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$2,500 for 4 Pots, And Other Mega-Mistakes
Old 05-13-2007, 09:25 AM   #1
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$2,500 for 4 Pots, And Other Mega-Mistakes

Michelle Singletary discusses what she calls financial mega-mistakes. After reading her column, I doubt if many on this forum would make the mistakes she mentions, but there are others. In my case it was the 2% Vanguard redemption penalty.

GRRRR.

"I was watching Rachael Ray's talk show recently when she featured a young couple who spent $2,500 on four cooking pots.

Pots, I might add, they don't even use. They bought the pots in part because they were promised a free trip to Cancun. The couple was planning to use this trip for their honeymoon. But when they called to book the vacation, their claim was denied. It seems they hadn't registered for the trip within some 30-day window."


http://www.washingtonpost.com/wp-dyn...051200125.html
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes
Old 05-13-2007, 09:44 AM   #2
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes

Although I consider myself to be a very frugal person, I do have a good share of financial mistakes. Those were not done out of hunger for consumption or to try to "keep up with the Joneses", but out of pure ignorance and lack of knowledge/experience. For example, I bought a used car (on order to save money) that "appeared" to be in good condition but it turned out to be a major lemon. That was my first car and I was right out of college and the car almost broke my bank. After that, I learned that it was always a good idea to spend a hundred bucks or so to take the used car to a GOOD mechanic (instead of Midas) of a complete checkup before buying. That mistake cost me a good chunk of change, but the lesson was learned. I have many other stories of bad decisions I've made about money and I am sure everyone is this board has at least one or two. In the end, as long as you are making more good decisions that bad ones, you are OK.
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes
Old 05-13-2007, 06:29 PM   #3
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes

Quote:
Originally Posted by SoonToRetire
Pots, I might add, they don't even use. They bought the pots in part because they were promised a free trip to Cancun. The couple was planning to use this trip for their honeymoon. But when they called to book the vacation, their claim was denied. It seems they hadn't registered for the trip within some 30-day window."
Um, 2500 would have gotten them the trip already. Why would they think it was "free" with the pots? The things people fall for truly amaze me.
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes
Old 05-13-2007, 06:36 PM   #4
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes

Quote:
Originally Posted by NinjaPigeon
Why would they think it was "free" with the pots? The things people fall for truly amaze me.
Maybe they thought it was pot?
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes
Old 05-13-2007, 07:25 PM   #5
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes

Recent mistakes of mine: not setting up a 6% savings account soon enough to instantly recieve money from some house sales. Not paying the title company to wire the money to an existing 5% interest account, instead saving the wire fee and depositing the checks in our checking account. Doing an ACH transfer on a Friday, resulting in 2 more days lost interest. Ah well - save some here, fail to capitalize there.
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes
Old 05-13-2007, 07:28 PM   #6
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Re: $2,500 for 4 Pots, And Other Mega-Mistakes

I don't think I have enough time this evening to list all the financial mistakes I have made in my life. Everyone makes mistakes, whether in finance or other areas of life. The big mistake is not learning from them.
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