Get Premium
Dark mode theme is available exclusively for premium users. Learn more about the benefits of subscribing.
No fees, cancel anytime.
Dark Mode 
No fees, cancel anytime 
then open in external browser
and click "Open in External Browser" 
In a perfect world, every financial decision would be well-thought out and rational. Unfortunately, there is no such thing as a perfect world, and people make bad money-related choices time and again. Whether it’s bad luck or plain foolishness to blame, some are so unfortunate, they sound too bad to be true.
Oh, but they are; members of the ‘Ask Reddit’ community recently discussed some of such instances. The user u/BasalTripod9684 asked them about the worst financial decisions they’ve ever seen others make, and they were ready with stories, covering everything from scammers to gambling, and beyond. Scroll down to find their answers on the list below and use this chance to learn from someone else’s mistakes.
This post may include affiliate links.
#1
Had a co worker with 5 kids who could all go to USC for free once he has worked there for 15 years (even if he quit). He quit at 14.5 years for a job that barely paid more than he made at USC. Cost all 5 kids a free education at a top school since he couldnt wait 6 more months.
I heart Boo-BI-es 2 years ago
This just sounds selfish to me. As a parent, especially of 5 children, you're supposed to put them first and provide and sacrifice what you can. Not too many people are even able to get an opportunity to send all of their kids to college for free and this guy just threw it all away.. so infuriating!
Darryl Martin 2 years ago
I don't think it's that simple tbh. I know this an extreme example but what if he was at the point where he simply could not mentally cope with working another day at that job? Is he still selfish?
Load More Replies...
ConstantlyJon 2 years ago
my BIL has stayed at a pretty c**p job to get all 4 of his kids through college for free. they're almost all graduated now and he'll be free!
Florence O'Grady 2 years ago
Hello Saj, all I could find was the University of Southern California or the University of South Carolina.
Load More Replies...
John Dilligaf 2 years ago
sort of related. A person I knew resigned his commission as an officer in the military with 18 years in. He didn't do it under duress, or in liu of being thrown out, or anything like that. Just "wanted to go in another direction". Two years to retirement with 50% of his pay for life, cut rate medical insurance for him and his family for life, and several other benefits. All gone.
Norman Beattie 2 years ago
I knew a guy that pretty much did the same thing, don't remember the school but he hated every minute of every day he had to work. 5 kids, free college, quit one year after making the deadline. Only one child went on to take advantage of his sacrifice. He wasn't happy after he quit either !
Florence O'Grady 2 years ago
Sounds like what a lot of people do. They don't want others in their family to do better than they did. And so they make decisions that will have a bad lasting effect. Even if it means their children will never have a better life than them. They figure nobody ever helped me, why should I help anyone.
RELATED:
#2
My former sister-in-law had a thriving medical practice. She got so stressed that she joined the Scientologist and started taking their classes. She opened up five-six credit cards without telling my brother, maxed the cards out with hundreds of thousands in cash withdrawals, and gave it to that cult.
Bouche and Audi and Shyla, Oh My! 2 years ago
Exactly why L. Ron Hubbard created scientology, to make money.
Jippidu XX 2 years ago
Doesn't everyone know what Scientology is? They are not a big thing in my country but I still knew as a stupid teenager.
The Veil of Fire 2 years ago
All I can say is if you know anyone getting interested in Scientology... Get them uninterested fast! Better to go see the gypsy on a street corner them those folks.
Joshua David 2 years ago
I saw a hidden camera special that had a speaker telling members which credit cards will approve them and how to sign up for them. They're disgusting.
Jessica Cooney 2 years ago
Ok, so I just read that as, she got stressed out from work so her solution was to go into massive debt, which caused her husband to get stressed out. But that doesn't matter, because she's now stress free, right?
