List Your YM Sins

[Deleted]

I'm pretty darn happy with where I am now, but:

1. Hooked up with a guy who had a new Camaro on order but his credit was in the toilet so I took on the loan. I subsequently married him and spent most of the next 15 years rescuing him from his financial irresponsibility (during the last 5 years he was unemployed).

2. Bought a house after the divorce that had monthly maintenance (mortgage + taxes) approaching 50% of my take-home pay (later cleared $200K when I sold it).

3. Bought a new car and financed it through the dealer in 1991. Never again.

4. Financed the car DH and I now own (bought used) with a HELOC. Goes against traditional wisdom but the rate has been 2.75% the whole time and I've almost got it paid off.

5. Bought a house in 2003 with a 15-year mortgage at under 5%, fixed. Depending on your point of view, it was either stupid to borrow when we could have paid cash, or stupid to borrow for only 15 years at that rate!

6. Remarried in 2003 without a pre-nup, to a man with virtually no savings (but no debts) and whose income is SS + some freelance income. Working out just fine!

7. Have chosen travel to Europe and buying jewelry as my main passions. Very expensive passions. One could argue that all that bling is now worth a lot, but I insist on wearing it instead of melting it down.

8. Edited to add: paid for DS to attend a private university instead of telling him to attend State U. and fend for himself (but at least he majored in Math and has a good job now).

In retrospect, it's all turned out well- I probably stuck with the Ex too long but I got DS from that marriage.

[Sharon]

Okay I will jump in on this one.

• Borrowed from my 401K to make the 5% down payment on my first house. (I did sell that house 4 years later for $27,000 more)
  
  Got pregnant between the offer and closing on the first house.
  
  Have never received child support
  
  Sent DD to private school K-6
  
  DD takes dance and private flute lessons
  
  Took out a HELOC to pay off CC's (It did not cover all the CC debt)
  
  Do not consistantly contribute to my 401K.
  
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• 
  

And I can't even format my post correctly.

[robbase]

I don't usually dress well (jeans, tshirt or something easy) when outside of work, and apparently this is a no-no because people judge you by what you wear

but somehow driving an older car is OK and approved by YM (because I guess they don't also judge you by what you drive?)

[MN-Investor]

Not only have I sinned, I don't regret any of my sins and I plan on keep doing some of them. I guess some people just don't learn!

• Paid off our mortgage in 14 years.
  
• Paid cash for a new car in '96. We plan on repeating that mistake in 2011.
  
• We've had a six figure amount in a money market for several years (it was the only thing we had which didn't tank in the market!)
  
• Have never had a written budget.
  
• I stopped working at age 43. No, we have no children so I'm not a SAHM. We live off my DH's salary.
  
• Even though I stopped working, I have yet to roll over my 401(k) into an IRA.
  
• Both my DH and I have significant portions of our 401(k)s invested in employer stock.
  

[shanendoah]

Past sins (not all of them, but the relevant ones)

• Had a full ride scholarship for undergrad and lost it because hanging out with my friends was more fun than going to class.
  
• Financed the rest of my education with student loans, put those loans in forbearance multiple times (10.5 years after graduating, I still owe more than I borrowed)
  
• BA in History, minor English-Writing
  
• Bought car with DH before we were engaged
  
• Bought house with DH before we were married
  
• 0% down on first house (it was sold at a profit, 18 months later without ever putting it on the market)
  
• Paid PMI on second house for the first year we owned it
  
• Did not roll 401(k) from old job into my 403(b) when I changed jobs
  
• Bought a VW TDI the year they weren't releasing TDI's in the US, meaning we took what the dealer had (all the bells and whistles)
  
• Went to a private school for my MBA
  
• No emergency fund when DH was laid off
  

Current Sins

• DH has been on UE for 20 months and had not applied for a single fast food or retail job
  
• We have not saved anything toward his retirement since he got laid off
  
• My retirement is funded at only 4% of my salary, with 2% matching- no where near maxing it out
  
• Neither of us has a ROTH
  
• We pay $150/month for cable and internet
  

[TrixAre4Kids]

This is too much fun! Karma to you QQ!

• walked away from Electronics school and certificate my parents paid large for, without graduating...because of a married man
  
• Started community college then dropped out and got a UNION job!
  
• acquired BF and let him move in with me without discussing finances. Allowed BF to make me feel stupid for my simple budgeting method. Later found out he had not paid taxes for years and owed thousands to the Feds. This guy had a MBA by the way.
  
