Deleted
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Post by Deleted on Apr 13, 2011 11:16:36 GMT -5
1. took lots of student loans for a history degree. About 80k in fact. Some were private at 14% interest. 2. financed a car 3. became financially dependent on my spouse I'm sure I'll think of more.
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thyme4change
Community Leader
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Posts: 40,411
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Post by thyme4change on Apr 13, 2011 11:19:15 GMT -5
I've committed them all. And I've even committed some of them after I posted here - but most of the mistakes I made were my pre-YM days.
I am going to go out and buy a very expensive, brand new car. And, I'm going to finance it. Fire away guys!
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Deleted
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Post by Deleted on Apr 13, 2011 11:19:46 GMT -5
Oooh. What kind of car?
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NomoreDramaQ1015
Community Leader
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Post by NomoreDramaQ1015 on Apr 13, 2011 11:20:50 GMT -5
I pay for daycare instead of finding a teenager in the neighborhood willing to watch my 8 month old for less than minimum wage
I combined finances with DH before we were married.
I did not have a fully funded retirement, a 2 year emergency fund and a college fund before having DD
I took out student loans and got a biology degree instead of one of the three approved YM majors
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thyme4change
Community Leader
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Post by thyme4change on Apr 13, 2011 11:24:13 GMT -5
We aren't sure yet. Something huge. Something offensive to environmentalist and reasonable people alike - Suburban-ish. Gas-guzzling, ridiculous, with all the bells and whistles. We will have a nicer entertainment system in our car than in our house. And it will depreciate! Like a rock shot out of a cannon facing straight down on the top of the empire state building. Bye-bye net worth!
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cael
Junior Associate
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Posts: 5,745
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Post by cael on Apr 13, 2011 11:27:05 GMT -5
Have some credit card debt, took out a personal loan to help buy my car a few years ago (put $2500 down, borrowed $3000 from my bank for it. Didn't want to wipe my savings out, loan term was 1 year, and it didn't stretch me too thin), I'm not as cheap as I could be at the grocery store, I'm considering partially financing our next primary car (hopefully a year or two out), EF only has a grand in it right now (I just am not contributing to it right now because $ is going toward the wedding), probably more I'm forgetting! We try to be pretty good overall though...
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cael
Junior Associate
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Post by cael on Apr 13, 2011 11:27:57 GMT -5
We aren't sure yet. Something huge. Something offensive to environmentalist and reasonable people alike - Suburban-ish. Gas-guzzling, ridiculous, with all the bells and whistles. We will have a nicer entertainment system in our car than in our house. And it will depreciate! Like a rock shot out of a cannon facing straight down on the top of the empire state building. Bye-bye net worth! LOL - and I felt slightly guilty for considering getting a RAV4 for our next car, an upgrade in size and gas-guzzlingness from my Camry!
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Urban Chicago
Established Member
Joined: Dec 23, 2010 9:21:48 GMT -5
Posts: 435
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Post by Urban Chicago on Apr 13, 2011 11:32:12 GMT -5
We have a Universal Life policy on DH.
We combined all our money well before we were married.
We believe it's important to contribute not only to our kids' college, but to private ELHI if at all possible.
We have cable.
We are considering a major job change that will decrease our overall income, but hopefully increase our happiness.
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steph08
Junior Associate
Joined: Jan 3, 2011 13:06:01 GMT -5
Posts: 5,452
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Post by steph08 on Apr 13, 2011 11:35:55 GMT -5
I have loaned money to family members.
I went to a private college for a BA in English. (And it cost less than the BS in Geology that my husband is currently doing at the state college with tuition 1/4 of what I paid and no room and board.)
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Sam_2.0
Senior Associate
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Post by Sam_2.0 on Apr 13, 2011 11:37:17 GMT -5
We have a whole-life policy on me, and we will be getting one on DH soon.
We bought our house with less than 20% down, and we are considering doing it again to move to a better neighborhood.
We are having DD this summer, and I will keep working (not sure if the winds around here like SAHMs at the moment or not, so that could go either way).
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Deleted
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Post by Deleted on Apr 13, 2011 11:40:20 GMT -5
lol thyme! Umm - I committed that sin already. Bought an SUV when I got pregnant that gets 12-14 mpg but accelerates like nothing else, has heated leather seats and steering wheel. No entertainment though.
We want to pay for college and a private school for DS.
DS is two and goes to preschool and enrichment activities.
I cashed out my 401k.
I buy non-used clothing.
We spent $600 on alcohol and bars last year.
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kimber45
Senior Member
Life's too short to own an ugly gun
Joined: Dec 20, 2010 9:40:27 GMT -5
Posts: 3,933
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Post by kimber45 on Apr 13, 2011 11:42:28 GMT -5
We spent $600 on alcohol and bars last year.
