Dave Ramsey Fans Admit Their WORST Money Mistakes Again...

A few weeks ago I had a nephew asked me to co-sign for a truck he wanted (he had a terrible history with being bad with money.) . I ended up telling him that he knew what my stance on debt was and advised him to buy a car with cash. He ended up finding a sucker to help him out. Now 3 weeks later he just lost his job and it's looking like the truck will get repod... I Dodged that bullet for sure.

Biggest mistake $16 - $20k Lancer at 26% interest when I was 21. Payment at $350 a month insurance at $400 a month. Enlisting in the military saved me. The lender would not listen that I was leaving for bootcamp and decided to repossess the car which turned out to be illegal. Lawyer informed Wells F$@?0 that they would have to cease collections and remove the car off of my credit report due to SCRA. Best save ever!

Notice how most money mistakes was related to cars….

Biggest money mistake: marrying my EX-husband, who refused to save money! All he ever accumulated, besides junk, was debt, debt and more debt. Proud to say, I am debt-free and mortgage-free!

Getting into credit card debt...TWICE!!!! Been totally debt free for 15 years. 👍🏿

My biggest money mistake was not speaking up to my husband (now ex-) about his spending. I was told to support his decisions to be a good wife. He led us to bankruptcy, even though his lawn care business brought in $500k every year. He lived on debt. Until the house of cards collapsed on us.

Biggest mistake: not finding Dave Ramsey earlier in my life

Biggest mistake was definitely not buying the house I was renting 6 years ago, my landlord was going to cut it loose to me for what he owed on the mortgage ($400k), but I moved and got a rental through my workplace. The house is now worth well over $1M six years later.

When I was 7 I loaned my friend $5 in quarters at the arcade. I never got my quarters back. Lesson learned. Seriously though, when I was in college I didn't keep enough money in my checking account, and within a couple days I accumulated $2000 in overdraft fees, which the bank just subtracted from my savings account. I had to get a job and my grades suffered slightly, but I learned quite a few lessons.

I had a friend that needed to borrow my car and my car had some mechanical issues where you could not use the air conditioning. You could use the heat but not the air conditioning. She didn’t know how to operate the heating and air conditioning and turned on the air conditioning and the car broke down on her. She had written me a bad check and ruined my car. When it was all sudden done, it was nearly $2000 that I couldn’t recoup. Plus, we had to pay for the check that she wrote. My best money move, paying off all my debts and closing all of my credit cards. Living on only what I have.

Mine was getting a car loan on an imported car, couldn’t afford to maintain it, went into CC debt. Accumulated $50k in CC debt, and $15k car note. Never again

My biggest money mistake was to invest (not really) into a property management seminar training and coaching to achieve my goals to the tune of $53,000. The money came out of my retirement fund. They kept my money, I didn't make any money. My second worse was buying a time share in Florida then paying to get out of it. I paid $3500 in down payment and payments on a credit card, $3650 trying to market it to rent to help pay for the cost (boy was that a scam). I paid $6000 to get out of the timeshare to the tune of over $13,000 in a 2 year period of time. All this happened just 7 months before everything closed down for Covid.

Best money move: paying down my student loans during Covid when there was no interest. Student loan free. 😊

My biggest money mistake was getting a credit card! I was young and heading overseas for a trip the bank offered a $2000 credit card even though I was casually employed. Got back from holiday and couldn’t find a job! The bank offered to cancel and write off the debt if I paid $1360, so I begged my mother for the money and she let me pay her back interest free. Fast forward 10 years and I put in an offer on a house and am trying to get financing from the same bank. They refused me because of the credit card even though any mark on your credit file is only meant to last 7 years, saying it was on their own internal records. The seller refused to extend the contract to find another lender and the property was sold to someone else. The property 12 years on has increased in value by $1 million dollars! So that credit card cost me 1 million dollars!!!

Those insert videos make me laugh so hard. I love watching your videos George. So funny. The money mistake that comes to my mind that I did was back in the 80s, I had a friend ask me for 20.00 (I made 2.50 an hour at Burger King and that was the minimum wage) and friend said they would pay me back when they got paid and they never did. I never asked for my 10 and (2) 5's back (see how I still remember that loan) but I learned a valuable lesson at 15 years old. NEVER loan money to anyone and I never did again.

Biggest money mistake was starting an airbnb in another state.

Biggest Mistake: Taking out student loans. Biggest Win: Completing baby step #2.

Worst mistake: 140k combined debt for my undergraduate and masters degree (2010), resulted in extremely frugal living for 13 years, until I paid it off last fall. I took advantage of remote work at the start of covid to move to a much lower cost of living city (NY to midwest suburb) and used the freeze on payments and interest that only applied to half of my loans to tackle the remaining 70k within the last 3.5 years. A burden off my shoulders but now i have to catch up on the 10 years where i should have been investing. (About a third of the way there before i can loosen up on investing )

Best action ever: after coming to the US, we had zero credit score and could not get anyone to grant us a mortgage. By buying a car ($14,000 @ 24% interest) and paying it off in a year, our credit score exploded and we were able to get a good mortgage without problems.

George standing next to the Amazon beauty though! 😂 She lifts her foot he better run!