I don't know about you, but I'm glad 2009 is coming to a close. It's been a year to remember when it comes to finance and the economy. We've seen the stock market go from reaching lows that hadn't been seen in over ten years only put on a 50% rally. We've also tested our banking system as over 100 banks had to be taken over by the FDIC. Credit card reform is coming and some card companies are raising rates, cutting limits, or closing accounts for seemingly no reason. And let's not forget about real estate. Foreclosures continue and some markets are still seeing significant drops in value.
There were a number of opportunities to make mistakes with your money in 2009. Whether it was trying to sell a house, making a bad investment, or getting yourself into trouble with credit cards, I'm sure you can relate in some way. So, this is your chance to share your biggest money mistake in 2009. Take a moment and tell us what you experienced, how it affected your finances, and any lessons you've learned. It's almost time to close the books for 2009 and get a fresh start with 2010 and we can all learn from each other.
My biggest mistake was buying an HD TV instead of putting money into a stock market index fund around March, right when the market began it’s ~55% rally from it’s low.
Not only could I have invested the money, but also I could have paid down some credit card debt.
That’s why I love sites like this one and http://www.treasurethegoldenrule.com that help people avoid these mistakes.
My biggest problem was taking a loan with high interest rate and i have 5 years to service this loan.although i bought a big farm but i cannot develop it as i have used every single shilling in buying this shamba.
My biggest mistake is overspending, especially on wants.
My biggest mistake was building a home in 2007/2008 for my children and I, and not realizing the cost of utilities for a 2-story home ($800.00 for Electricity in the summer) and not seeing the economy tank and realize that I would be taking a possible 12% salary reduction because of the mess within the State of California (I work for education)…now my children and I are just barely hanging in there with a home that won’t sell and a possibility of me bringing in $850.00 less per month real soon. Uggggggggggggg…