• bought a bigger condo for us to live in, kept 1st one as rental (good thing to this day)
  
• passively fell into arrangement to permit above BF to only pay utilities and his share of food instead of rent this entire time
  
• bought a BIGGER condo for us to live in, sold the last. Dis-acquired BF. Refinanced. Refinanced again. Payments and HOA fees were over 50% of my takehome, until...
  
• I refinanced condo into a 7 year ARM
  
• 30 year old will, leaves everything to parents, who have been dead for years
  
• stopping clipping coupons and just go to Costco
  
• max out my 401k but have only one month EF
  
• didn't raise my tenants rent last year
  
• want to retire before I'm 62
  
• stopped making contributions to my Roth & IRA
  
• never got a college degree
  
• drive a 'baby' suv and love it
  
• had a generous Christmas budget and overspent it anyway ;D
  
  

[The J]

Had a full ride scholarship for undergrad and lost it because hanging out with my friends was more fun than going to class

This almost happened to me after my first semester (I ended up with a 2.9), but then I convinced the financial aid person that someone had told me I'd be entitled to a probation period to get it up, even though no one had.

[Nazgul Girl]

Post#25 "Trusted family members -- ( Lesson learned: If someone says "trust me I would never cheat you" rest assured you have already been screwed royally and are just too dumb to know it)."

I know this may sound weird, but if I say "trust me" to somebody, it's true. I don't cheat people. I also don't tell people to trust me very often, but if I say it, then they can trust me. Well, they can the rest of the time, too....

I've had some interesting times with my family, but I can say that although they've disappointed me at times, as all family members can do, they've never cheated me. I guess I'm lucky.

[LlamaLlamaDuck]

Went to private Catholic college, earned a degree in Music History - 30 pt

Split expenses with my live-in XBF about 60-40. -10 pt

Have kept five figures sitting in cash for two years - 10 pt

Have no interest in owning rental property or starting a business -45 pt

Total: 95 points out of a possible 150. Yay me!



Read more: notmsnmoney.proboards.com/index.cgi?board=finance&action=display&thread=732#ixzz19jAZjSlL

[verrip1]

"Lord, please forgive me for the men I've killed ... and those I'm about to."

[Jake 48]

went to a private college
co signed a loan for my niece, although I can afford to pay it if needed
1,800 in CC debt, will be gone by summer

[NastyWoman]

Forgive me, YM, for I, too, have sinned

--Accompanied XH on all his foreign postings and did not build up a work history
--did not skin said XH alive during divorce and consequently was left with very little after 30+ years of marriage
--will pay off condo in 11 years, despite low interest rate (the horror)
--still go on every other year European vacations to visit family
--will have to work until I am 70 and thus i will not free up my (quite well paying) job for a younger person -- which I learned on YM is a serious sin as well

How will I ever earn foregiveness? :-\

[DVM gone riding]

Oh this is fun: forgive my YM for I have sinned...
1)Went to a pricey private school that I LOVED-but I did major in chemistry
2) Prof school with debt-I think I get forgiven for that one though
3) practically brand new car one year after buying a house at the end of the bubble but not the "bottom" of the market with a mer 10%
AND
4) I bought the double wide after you all told me not to with no mortgage-so far it has worked out great but will let you know in a year what I think-I originally was never going to tell you all but they say confession is good for the sole
5) Oh yeah that house is WAY to big for just me and my pets
6) i have horses-some how no one ever slaughters me for this I think it is because Phil has horses too
7) bec of 6 I have a second vehicle I tab and insure that mostly just sits around
8) despite all of the above I have no credit card debt and never have, have a growing 401k and separate roth IRA and am rapidly paying down the SLs

[constanz22]

1. I co-signed loans for an ex-fiance (truck, 4 wheeler, dirt bike).
2. Bought my first home with no money down and no EF, then used it as an ATM, taking out HEL to pay of high interest CC debt, only to continue to rack up more CC debt. I sold in 2008 and just about covered the payoff (whew! dodged a bullet on that one)!
3. I'm 41 and haven't saved a cent for retirement. I have 11 years with my current employer (Union/government) and will get a decent pension, but still...
4. I still carry quite a bit of CC debt although am no longer adding to it.
5. I stopped buying used cars about 10 years ago, after a horrible experience with a lemon. Then, I'd "buy" a new car every couple years, rolling negative equity into the new loan. I am proud to say that this spring I bought a 2006 Toyota Matrix and have ended that cycle!
6. I spent most of my life thinking if I could afford the payment, I could afford "it", whatever "it" was.
I'm sure there are many more!