#3
My cousin spent 100% of her inheritance and took out a lien on her home to buy a 2nd home in the mountains... thing is it was being pushed over by a mountain...and they thought they could fix it... I went and seen it and every door jam was crooked and the doors wouldn't shut.. They took me down into the basement and they were trying to use I beams to "stop the mountain from pushing on the home". I was just like "what the hell are you doing, that won't solve anything" fast forward 6 months and they asked me for 50k to help and I declined. Fast forward a year and the home collapsed and now they owe over 300k+ for a home that doesn't exist and if they don't make the payments they lose their other house too because they used the original home as collateral and could not get insurance on the 2nd home..total money lost upwards of 700k
Brenda 2 years ago (edited)
Hard to believe ANY financial institution would finance the 2nd home. The fact that they did indicates probable predatory financial practices. In the US, they can sued, pay huge federal fines or even lose their licenses for this. Banks MUST inspect (or have inspected by licensed state inspectors) any property to assess risk before committing financing. If the house was that bad, an inspector would have recommended declining as the banks chance of recouping their money was slim to none. Something to look into
#4
Put everything in his gf's name to hide assets as he owed the IRS, the gf sold his business, cashed out his accounts and ran.
The Veil of Fire 2 years ago
Oh.. Things my momma taught me. Never let a friend borrow your car. Never loan money to a friend unless you can afford to give it away and never see it repaid. And of course, never put something you own in someone else's name nor allow some one to use your name for their property.
Ansi 2 years ago
This is why you have mums, I've heard in some tabloid news on the Internet....
I heart Boo-BI-es 2 years ago
Interesting.. I gotta find me one of those Mums..
Load More Replies...
gilles rodrigue 3 months ago
My EX-GF costed me approximately 372 000.00 in the 8 years we were together
G.O.A.L. 2 years ago
No one wants to pay taxes, and she was just a pos thief
Load More Replies... #5
Buying a TV on Black Friday instead of fixing their leaking roof
Michelle M 2 years ago
A leaking roof is not very entertaining, is it? At least they won’t be bored while watching their roof leak.
More! 2 years ago
Also not bored while breathing in the inevitable toxic mould spores. Each to their own eh.
Load More Replies...
Curry on... 2 years ago
Well TVs are kind of cheap these days, especially compared to how much it would cost to fix or replace a roof. But, yeah, point made and understood.
#6
When my grandmother's 2nd husband (who I know as my grandpa) died, she spent nearly all $50k of his life insurance money on a South African scammer who promised her romance and more money than she gave. She refused to listen to family telling her to stop. She subverted efforts by her own bank to stop her frequent questionable money transfers. Eventually my parents had to close her bank account to force her to stop blowing my grandfather's money. I will never not resent her ignorance, selfishness, and inability to listen to anyone but herself.
Jared Robinson 2 years ago
Wow, What a selfish little child you are. Maybe try looking at it from your grandma's point of view.
Jane Doe 2 years ago
My grieving grandmother was victimized at the most vulnerable point in her life. And I am mad at her because …
Load More Replies...
I heart Boo-BI-es 2 years ago
It was no longer Grandpas money, it was left to Grandma intentionally. What she decided to do with her money is her choice. Was she extremely gullible and borderline stupid for giving it all to an Internet scammer? I think so but to each their own.
BlackestDawn 2 years ago
Maybe it's just me but to me those are significantly different. Always would be an "active" thought, as in they actively think about it and keeping it active in memory. Never not would be a "passive" thought, as in they don't actively think about it nor try and keep it active in memory but whenever it does come to thought (for whatever reason) they do resent it.
Load More Replies...
B Jones 2 years ago
A lot of hate for OP here but I can understand. Grandma probably gave you advice all your life and talked about family bonds and stuff, and the one time you can really help her and you all get ignored. And you know when Grandma needs help now with money or finances she'll ask the family that already tried to help her. I would feel betrayed too.
Andy Smith 2 years ago
By that point, I’d let her lose it all and let her find out the hard way
The Veil of Fire 2 years ago
She needed to be needed. The scammer filled a need no one else stepped up to fill. Instead they tried to control her. If they spent more energy on overtime her her away and become what she needed....it might not happen like it did. 😞
#7
They won thousands of dollars and bought a new entertainment system instead of getting current on their mortgage. Foreclosed on later that year. The thing was, the area had recently become the new **it** area for young families, and housing prices had skyrocketed. They easily could have just sold the house, paid cash for a larger house 20 minutes up the road, and still had tens of thousands leftover.
