Last week, we asked you: Have you made a financial mistake you've learned greatly from? It was part of a story we did on common financial mistakes to avoid. Here's what a few of you had to say. These responses have been edited for length and clarity. Swindled by a salesman When my husband and I were finally getting ahead financially, a salesman came to our door. He persuaded my husband that we could make a lot of money by investing in some airport property. We would get a tax write off as well. I was skeptical, but I went along with it to please my husband, who was sure this was a great deal. We did get a tax write off for a few years, but then we ended up losing our investment and had to pay the back taxes, plus penalties. It was a hard lesson. If it sounds too good to be true, it probably is! —Lynda Myers $50 I never got back A college friend and I were finally gainfully employed, barely, and planned our first adult vacation. The place was free (my aunt), the location excellent (Cape Cod, Mass.) and the weather beautiful. What could go wrong? There are lots of fun shops on the Cape. My friend found a pair of sandals she wanted to buy but didn’t have all the cash on her. I loaned her the difference: $50, which was a lot for me! Returning from the trip (with rent due), I asked her for the money. Not once, not twice, but three times. Despite knowing the bind she put me in on my rent, she never paid -- and that was the end of the friendship. —Robin Davis The irony of cosigning I cosigned a loan for my younger brother's first car. He and his wife at the time said they would pay for it. He got injured on the job and she couldn’t keep a job, so guess who got to pay both the loan and the mandatory insurance? Yep, you guessed it. To add to the insult, I am blind and can’t drive. So I was paying for a car I couldn’t drive or use. I will never do that again. —Shelley Rhodes |
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