[quotequeen]

but they say confession is good for the sole

Yes, I'm sure your shoes appreciate it.

[suzwantstobefree]

Forgive me YM, for I have sinned:
1.Allowed ex-hubby to deal with our finances.
2.Let ex-hubby use a HELOC on our home as the down payment on another home (in 2006) thus maxing out the equity in said home.
3.Then let ex-hubby refinance the HELOC to take out money for a boat that he wanted. Brand new and $32K.
4.Then let ex-hubby buy a piece of land (in 2006) and financing the whole thing, a new truck for himself (with no down payment), and allowed him to not bring in one dime into our household income.
5.Had no emergency fund.
6.Lost my shirt when I divorced dear ex-hubby in 2007/2008.
7.Took one of the houses and the mortgages after said divorce. Allowed him to keep one of the houses and the financed land and all the mortgages but since he didn't have a job, he couldn't refinance it out of my name. He has a business that is not doing well and subsequently he is defaulting on the loans (and I cannot afford them).
8.After the said divorce bought a smaller, cheaper home but with 3% down and am paying PMI for the first 5 years. Had to rent out the house I was awarded in the divorce.
9.Negative cash flow on the rental. When I can keep it rented (all but one month, but still).
10. Went to a private college for my MBA while going through my divorce.
11. My boss told me he would pay for all my CPA review classes if I would become a CPA last year and I haven't done it yet.

On the flip side though:
1. 15% going to my 401K.
2. Have saved almost $2K in my emergency fund.
3. Own my car outright and plan to drive it for 10 years.
4. No credit card debt.
5. Won't ever share money with anyone again.
6. Will chose men better from here forward.
7. Consulting an attorney about what to do about the ex-hubby's default of the mortgages.
8. Have a great job and make decent money.
9. Have a budget and am doing a decent job of managing my money.
10. Signing up for the CPA review classes next week.
11. Don't have any expensive hobbies.
12. Paid for said private school MBA with cash.

[wvugurl26]

Haha I don't know if I have enough space or time.
Got undergrad degree in finance on full scholarship. Only job offers I was getting were from northwest mutual type places selling stuff so I went back for accounting degree.
Financed masters degree with ~$19k in student loans
Sold paid for car bc moved to new city where I knew no one and job required travel, car was beginning to leave me stranded.
Financed $14k over 6 years for new Impreza
Employer required 1 yr wait to participate in retirement, didn't start my own outside account
Put Becker cpa review course on 0% purchase offer CC
No emergency fund and lost that job after ten months
New job paid much less, no money to pay off CC
Balance transfer to new CC, still not paid off, balance increased
100 mile round trip commute put insane miles on car
Land new job in field, 3 hours away in new state
Can't find an apt right away, put stuff in storage, live with brother
80 mile round trip commute more insance mileage racked up
Finally settle in new apt, rent's 38% of take home pay
Will get smallish pension now and 5% goes to other retirement account plus 3% match for 8%
Still no EF nothing left after trying to pay off CCs
No budget, pay bills and what's left is left for groceries, gas, fun, etc
60k miles on a 2 yr old car, sure that's not a sin but it makes me sick
Been a rough couple launching years trying to get it settled now

[Deleted]

1. Married wrong - twice
2. Bought a new car, on credit
3. Was very late in starting my retirement savings and investments.
4. I take vacations, and buy nice clothes and eat nice food without having my retirement savings maxed out.

[motherto2]

Oh boy, I shouldn't be doing this so close to New Year's, but here I go
1 - got a heloc to pay off me and xh's debts (mostly his) and were supposed to keep paying the same amount as we were previously. We didn't, and I got stuck with a large bill when we split

2 - didn't know much about his horrible upbringing and worse debt. slowly found out the hard way after we married (hey, how come the smilies don't post right for me?)

3 - kept spending as if I still had 2 incomes and half of my income didn't walk out the door after the split

4 - let first xh (who fathered my 2 kids) continue to walk all over me and not put any $ to help pay for their insurance, college expenses, etc.)

5 - traded in a car, traded in another car, traded in another car, traded in another car, traded in another car.......