More! 2 years ago
Is it bad that these stories make me feel better about the mistakes I’ve made? None were anywhere near as costly as what I’m reading here.
cartoon ghosts 2 years ago
Nah that's the point of the list, it makes you feel good about your decisions
Load More Replies... 
OnlyMe 2 years ago
My sister got into drugs and stopped paying her mortgage. The bank advised they were going to foreclose and she had 4 months notice. I told her to sell immediately, she could at least be left with $20K to $30K. She didn't and she was left with nothing. She's clean these days, but never got back to where she was financially.
#8
This older lady worked part-time in my kitchen. It was a fine dining, fast paced environment. She would only work about 20 hrs per week doing busy work u.e. peeling vegetables, washing produce, etc. Tasks I knew she could handle and wouldn't get overwhelmed. Unfortunately her husband passed away and she requested a few months off. I totally understood and said take all the time you need. Let me know when you feel comfortable coming back to work, if at all. Take care Barbara. 8 months later she contacted me for a job. I was more than willing to have her back in my kitchen. I nonchalantly asked her how she was coping with her loss. She broke down in tears. She apparently got a $500000 insurance payout from her husband's death. Within those i months she attempted to open a restaurant and sink every dime into the establishment. It went out of business in 6 months. She was now broke as an elderly lady having to go back to work.
Vasana Phong 2 years ago
At that age, that is a good amount to be called a safety net, if I had that amount in my younger years I still wouldn’t put it in the restaurant business, watched too many Ramsey and Irvin shows
Jane Doe 2 years ago (edited)
This is why one should not make huge decisions immediately after a traumatic experience like a death. Or try to open a business using all the money you have. And I am sorry for her loss. I am currently there. I am lucky enough to have a support system that keeps me grounded.
ConstantlyJon 2 years ago
this is probably the worst one honestly. she had everything she could have needed for a while for sure, depending on her age and where she lived. she could have even gone back to work if she needed something to do just as a way to stay active, not for the money at all. outrageous that anyone close to her at this time would have not tried to talk her out of this. maybe they did and she didn't listen, but she wasted a really great opportunity there.
Sara Wilson 2 years ago
Ooof! Why on EARTH?! Take that money, but a shack on the beach in a beautiful island country and e joy the rest of ur life!
#9
Sending a televangelist money for a "blessing" and then not having enough to rent a moving truck. So I had to be the "blessing"
#10
My brother's ex fell for a Craig's list scam. She found a motorcycle and the guy "needed money up front to pay bills" before she even saw it. We told her don't do it, it's a scam. She said she already sent $1000. Of course, he was never available to show her the bike and we found out from my brother after they broke up she actually continued sending him money in hopes of getting the motorcycle. I think she was out $3,000 by the end.
MotorcycleDoggo 2 years ago
Yes. For only $1000 I can teach you how not to be gullible.
Load More Replies...
Sara Wilson 2 years ago
Some people will continue with stupid decisions in hopes that it will all end up working out in the end! This is what movies have done to us!
Brazen 2 years ago
Someone tried pulling this scam on us when we were looking for a new car. The guy said the car was on the other side of the country, but if I sent money then he'd ship the car to me. I outright laughed and asked "who in their right mind would buy a car sight unseen? Nice try buddy". After reading this, now I know there is someone out there that would fall for it.
Sara Wilson 2 years ago
I've asked the same and usually get that they r in the military, so that, apparently, means that everyone should immediately give u all their trust in all situations, questions unasked, sight unseen. And a lot of people do
Load More Replies...