LOL, Anne, that is about one month for us.
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Deleted
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Post by Deleted on Apr 13, 2011 11:44:17 GMT -5
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Deleted
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Post by Deleted on Apr 13, 2011 11:44:45 GMT -5
I bought a house with an addition that leaked. Then ripped it out and replaced it with a new addition. Now it's leaking. Somewhere Phil is laughing.
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achelois
Well-Known Member
Joined: Dec 19, 2010 9:55:44 GMT -5
Posts: 1,479
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Post by achelois on Apr 13, 2011 11:46:43 GMT -5
Repent, sinners!
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kimber45
Senior Member
Life's too short to own an ugly gun
Joined: Dec 20, 2010 9:40:27 GMT -5
Posts: 3,933
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Post by kimber45 on Apr 13, 2011 11:47:15 GMT -5
You party like rockstars! Or Charlie Sheen.
Well, maybe 1 1/2 months I figure roughly $100 per week between the liquor store, and local bars (if we got out)
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
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Mini-Profile Name Color: e619e6
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Post by TheOtherMe on Apr 13, 2011 11:47:56 GMT -5
I loaned a major sum of money to my BF many years ago. We had a written note that included interest. If not paid back on time, interest rate jumped. It wasn't paid back on time, but when it was the 18% interest was added on.
Bought a house without 20% down
Since I started here, I don't have the EF I need, but it can't happen overnight.
I have Dish and I'm not getting rid of it. I bareboned it this week for my purposes.
I have learned all my financial lessons the hard way, totally the hard way.
If my 1994 Honda does not hold out, I will be financing a car. Saving for it, but it's a matter of whether or not it lives that long.
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Post by illinicheme on Apr 13, 2011 11:51:17 GMT -5
I completely biffed my tax planning for 2010 (4 W2's, small severance payout, vacation payout, signing bonus, three unexpected $1000 bonus checks, 2009 state refund from NJ, plus buying a house late in 4Q10 = bad withholding estimates on my part). Good news - getting an unexpectedly giant refund from both federal and state (~$12k combined). Bad news - unexpectedly over the Roth IRA MAGI limit for contributions. Time to go call Vanguard to recharacterize contributions and "look forward" to learning how to do backdoor Roth conversions for 2011 taxes next year.
In other news, I bought a new car once (and then DH bought a new one - with a loan! - a few years after that). I've never rebalanced my 401k. I haven't rolled my two old 401k's over into something else yet. I married DH while he was in the middle of an ultimately 18 month long unemployed stretch.
ETA: Have bought two houses with less than 20% down. (80/15/5 with a 5-1 ARM on the first house. FHA 30-yr fixed with 5% down on the current house.)
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Deleted
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Post by Deleted on Apr 13, 2011 11:52:04 GMT -5
Financed our car purchase with a HELOC. Well, at least it was a used car!
The HELOC was at 2.75% and interest was tax-deductible. Despite that, I paid it off at $600/month just to get it out of the way.
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Deleted
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Post by Deleted on Apr 13, 2011 11:53:39 GMT -5
Recently? Went on an expensive 2 week trip to Turkey and bought $5K of rugs. Last month we paid off our 5 3/8% mortgage on our Bay Area house.
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NomoreDramaQ1015
Community Leader
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Post by NomoreDramaQ1015 on Apr 13, 2011 11:54:02 GMT -5
I deducted my daycare expenses and happily took the child tax credit. It all went into the EF.
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trytofindbalance
Familiar Member
Joined: Mar 29, 2011 14:39:17 GMT -5
Posts: 683
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Post by trytofindbalance on Apr 13, 2011 11:56:02 GMT -5
Oh boy - lots of them I guess: The worst sin of all is that I married a wonderful man that did not have all of his financial sh!t together and I knew it before I married him We bought an expensive SUV (although it was used) about 2 years ago and we're still making payments on it at 3.9% interest. Love, love the car. We bought our house based on both of our incomes at the time and we only put 10% down (which was a big ol' chunk of change). We took in a child who desperately needed a home when my DH's business was already starting to have problems. We also want to help her with college costs. DH bought me a horse when I was going through a very difficult time. I refuse to sell her at this point, even though money is tighter than it was. Yup, she's that important and it would be a last resort. We order takeout sometimes when we're tired or don't feel like cooking. We understand that life takes twist and turns and you don't always know what lies around every single corner. It's important to prepare for the unexpected and the future, but it's also equally important to live for today. Live, laugh, love, because you never know what can happen in life. Hoarding money isn't the end all be all in life. Security and savings are very important and a priority on my list, but certainly not the only one.
