What is your biggest purchase you really regretted in your life?
I’ve spent way too much money on fast food in the past. On July 5th, I vowed to not eat fast food for 365 days. Almost being 1 month in, I’m realizing how much money I’m saving, how healthy I feel, and how much I don’t need to rely on fast food for my meals.
The most important part is that I’ve committed to buying foods from the grocery store and cooking meals that I know will be healthier (and cheaper). It’s helped me live a happy and healthy lifestyle. Small changes lead to big results!
I have spent far too much money on cars. In 9 years of driving I have owned 10 different cars, and spent countless dollars modifying them. At the end of the day, they’re a depreciating asset, and you’ll never get as much money back as you put in.
Apart from that, the amount I’ve spent on takeaway food and coffee is ridiculous. A $10 lunch and $4 coffee, 5 times a week amounts to about $3,500 a year! Imagine what else you could spend $3,500 on.
Credit card interest! During my twenties I was in such a rush to have my life look a certain way I crashed and burned financially by spending way too much way too fast. I’m finally on the verge of paying off my debts after a grueling few years, and I’m never going back. Not only did my debts leave me with no options when I needed money for legitimate expenses, I probably spent $10,000 on a $3,000 couch.
I refuse to actually add up how much I’ve spent in interest, since I’d probably never leave the fetal position.
Really, you don’t need to spend $4 on a cup of coffee every day. If you get yourself a device called the aeropress (available on Amazon), you can make coffee just as good at home.
I have spent too much money on expensive clothing. But soon, I realized I can spend my money on other things as well. Buying expensive clothes does not change the person who you are from inside. So, I decided to keep my life simple and expend my money on things which makes me happy.
For sheer amount of money spent that didn’t need to be I have to say higher education. I’ve changed careers several times in my life and ended up with multiple degrees and certificates of different learning.
The mistake I made was not being able to see how to change careers without re-investing in a formal education. 13 years since my last formal education I am exposed to many people who are very successful in careers that are different from their degree.
Experience has taught me that ability, knowledge and work experience will open more doors for you than education does. A formal education does not make you a great employee, worker or team member.
I still believe in investing in yourself and learning but that investment does not always need to be in formal education.
I couldn’t even tell you how much money I’ve wasted in my life on smoking and video games. They don’t accomplish anything in the long run, and I usually end up feeling dirty after I buy one. Regardless, I still throw away my hard earned cash over and over to sedate myself from my day-to-day routines.
Also cheese on burgers; it ads 30-50 cents or more to the price of a burger. If I invested in some way to bring my own cheese with me everywhere I go, I’d most definitely save money…
For me I would have to say all the money I spent over the years for fine dining. One of the worse cases was in Montreal during a company dinner. This Portugese restaurant had a rack of lamb entree for $75. The president of the company approved us trying it so quite a few of us ordered it.
It was a nice meal but no entree is worth $75 – that’s just robbery! Fortunately, the tab was on the company rather than ourselves. But still, fine dining like this is such a waste of money.
I have to say the biggest waste of money for me so far has been interest on debt; car loans, mortgage, credit cards, etc. In hindsight I should have saved longer and borrowed less. Live and learn…
An overly expensive laptop – even though it served as a workhorse for 5 years, running all heavy programs I needed for my studies, I realized I could have used the computers in the labs of the university. I now have a decent laptop that only cost 25% of the price of the previous one, and that will probably also last maximum 5 years
When I was younger, I and a friend of mine split the cost of a four-wheeler. We paid $5,000 for it with a credit card that offered a 0% APR for the first year. Our goal was to have it paid off within 12 months, but that didn’t happen, as he ended up losing his job and I couldn’t make all of my monthly payments either. We ended up taking more than two years to pay if off and paid a bunch in interest fees. Plus, we didn’t take very good care of the four-wheeler. We let the oil level get too low, and it caused some serious engine damage. We had to pay another $1,000 to get that fixed. Although we enjoyed some good times, it wasn’t worth the overall cost.