Sammie 19 2 years ago
Really angry and said fine, I'll rent it to someone else then kicked us out. My mil was really angry with me for saying no to the apartment because it was really nice and I told her I didn't have a good feeling about it and that something was definitely off. When my husband came home from work he was annoyed but I told him that the way the landlord was acting, wanting to sign the contract immediately and wanting the rent in cash just felt really wrong so he said yeah ok. Couple of days later I was looking at apartment listings when I saw the same apartment being advertised, same photos but after the description it said not long term, 7 days max. So I called the number, not the same as the one I'd called last and asked why he was now renting it just short term. He sighed and said oh not another one. Apparently he had rented it out for 3 nights without checking up on the person renting it. The person who rented it was a scammer and scammed 5 people out of a total of $3500. Those 5 people
Sammie 19 2 years ago
Years ago when I was still with my ex we lived in his grandparents basement apartment and she would just walk in without knocking. One time we were in bed doing it when she came in. No clue how long she was just watching us but we didn't realise she was there until we were done and she spoke. So we were desperate to move out. Found an apartment online and it was nice, fully furnished and decent price. I spoke to my ex on the phone about it but he was at work but arranged for his mum to take me to look at it. It was a nice place but when the landlord was very determined to sign the contract there and then and wanted first and last months rent directly I just got a bad feeling and said I'd have to consult with my ex about it. Mil said she didn't mind paying for it and my ex could pay her back but then the landlord wanted her to take him to the cash machine to take out the money in cash and I said no. That I wouldn't sign or pay anything without my husband being there. The landlord got
#11
A guy in my fraternity got 30k for an undisclosed reason, I’m guessing a family death or something and he bet it all on the Yankees winning one game. They lost
rullyman 2 years ago
I used to be really on the side of "it's a person's choice to gamble, if we make it illegal then underground betting etc will still exist. Some people can do it and just have fun and be responsible." but then I spent a few months working at a bingo hall with slots room. And you suddenly realise that the percentage of happy grannies coming to meet friends and play once a week are the minority. People are pouring their wages/benefits into slot machines sometimes 4 or 5 times a week. Neglecting personal hygiene, nutrition, relationships, and everything else just to get the dopamine rush. Slots especially are pernicious... there are designers who sit there and work out which sound effect will give you the biggest hit of dopamine, which win ratio is a best for getting you hooked, which graphics will make you stay the longest. We had a lord of the rings themed slot game. Tolkien would be spinning in his grave if he knew.
Michelle M 2 years ago
I thought I'd outsmarted the universe by trying online Roulette with the Martingale strategy. At the beginning, I was riding high on wins and had enough self-control to know when to quit. Then one day, that dopamine rush hit hard, and I watched in horror as my wins disappeared. Thankfully, I was just goofing around and hadn't bet my life's savings. But seriously, think about all those folks who go all-in with their everything…never again.
Sara Wilson 2 years ago
My guess is there was some issue with the source of the funds, and they didn't really want/care about it
Sven Grammersdorf 2 years ago
I bet on sports all the time, but only with money I can afford to lose. It makes the games and races more exciting
#12
My (awful) aunt was the trustee for my grandparents' estate. When they passed, she decided to sell their house to a random realtor who put a leaflet on the door. TO the realtor, not WITH the realtor. It wasn't put on the market, and the aunt rejected a matching offer by me after I argued hard to actually list the house and have people bid on it.
The realtor slapped a new coat of paint on it and sold it a couple of months later for literally a million dollars more than she bought it for.
Peculiar hedgehog 2 years ago
I actually work in this industry and believe this should be predatory and illegal.
Mora Chilis 2 years ago
it happens. Happened with my grandmothers house and my shady aunt.
Load More Replies...
Diana Lucas 2 years ago
A realtor tried to do this with my friend who was selling her condo. I told her that is sounded shady and connected her with a realtor couple who we trusted. They sold her condo and she got a much higher price for it in just a week on the market. It is unethical behavior for realtors to do self-dealing against the interests of their clients.
brittany 2 years ago (edited)
reminds me of my husbands grandparents house. his great grandpa had built the house and gifted it to the grandpa when he got married. husbands mom and siblings were all raised there. it was left to all the kids (his mom and 4 siblings) upon his death. his mom wanted to keep it in the family and advocated for us agreeing to purchase it (which we wanted to do) and splitting the sale profit amongst the siblings. She even offered to give up her share to the other siblings just to keep it in the family. they did not agree and wanted to sell it on the open market thinking they would get more for it if they could get people bidding on it. they ended up selling it for less than market value after it sat empty for years and made next to nothing on it when the housing market crashed. from what i hear its now in severe disrepair and likely not to last another generation
Ralf W. Böpple 2 years ago
If she is a trustee, would you not be able to hold her legally accountable for damages if she sold the house below market value and without looking for second offers?
