how she could afford them. Turns out she was on a payment plan with the tattoo studio….I was like yeah, no thanks,” notes one person.
Like other non-essential items, if you can’t pay for a tattoo upfront, budget for it.
Eating Out When You Live With Your Parents
Eating out is fun, but it’s expensive and may reveal short and long-term failures, especially if you live in the basement.
“Live with your parents but eat out every night,” says one person. Another adds, “The amount of $$$ you will spend on the same quality of food you could make yourself is INSANE – even if it’s just fast food.”
Skip the fast food and eat at home.
Giving Money to Someone Who Doesn’t Need it
Billionaires don’t need our help. Donating to them may reveal a lack of critical thinking.
“Giving money to a ‘billionaire’ to help him fight the felony charges against him.”
It’s hard to disagree with that logic.
Yes, we only live once. Taking that to an extreme creates various financial problems, and reveals you may not be thinking critically.
“Constantly complains ‘I am broke’ but keeps traveling overseas, eating out, going out for drinks.
I have seen plenty of friends who do not make enough, but keeps traveling overseas for a week or two because “the plane ticket is cheap! It’s $300.” But they never account for hotels, hostels, transportation, food, tour guides, souvenir. Which even in a fairly cheap country will amount to over a thousand or more.
Then they complain they have multiple thousands in credit card debt. I think because of social media and influences, people nowadays make even more impulsive decision because of FOMO or want to have a facade of a fancy life style, when they actually cannot afford it,” adds one person.
If you’re broke and doing many things in luxury, the problem isn’t your finances.
Not Moving to a Lower Cost of Living Area
Purposely staying in a higher cost of living city, even when you can’t make ends meet may show you’re making unwise financial choices.
“Refusing to move to the Midwest from California where relatives have better paying jobs lined up for them (and much lower cost of living) primarily because ‘there’s nothing to do’ and ‘can’t stand small cities’ – umm okay keep living paycheck to paycheck with the 14 other people in your 3 bedroom house,” says one commenter.
Few can argue with you for not moving to a place you don’t want to live. However, if you’re living on government cheese in your current location, there just might be a problem.
Going Into Debt to Buy Crypto
Few people understand crypto. Going into debt to buy crypto is beyond the pale.
“Taking on debt to throw it at crypto or similar. I know so many people that took on debt over lock down and threw it at the crypto exchanges, NFTs etc. This turned out exactly as you would expect,” says one person.
Numerous celebrities have lost millions on crypto. If you have millions like them, great, but going into substantial debt for crypto is beyond unwise.
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This thread inspired this post.