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Baby Fawkes
Familiar Member
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Post by Baby Fawkes on Apr 13, 2011 11:56:47 GMT -5
I committed the two deadly sins of buying my GF (now Fiance and very soon to be wife) a new car when hers died after 16 years and she couldn't afford to replace it. I think that counts as a 2 for 1 there!
I also bought a house with her before we were married and we've bascially been living with combined finances despite not being married yet.
Looking back there hasn't been a single problem as a result of this, but I do generally agree with the idea of protecting yourself as much as possible. Example: Although I bought the car for her to use, it was still entirely in my name just in case so technically it's my car even though I rarely drive it.
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whoisjohngalt
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Post by whoisjohngalt on Apr 13, 2011 12:08:18 GMT -5
I traded in 2008 Subaru that bought brand new for brand new 2011
We bought a huge house with less than 20% down
We are getting ready to buy one of those huge SUVs
My kids do not/did not own a single piece of used anything
My two strollers were more than some people's mortgage pmt
Just to name a few....
Lena
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alabamagal
Junior Associate
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Post by alabamagal on Apr 13, 2011 12:08:59 GMT -5
I probably have committed all the sins (Is there a 10 commandments list somewhere?)
Lack of retirement savings and nearing 50 (but have a valuable small business, large pension, starting back on the 401k at new job) Paid off mortgage, but still have HELOC (about 1/2 current value of the house though) Large CC debt (up to 90k) now paid off Kids go to private school, only one kid left and next year is the last Have financed all car purchases except 1 ($900 cash). But now own 3 cars (plus the $900 one with blown engine and about to sell for scrap) and have payments left on one. Have Dish network, 5 cell phones, one home phone. Home phone may go soon. 2 of the cells are for kids away at college and this is their only phone (so they are musts). EF is definitely lacking, but we can always manage cash flow with the business Late paying my house taxes (but paid eventually) Got a huge tax refund this year, but that was mainly due to 2 big impacts, business loss for the year (even though DH had salary) and 2 kids in college tax credits.
Sins we have not committed: Whole life insurance Payday, car title, etc loans Public assistance of any type (I don't guess that's a YM sin, but always proud to say we have always paid our own way) Defaulted on any loans or other financial committments
Unfortunately the sins committed list is longer than the sins not committed......
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Deleted
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Post by Deleted on Apr 13, 2011 12:13:20 GMT -5
A) My wife has over 100k in student loans for an undegrad in Biology and Masters in Public Health B) we have 2 car loans C) we have 7.3k in credit car loan D) we go out to eat E) we go on vacations D) we did not max our Roth for 2010
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tskeeter
Junior Associate
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Post by tskeeter on Apr 13, 2011 12:24:40 GMT -5
The list is lengthy.
Whole life life insurance policy.
Financed cars.
Had car payments that exceeded the house payment (three cars at once while single).
Bought a sports car.
Bought 10 new, not new to me, cars.
Bought houses from 2,600 to 3,000 square feet and up to a four car garage for two people to live in.
Took four European vacations and a cruise in less than 10 years.
Don't bother with grocery store coupons.
Eat out at least twice a week.
Pay for cable TV.
Got married. Discovered I needed furniture, curtains, pictures, dishes, china, crystal, etc.
Guess that's why I'm still working.
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oreo
Familiar Member
Joined: Jan 4, 2011 19:42:49 GMT -5
Posts: 577
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Post by oreo on Apr 13, 2011 12:42:01 GMT -5
My focus is paying off my house even though I only have a 4.99% rate.
I have an EF of nearly 4 years and it is a low interest (1.25%) savings account.
I never maxed out my retirement (I am now because I don't have a 401k option so I can only put away $5K/year). Around 1/2 of that is in low interest cds rather than indexed funds and stocks (although I'm getting better because it used to be more like 80% was in cds so I'm doing better!)
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azphx1972
Familiar Member
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Post by azphx1972 on Apr 13, 2011 12:44:04 GMT -5
Funny you say that thyme. I've been contemplating spending 35k-40k for a "weekend" car. Of course it'll drain my EF, but we only live once right?
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giramomma
Distinguished Associate
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Post by giramomma on Apr 13, 2011 12:49:21 GMT -5
I got a degree in underwater basketing weaving. It took more more than 4 years.
I'm supporting my husband, the SAHP.
We'll be helping our kids pay for college. I'll suggest limits on where to attend, but I'm fine with them getting a degree in underwater basket weaving.
We don't make a ton of money. Nor do we have a desire to do so.
We don't max out retirement contributions. It's not possible on our income.
We value time more than we value money.
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