6 - still can't seem to completely pay off my cc. always seems to be something

7 - didn't start getting smart about money till 2 years ago

8 - have student loans for both kids. Couldn't get their father to invest in 529's back in the day.

9 - went crazy with cc's and vacations, etc. with 2nd xh

10 - didn't finish college. BIG regret!

11 - Just started EF and budget 2 years ago

12 - have a cell phone bill that is over $220/mo

13 - just refied my house to a 15 from a 30 but can retire in 71/2. MUST be paid for before I retire!

Many more, but the glass of wine and Rockin New Years show is making it hard to concentrate!

Oh well, I plan on 2011 being my best year ever!!!!

[commuter]

First time post! I have read the boards since May 2008.

*paid cash for last two cars
*pay someone to mow my lawn and I have a gym membership
*have dish network
*want to have granite installed in my kitchen :-)

[happytraveler]

I saw some interesting "sins" Can someone elaborate on a few of them? Why is going to a private college a sin? Same for paying cash for a car?

[Deleted]

Private college is a sin because you typically have to pay way too much for it... better to go to community college the first two years and then a state school ....

I don't think cash for cars was ever a sin though...

[happytraveler]

Private college is a sin because you typically have to pay way too much for it... better to go to community college the first two years and then a state school ....

Yeah, many private schools are very expensive, but I do think there are some qualitative differences that may justify the cost (or at least some of the cost) differential over public schools. We are going thru this right now with our daughter---she wants to attend a smaller, private university in the midwest---after some merit based aid, the tuition/room/board/fees come to about $25,000 per year. She can go to our in-state public university tuition/room/board/fees) for about $6500 per year (after merit based aid). For her the big differences are the locations--the private school is in a very urban area, the state school in a remote rural town; size of classes--smaller at the private school; and she wants to run college track--and she would not be competitive at the State School (Division I Level), but could successfully compete at the Private School (Division III Level). So, I guess I can see where going to the State School is the right choice in some cases, not sure I would say going to a private school is necessarily a "sin".

[Deleted]

Must be a new car.

[suzwantstobefree]

I saw some interesting "sins" Can someone elaborate on a few of them? Why is going to a private college a sin? Same for paying cash for a car?

Private college - value vs cost

Paying cash for a car - may not always be a sin, but there are other priorities such as, do you have an Emergency Fund? Are you maxing out 401K? Can you invest the money at a higher return then you can pay for a loan?

Happy New Year all!

[Deleted]

Paying cash for a <gasp> new car when rates are so low and one should be investing your cash in the market.

Although I didn't belong to the board back then, I'm glad we didn't. The timing would have been awful for a 4 year loan since we bought in 2005 & 2006.

Our savings rate may suck but at least we're not negative!

[8 Bit WWBG]

Hey, no sins that are actually good things!

I agree that the "car for cash" thing must include "new" or "late model".

[quotequeen]

Jan 1, 2011 11:18:44 GMT -5 happytraveler said:

I saw some interesting "sins" Can someone elaborate on a few of them? Why is going to a private college a sin? Same for paying cash for a car?

YM sins are not necessarily bad things. Hence a lot of us posting that we are currently doing/recently did these things despite being longstanding YM members. It's just things that are frequently criticized on the boards. There's always somebody talking about how private school is a waste of money and everybody should go the CC/state school route. I don't regret going to private school for a minute, and if I had to do it again I would make the same choices.

Paying cash for a car is criticized because you can generally get a loan for a low rate and could invest the difference in the market and end up with more money. Same issue as paying off your mortgage early. The issue is hotly debated, but paying cash is certainly better than blowing the money on junk!

[daylight]

I have no life insurance.
I also had a lot of cash sitting at almost zero interest, it took me a while to figure out how much money I spend per month and how much I need for an emergency and how much I can actually have in a higher interest rate account. This I have already fixed, but it cost me a bit of money.

[Knee Deep in Water Chloe]

Jan 1, 2011 13:17:58 GMT -5 daylight said:

I have no life insurance.
I also had a lot of cash sitting at almost zero interest, it took me a while to figure out how much money I spend per month and how much I need for an emergency and how much I can actually have in a higher interest rate account. This I have already fixed, but it cost me a bit of money.

I'm struggling with this also. Did it actually cost you money, or did you just not earn the interest on the money when it sat in the account?
I guess I rationalize that I'm not losing money while I figure out what do with the little--very little--I have.