Your Biggest Money Mistake Contest

spending smart, living richLast week, I told you about My Biggest Financial Mistake and how I broke some of my own money rules in order to “get rich quick.” I lost big by taking a gamble on Google by playing the stock options market. As I should have predicted, I lost a lot of money. Sadly, at one point the option contract had doubled in value, which is when I should have taken profits. But greed got in the way of my decision making and I ended up losing big.

Luckily, Stephen Cooper’s options strategy has made me more money than I have lost, so it’s not the end of the world.

As painful as mistakes are, these personal experiences are extremely valuable. Mistakes make us better, smarter and more experienced by virtue of a trial and error education.

So, I thought it would be interesting to give you the opportunity to share your biggest financial mistake that we could all learn from. By sharing your experiences, we can take advantage of the power of community and learn from each other.

But iIt wouldn’t be any fun without making this a competition with some prizes. So, here’s how this will work:

Prizes

Two winners will be selected. The first winner will be for the best money mistake story. The second winner will be for the person that drives the most traffic to this contest webpage from their website during the course of the contest.

The winners will be allowed to choose between receiving a copy of Gregory Karp’s, Living Rich by Spending Smart, or Richard Templar’s, The Rules of Money – two must reads for your financial education.

Contest Rules:

  1. The contest will run from now until 12 a.m. CST on Saturday, April 5th.
  2. Simply use the comment form below to tell us your biggest money mistake, what you learned, and your advice on how to avoid the situation or make the best of it. Your story can be about a bad investment decision, a poor purchase, or just a bad financial decision in general. No limits.
  3. If you are a website owner, you may submit your entry by posting your story on your website and linking back to this webpage. Notify me of your entry by using the contact form with the subject line, “contest entry.”
  4. You may only enter once.
  5. Your submission will be scored by a panel of judges and graded on how relevant your story is to readers and how practical your advice is.
  6. The Website owner who delivers the most visitors to this post from their website during the course of this contest will also be selected. It doesn’t matter how your visitors end up here, all that counts is if that they originated from your website. It can be from 1 link or 100 links on your website, so be as creative as you like.
  7. Winners will be announced on this website on Saturday, April 5th and will be notified via email. Your email will in no way be revealed publicly.
  8. Second and third place runner-ups for the “most traffic” category will also be mentioned in the results, with a link back to your website.

Good luck! I look forward to reading your story.

Millionaire Money Habit: There is no substitute for personal experience, but the ability to be coachable or teachable is a quality that will make you very successful. -RT

3 Responses to Your Biggest Money Mistake Contest

  1. Brian says:

    Wow, at first I was thinking it was purchasing a set of Encyclopedias when we first got married and had no children (1975), but then after some thought it was really not paying attention to the money. My wife was the CFO because she was a stay at home mother and it was the way our folks did things. (Funny we alway say we don’t want to be like our folks and then act the same way.) things came to head upon leaving the Marine Corps and starting a new job, and a look at our simple budget it was decreed we were fine as long as I could get at least 6 hours of overtime a week. No problem as I was getting about 15 hours mandatory at the time. Fast Forward three 3years and I’m making top scale and $6.50 more a hour and dang I’m still sopposed to get 6 hours of OT. Why, I ask and here comes the reponse "you don’t like it yopu do IT!" OOPS, Now What? Start reading PF Books and start putting into practice their advice, track every penny, budget to all details, check this and check that and what do I find is the problem. ME, i am the problem because I was the biggest spender in the Marriage mostly piddling it away here and there. After 10 years we are doing much better and I find that PF is really interesting and I pay attention to things money wise. So I was the biggest mistake but it is one I have corrected.

  2. Paula says:

    Our biggest money mistake happened over ten years ago, and we are still paying for it.

    We were newly married and had just moved to Colorado after being Texans for all our growing up years. We received a letter in the mail asking us to come out and get free money to spend at a casino. My husband and I are not big gamblers, but we sometimes like to go and spend $20 each, keeping all our earnings, and usually break even. We would also get an elaborate dinner just for going. We thought why not.

    We went, and it was requiring us to look at land to get the stuff. No problem, right? WRONG. They used words like "mining claim" and "soon to be ski resort" and got us hooked. We thought we were doing well by talking them down a few thousand off their asking price.

    We paid full price out of our savings account – $12,000. After three years (when they said to keep a hold of the land for profit and that ski resort was coming), we tried to sell the land. No realtor would even help us out because they knew it would be a waste of time. One realtor even asked if this was part of a family plot. I asked why, and she said all the land in that area was bought by people with the same or similar last names. :(

    It is nearly 10 years later, and we are still having to pay taxes on land that cannot be developed (we knew nothing about land or terms, and turns out that a street cannot even be made to the plot of land we have – something about public access). So not only have we lost $12,000 from our savings account, but we have lost $1000 on taxes, and who knows how much longer we will have to pay on land we cannot get rid of. The company closed shortly after selling all the plots. And the people who sold us the land, no longer have their realtor’s license.

    Lessons learned:
    *Don’t EVER respond to ANYTHING you get in the mail. It is a rip-off! Even if they offer you free stuff STAY AWAY!
    *Don’t EVER make a BIG purchase without sleeping on it. We now always pray and wait until the next day, even if it means missing out on a sale. If they really want to sell it, they will sell it to us the next day (or two) at the same sale price. If not, we take our money to someone who will.
    *Don’t EVER buy land without a) a realtor or b)full knowledge of EVERY TERM in the contract you are signing.
    *Keep your feet firmly planted and don’t get taken away with the THOUGHT of making money. We were assured that a ski-resort was going in near where we bought out plot. They fabricated it and the newspaper clippings.
    *Don’t EVER buy ANYTHING from a company unless you know all you can about them. This was a fly by night company that came in, set up, ripped-off a lot of people, then closed up shop and moved on.

    If anyone knows how to help us out of this, feel free to contact me via my blog. Thanks. And prayerfully, you will learn from my story and not make the same mistake.

  3. Ryan says:

    Wow, that’s a really sad story. It’s amazing how creative scammers can be. I hope you get the help you need and somehow can turn this into a positive experience.

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