#13
My supervisor took out a loan against their 401k to pay their rent because "their credit cards were maxed." Two weeks later, they bought a brand new 60k Lincoln with basically nothing down because "her daughter just had a baby and I need a bigger car for that."
Id row 2 years ago
I have no idea how people cope having that kind of debt. I refuse to carry a credit card balance. Knowing I owe into a next billing period + interest stresses me out. So I pay it in full each month and it's a cash back rewards system. So far, my CC company has bought me a new tv, gaming console and more. I'd rather them pay me than me pay them.
#14
A friend of mine who is very bad with money and his girlfriend bought some sort of water filtration system from a door to door salesman. He has to pay something like $300/month for this filtration system. He was all stoked because it came with a free set of pots and pans.
Fast forward a year and his girlfriend has broken up with him, moved out of the house, and he's had to sell his home because he can't afford to live there. The water filtration system is now sitting in a storage unit where he still pays $300/month for it because he's on a 2 or 3 year contract (sorry the details are fuzzy).
We have great water quality in my area.
EmBree 2 years ago
My ex-BIL tried to sell us one of those. We declined and he complained about how hard they were to sell. We have great water quality here, why buy a filter? He was back within a year, that time selling vacuum cleaners.
AJ 2 years ago
Oh no, those are all MLM's. I think they're Kangen water en Kirby vacuums.
Load More Replies... Sara Wilson 2 years ago
ANYTHING being sold "door to door" these days, immediately sends up the hairs on my neck
#15
I knew someone who got a loan for their wedding, but decided to blow it all at a casino. Now they have a loan for 20k to pay off and nothing to show for it.
monkeydog 2 years ago
Well, even if they'd spent it on the wedding they'd still have nothing to show for it besides the wedding photos. What a ridiculous idea. Pay for the wedding you can afford.
BlackestDawn 2 years ago
So they would have something to show for it, wedding photos and (hopefully) good memories are not nothing. You may not agree with the cost being worth it but they would have something.
Load More Replies...
Sara Wilson 2 years ago
No doubt, I'm sure they thought they could "double it in no time! Easy!" And r now learning a valuable lesson
Pittsburgh rare 2 years ago
They? I'm surprised they're together. If someone blew my money in a casino it'd be the end of it.
#16
Apply for a 5k loan, didn’t accept quick enough so applied for another 5k loan, both got accepted and ended up gambling it all
Vasana Phong 2 years ago
At the temple my mom goes to, they needed a new roof, donations poured in from the members ( my mom included) $80,000 was raised I believe, the person they entrusted to to find a roofer took it all and lost it all at the casinos
#17
A dude who owned a small convenience store in our town spent like $20,000 on fidget spinners. He was posting for like a year begging people to buy them as he would lose his business and his marriage was falling apart due to it.
Fxnglhl 2 years ago
werent fidget spinners popular back in like, 2015? its been 8 years, i feel kinda old now
Heather Talma 2 years ago (edited)
It was 2017, I remember cause I was working at a convenience store at the time. We got a box of them to sell and they sold out in less than 24 hours.
Load More Replies... Fat Harry 2 years ago
Do people not remember how quickly previous fads like this died out? Look at Pogs or Tamagotchis. Everyone had one... for about a month, then they died out.
just me 2 years ago
Someone else remembers pogs! Anyone ever have Crazy Bones?
