Waste of Money

[Enuff2Eat]

I have to second the notion that the biggest waste of money is the house we bought although its 2 1/2x bigger than our apartment. It has needed very expensive repairs and the cost to maintain has exceeded our monthly rent including property taxes We purchased it in 2007 and it hasn't appreciated at all. If anything it is down 5% and falling in value. It is only 14 years old, needs a new roof because the current roof shingles were blowing off in the wind. The walls also needed to be painted because they were gruesome colors (purple and dark blue, pea soup green) It looks like it is going to be a white elephant by the time we sell it in 8 years. The only good thing about it is we now have a yard to sit in and mow. The other benefit is being able to have more than two people over for dinner. :>

I agree. A house could be one of top in the 'waste of money' list. Look how many people losing their house because of the unexpected expenses well beyond monthly mortgage payment while the housing is losing its value rapidly. We just got a quote to finish the basement for around $20k; an upgrade/repair deck for $5k; a new driveway since our is is old and cracked $11k; all new window $8k; new furnace $5.5k; new roof $6k, not mention the kitchen is so old and outdated ....the list goes on since the house now reaching its 23th birthday, things start falling apart.

yes, take my words for it. A house is a bragging right, a proud ownership of the American dream but it could cost seriously if you're not careful.

enuff

 

[Westernskies]

It's a long story; suffice it to say there was a woman involved...

 

[freebird5825]

Pantyhose

and bras that never fit right anyway.

 

[Walt34]

Divorce. $250,000.

Yeow. I got off easy.

 

[toofrugalformycat]

Mini rototiller. I was going to learn to how to maintain 2-cycle engines. I did a lot of pulling on the rope, created a few new cuss words, and grew royally tired of cleaning the spark plug. Then I learned to grow food in raised beds and let the worms to the turning..
The rototiller was no good as a clothes rack, either. I gave it away.
I've been ashamed of this for about 20 years, but this thread makes me feel slightly less dumb. Thanks.

 

[vicente solano]

Don´t get me satarted on the number of useless things I´ve bought just in the last 5 years

 

[vicente solano]

Would any of you believe me if I told you that in that period I´ve bougt an average of 4 high end cell phones per year?
8 of them I´ve sold in the last month for a fourth of their price just to get rid of them.
I think I´m about to be cured of this disease.

 

[Jeff55]

1) Trusting a financial adviser cost us plenty. Every time we met, he suggested we sell something and purchase another. Even had the audacity to have us buy an annuity within a pension plan! Financial planners make out big with commissions on annuities.
Eventually became just smart enough to know we were being "had". Switched to Vanguard and moved over enough assets to qualify for "free" investment advice.
2) Second bad move: went into a business we knew nothing about with a family member. Cost us big time. Don't mix money and family...EVER

 

[stevenst]

Biggest waste: Listening to Merrill-Lynch when my IRA was with them. Something called 'Tri Polyta Indonesia'. 4% front end load, value dropped 99%.

Best Investment: William Bernstein's "Four Pillars of Investing"

I kept the Tri Polyta stock after I moved my IRA to Vanguard. It sits there to remind me to not do stupid stuff like listen to people who have their best interest at conflict with mine. Funny thing is, it's doing great! The company was restructured, and the price has went up 10X ! OK, it's only worth 10% of the original price, but hey, it's up!

 

[Onward]

The company was restructured, and the price has went up 10X

Congrats on your ten-bagger!

 

[John Galt III]

Paying Residential Rent in the 80's. Paying two thirds my income in rent, at a cheap place, watching real estate prices rise, not being able to afford to get in on the real estate ride, not enough money to deposit, etc. (although in the 2000's I could have gotten a liar loan and either made out like a bandit on the appreciation, or just dumped it on the taxpayers if it went bad )

Lifelong memory, from renting days : Landlady, who stayed home all day, and did nothing other than take care of her house, while I worked 5 days a week at a horrible job, and gave her two thirds of my pay, before taxes : " I'm sorry, but my water bill went up $30 a month and I have no choice but to increase your rent by $30 a month".

 

[calmloki]

....

Lifelong memory, from renting days : Landlady, who stayed home all day, and did nothing other than take care of her house, while I worked 5 days a week at a horrible job, and gave her two thirds of my pay, before taxes : " I'm sorry, but my water bill went up $30 a month and I have no choice but to increase your rent by $30 a month".

Ahh yer warming the cockles of me heart! Have sent out notices to tenants asking that they please break down boxes so the dumpster isn't overfull, resulting in a higher garbage bill as well as frustrating their neighbors who want to get rid of their garbage. But nooooo - I go over and find 3 big empty cartons and a couple - three garbage bags and the lid up in the air begging for an extra $22 charge. So up in the dumpster my 60YO azz gets and I tromp down the trash and broken glass and rotten veggies and ketchup. Guess I should just raise the rent. I have no choice...

In the waste of money area, a plate joiner that got little use ranks high, but biggest is an unsecured loan we made that is paying back only when we dun. Pain in the neck and bringing suit may be fruitless and just cost us more money. OTOH, being able to put this behind us and not deal with the "I'll send a check on the last Friday of the month - what it didn't arrive?" messages is worth something.