Hello, everyone, and welcome to the brighter finances podcast. My name is Louis Guajardo, I am the founder of Brighter Days Planning and the lead financial planner. We would first like to thank you for taking some time out of your day to listen to our new episode, were excited to have you here! We promise to provide you with valuable information every time you tune into our show.
In today's episode, Louis will be going through a subreddit that discusses the worst financial decisions that some users have made. We will discuss these mistakes, explore what could go wrong, what the user might've done instead, and give a history of others.
Worst Financial Decisions:
- Pulling money out of the market during a recession
- This is a big mistake as history tells us we should just stick to our investment routine. The S&P 500 tends to recover loses after only 10 years, but it is not guaranteed.
- Employee stock going bankrupt
- This user said their husband had company stock that ended up going banrupt. This could've been a $1,000,000 windfall, but instead led to great regret.
- Buying a Range Rover as your first car
- This one is pretty self explanatory, but to reiterate we probably should not be buying luxury cars as your first car, especially not at 16.
- Not buying a house 20 years ago
- The price to income ratio is something we explored here, you might be interested to see how that went.
- Renting an apartment thats to expensive
- Spoiler alert, renting an apartment was the issue here.
- Helping co-sign for a cousin
- This one is a tough and can be an emotional decision
- Maxing out a credit card at 18
- Tip, credit card debt will follow you for a very long time!
- Taking out a home equity loan to buy a race horse
- This is what you're all here for =. just sty tuned to listen to this one!
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