We’ve all made poor decisions with our money. Our ability to admit it simply proves that we’re human and still sucking air. I know that I’ve made some brilliant mistakes – putting off student loan payments, delaying savings, keeping my first home as a rental and then subsidizing 2+ years worth of mortgages all come to mind but none can top my all-time absolute worst financial decision.
I’ve actually never before spoken these words and as further proof of Colin’s ‘say it out loud’ philosophy, this one just sounds stupid. And with the duly noted risk of losing credibility in this forum, here goes…
I once purchased a used motorcycle for $14,000 by using a credit card cash advance.
At that price and at that time it was a good deal and the rate was low…blah, blah, blah. The fact is that I had the allusion of a paid for Harley simply because I had a clean title in hand. But that ignored the fat credit card balance in my other hand. This was simply not a smart move.
For the record, I do still have the bike and riding it remains one of my favorite things but there are now and were then other bikes, not to mention time to save and pay cash. Instead I felt entitled and impatient and present my resulting decision as a bad example for all.
Photo By: Alicia… of Dave and his toy!
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