Load More Replies... B Jones 2 years ago
The 7-11 bear me, 5 years ago or so, there was some big Christmas doll or animal toy that was the rage and hard to find (baby even remember not) ... Anyway walk in and they have 3 behind the counter at like 300% mark-up. I think the franchise owner had acquired several to our in different stores. It was kind of shocking to see it in a store like that, eBay was bad enough, it was such a cash grab. Anyway after Christmas they were still there LOL. After a few more months they disappeared, not sure what happened but I'm sure they're in a backroom somewhere.
Sara Wilson 2 years ago
They were SO popular for a while, and I never understood it! Like those "bubble" things u pop. I think those r even more useless than fidget spinners, so makes sense they would b more popular
Vasana Phong 2 years ago
This has to be the quickest trend, I think it was like what a month 🤷🏻♀️
#18
My maternal grandmother bought an 8-plex to avoid capital gains when she sold her large house. The apartment complex was in the red and needed a lot of repairs. She hired my father to do them and be on-site manager. The place started making money. My mom (divorced from my dad) was mad that my grandma bought it in the first place, then hired my dad, then was proved wrong because it was making money. My grandma was in her 90s and my mom pressured her for years so my grandma finally sold it. That place is in a high market area and is now worth millions. My mom made a poor financial decision based on petty spite.
#19
My dad had his own company and someone told him it made financial sense that instead of paying himself wages, he should take out a loan from his company. He built up debt for three years, while working full time, rather than paying himself. It had all sorts of bad tax effects. Like he was required to pay interest on this, which was then taxed as profit of the company, then he paid himself again paying income taxes. It took him about ten years to get out of that hole. Then he needed to sell his house because it was too expensive. But the buyer got cold feet on the last day before the sale. Rather than having the buyer pay 10% of the price to get out of the sale he gave him an extension without an end date. The buyer then took 2 years to think about whether he wanted the house. All the while my parents needed to keep paying the mortgage and couldn't sell the house to anyone else because of the contract they had with that guy. Brought them close to bankruptcy. I've personally paid a couple of hundred a month to let them pay for the mortgage during that time.
rose_angel 2 years ago
Surely an extension without an end date wouldn't hold up legally? What so you just can't sell your own house for the rest of somebody else's life unless he gives you permission?
#20
A coworker I used to have worked every second of overtime he could for several years to save up for a house. When he applied for the house loan, he based his mortgage payment on all of the overtime he had been working. I tried to tell him that wasn't a good idea but he didn't want to hear it. He ended up divorced a few years later because his wife got tired of him always working.
rullyman 2 years ago
One wonders though if all that overtime was the only way to afford to own a home in that area? Wages have not kept pace with insane rising house prices.
ConstantlyJon 2 years ago
Maybe so. It's still not a good strategy though to get into a mortgage while working an unsustainable amount of hours. Banks look at your income to debt ratio to approve or deny a loan. If they look at your income from working a ton of extra hours, they're going to think you make that much money and are going to continue making that much money, thus approving you for a loan for a house you can't actually afford with the base salary of the job you have.
Load More Replies...
Nicola Roberts 2 years ago
My daughter was approved in principle for a shared ownership mortgage. She was really excited but I said let me see your budget before you agree. Immediately I saw there was nothing for a car or phone. At the time she owned both outright but there was no provision for savings or a loan to replace them. She wouldn't talk to me for a week but it's better than bankrupt before Christmas. At the time I said save every penny you have budgeted for bills and mortgage for three months and see if you can manage without spending a penny. You folks know what happened.
BewilderedBanana 2 years ago
Where I live, overtime pay is not taken into consideration when applying for a home loan, since it could be temporary and not guaranteed
#21
A guy I dated for a short time had been joining a MLM scheme selling insurances.
I listened to his monologue and told him I had no money. He was furios and tried to sell insurance to our waiter at the restaurant. He failed again. I'm still laughing today, he was no good guy.
#22
My coworker has 25k in anime figurines. He is in mega debt right now.
#23
Paying twice the amount for a car over a bunch of years instead of getting something he (ok, you got me, it was me) could afford.
just me 2 years ago
I had a coworker making $700 car payments on a 20k car. 7 year loan. Because she had to have a new car instead of a cheap used one. Bad credit makes life extremely difficult, especially when compounded by bad choices.
