Do you have a friend/family who you think is making a financial mistake?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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acegolfer
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Joined: Tue Aug 25, 2009 9:40 am

Do you have a friend/family who you think is making a financial mistake?

Post by acegolfer » Thu Aug 09, 2018 6:42 pm

What financial mistake is (s)he making?

ponyboy
Posts: 612
Joined: Fri Feb 06, 2015 10:39 am

Re: Do you have a friend/family who you think is making a financial mistake?

Post by ponyboy » Thu Aug 09, 2018 6:44 pm

My sister...bought waaaay too much house. Just had a $35k in ground pool put in. They are up to their eyeballs in debt. Good luck with that.


And here I am...bought a house waaaay under what the rule of thumb is 2.5x income or whatever. Doing a lot of renovations myself. I dont have a pool. Im 4 years younger than sister, im 35, and we're closing in on $1 million not counting house. Im doing something wrong...im not the norm.

sil2017
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Joined: Mon Jan 23, 2017 7:25 am

Re: Do you have a friend/family who you think is making a financial mistake?

Post by sil2017 » Thu Aug 09, 2018 6:55 pm

Day trading based on information learned from webinars and free publications on what to buy and sell . He constantly buys and sells each day and holds anywhere from 10 to 30 stocks

retiredjg
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Re: Do you have a friend/family who you think is making a financial mistake?

Post by retiredjg » Thu Aug 09, 2018 7:00 pm

I have a friend who thinks Raymond James can make him A LOT OF MONEY. :?

delamer
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Joined: Tue Feb 08, 2011 6:13 pm

Re: Do you have a friend/family who you think is making a financial mistake?

Post by delamer » Thu Aug 09, 2018 7:14 pm

Neighborhood friends in their early 60’s with a ton of mortgage and student loan debt.

They are hanging onto a house that they have said that they can’t afford long-term, when houses in our area are selling quickly and for prices higher than before the Great Recession.

They plan to move to a lower cost area; if they sold now, they could buy a mortgage-free house in their target area.

megabad
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Joined: Fri Jun 01, 2018 4:00 pm

Re: Do you have a friend/family who you think is making a financial mistake?

Post by megabad » Thu Aug 09, 2018 7:21 pm

Yes. Divorce.
Last edited by megabad on Thu Aug 09, 2018 7:23 pm, edited 1 time in total.

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DanMahowny
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Re: Do you have a friend/family who you think is making a financial mistake?

Post by DanMahowny » Thu Aug 09, 2018 7:23 pm

Seems many of my friends/family are financial idiots.

They are my anti-role models. If ever we are "on the same page", I know I must re-evaluate.

Anti-role models are way better than traditional role models.
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LadyGeek
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Re: Do you have a friend/family who you think is making a financial mistake?

Post by LadyGeek » Thu Aug 09, 2018 7:27 pm

This thread has run its course and is locked (not personal nor actionable). General comment threads are off topic in the forums with "Personal" in the title. See: A reminder that non-investing general comment threads are OT
- It must be personal. In other words, you must be asking about your own situation. You can also ask on behalf of someone specific, such as a family member.

- It must be actionable. You must be able to do something specific with the replies that will make a difference in your situation.
If you have a specific question, please ask directly and provide sufficient information for members to supply appropriate advice.
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