16 Things People Feel Are Signs of Terrible Financial Decisions
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Ever wondered what signs scream, “I make terrible financial decisions”? Join the party as we delve into the quirkiest tales and perspectives shared by contributors. We’ll explore the red flags and financial fiascos that can lead to some hilarious (and cringe-worthy) moments. Get ready to laugh and learn as we unravel the nuances of money mishaps and find the silver lining in those money missteps. Through these shared experiences, we’ll master the art of making smarter financial moves and discover that we’re all in this money game together! Let the financial fun begin!
Impulse Buying
To begin, a user said, “My ex-SIL went to Walmart and bought a load of nail clippers, files, polish, and anything to do fingernails with. I asked her what the heck she planned on doing with all that. She told me she was going to start a flea market.”
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High-Interest Debt
One person replied, “When you ask them how much they paid for something, and they only know the monthly payment amount.”
Another person said, “Carrying long-term balances on credit cards. That interest will eat you alive. I know sometimes there are emergencies and people get overextended, but if you have a variety of debts, then credit card debt is most likely the one to try to take on first.”
Ignoring Budgeting
A user said, “Can’t pay rent on time, but never misses a night out.”
A second user suggested, “Getting into debt to buy luxury products online. The vast majority of luxury customers aren’t millionaires. They’re regular people who earn below 6 figures.”
Overspending on Non-Essentials
A popular comment was, “I know someone who is always struggling with money. Then I found out he has individual cups of Dunkin Donuts coffee delivered to him (via third-party apps, of course) while he’s working at home. You know, instead of making a pot of coffee for yourself.”
No Emergency Savings
Borrowing from Others
One user replied, “Burning friends by asking for “emergency” money (based on some fake story) that you will never repay. Yes, oddly specific. Yes, all too common.”
A second user commented, “Constantly borrowing money from friends or family.”
Credit Scores
A most-liked comment stated, “Prioritizing building your credit score instead of your net worth.”
Another comment was, “I believe after a certain point the frequent credit checks and opening/closing accounts will affect you credit score, but not more than having unpaid debt.”
Risky Decisions
One person suggested, “Making questionable and risky financial decisions today because you THINK you’ll be in a better position in the near future. You might be…or you might not be. In fact, if you’re the type of person who makes financial decisions this way…it will almost certainly be the latter.”
A second person replied, “Signing up for an MLM/pyramid scheme. When you can look at each company’s income report and see 99,7% of the sellers lose money, you must have some critical thinking issues to think it won’t happen to you.”
No Investments or Retirement Savings
One popular comment was, “Opting out of 401(k) matches.”
Another comment was, “My buddy emptied out his wife’s 401k to pay off his credit card debt. At least he said that’s what he did, but as far as I know, he still has the debt, and she doesn’t have a 401k anymore. Lol, IDK what’s going on over there. Good luck, bro!”
Living Beyond Means
A user replied, “Having the top of the line everything with a minimum wage job….unless you are an unlicensed pharmacist on the side…”
Another user added, “Expensive, flashy car in the low-rent apartment complex parking lot.”
Relying on Delivery Services
A person wrote, “Using delivery apps like Doordash or Grubhub. The amount you are paying in added fees, tips, and raised prices make it nearly twice as expensive as just going and getting it.”
A second person added, “Ordering UberEats daily.”
Bad Financial Advice
One user said, “Investing” based on information from a seminar or internet presentation.”
Another user added, “I just bought this course that is going to teach me how to invest. It only was $2k.”
Credit Card Advances and Transfers
Someone shared, “Buying a 3k engagement ring with a credit card and having to open two other cards for balance transfers to pay it off while making $7ish an hour. The kicker was we broke up 6 months later, and I let her keep it, at least initially. My 20s were a blast!”
Prioritizing Wants over Needs
One comment was, “My neighbor can’t buy her kid’s school shoes – but has custom rims and wheels.”
Another comment was, “Every time you get a chunk of cash, you think you have to find a way to spend it.”
Overdrafts or Late Payments
A user replied, “Having a negative account balance.”
Another user said, “Using a payday loan place to avoid a late payment.”
Impulsive Purchases
One person replied, “I quit drinking but took up a Lego addiction. It was cheaper being drunk.”
Another person added, “Making impulsive decisions right after getting paid.”
Source: Reddit
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