Load More Replies... #24
When my parents split up, my father didn’t want to leave the house, so my mother’s attorney convinced him to guarantee to give my mother half the value of the house AT THAT TIME whenever he sold it, and he could keep the rest. I still remember him telling me, “Housing prices only go up, I’ll come out of this way ahead, your mother is being foolish.” This was five minutes before the big housing collapse of 2008. By the time he was finally forced to sell five years later his share was worth about a nickel after having to give my mom half of what the house had been worth five years before. I think about this every time he complains about not having any money, which is basically every time he talks to me.
Lillian Tracy 2 years ago
Most of the time he's very right, though. This isn't stupid, it was just terrible timing
Pa Pa Panda 2 years ago (edited)
Um but if he held onto it a little longer he probably would have made out like a bandit given todays housing market!
B Jones 2 years ago
Was thinking the same. Bad timing at the start and at the sell.
Load More Replies...
#25
They got married to someone heavily in-debt. The person kept their financial situation from them until after they were married.
whiterabbit 2 years ago
Prenup. Always get a Prenup. Debts/assets/money you have coming into the relationship stays with that person, period.
Pandamonium 2 years ago
My mother in law experienced that. Then she worked well past retirement to help pay bills, and they sold two rental properties she owned, just to get by. Those were supposed to be for her retirement.
#26
Knew someone who answered those scam emails thinking they would get rich. Last I heard, he lost around $50k. Emptied out savings account and maxed out credit cards. Left in debt and had to move back with ailing parents.
Not a close to them at all but more like a friend of a friend of a friend's cousin. M**********r just **WOULD NOT** listen. Genuinely thought he was going to be a millionaire. They kept stringing him along until the bitter end and then...poof. Biggest concern his friends had was him trying to milk his ailing parents for their last nickel and dime. Fortunately, he wised up and knew he been had. The last I heard of him was he had an hourly job somewhere and trying to get out of debt.
ConstantlyJon 2 years ago
someone got too wrapped up in the sunken cost fallacy that they couldn't give it up
What do you think ?
Rens 2 years ago
I'm so glad that I don't have enough money to even waste on anything stupid in the hopes that I'll get rich!
whiterabbit 2 years ago
This is exactly why I have zero empathy for people (in my country, the US, at least) who are struggling financially. The vast majority of the time it's a result of many irresponsible decisions.
The Starsong Princess 2 years ago (edited)
Friends of my parents got involved in a pyramid scheme where you withdraw your money in cash and it is transported offshore. I told them straight out it was a scam and offered to get them a reputable financial advisor. They lost every penny - about $50,000. Then they invested the rest of their life savings, including the proceeds from their house, in their son in law’s business. I told them not to do this, as I remember what this guy was like in high school but they did it anyway. The worst thing was they gave him more money when the business was already in trouble. Of course, they lost every penny. They aren’t completely destitute because they have their government pensions and the husband’s work pension so they are lucky. But their retirement is far from luxurious.
Rens 2 years ago
I'm so glad that I don't have enough money to even waste on anything stupid in the hopes that I'll get rich!
whiterabbit 2 years ago
This is exactly why I have zero empathy for people (in my country, the US, at least) who are struggling financially. The vast majority of the time it's a result of many irresponsible decisions.
The Starsong Princess 2 years ago (edited)
Friends of my parents got involved in a pyramid scheme where you withdraw your money in cash and it is transported offshore. I told them straight out it was a scam and offered to get them a reputable financial advisor. They lost every penny - about $50,000. Then they invested the rest of their life savings, including the proceeds from their house, in their son in law’s business. I told them not to do this, as I remember what this guy was like in high school but they did it anyway. The worst thing was they gave him more money when the business was already in trouble. Of course, they lost every penny. They aren’t completely destitute because they have their government pensions and the husband’s work pension so they are lucky. But their retirement is far from luxurious.
Related on Bored Panda
