We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. Today we have the opportunity to get to know Victoria, busy mom, wife, and full-time blogger from the UK. She started blogging in April 2013 and now writes four blogs. Her favorite topics include making and saving money, self-employment, healthy living, travel, and home and garden.

What’s the biggest money mistake you’ve ever made, and how did it impact your life?

The biggest mistake I ever made was getting into £17500 worth of personal and irresponsible debt aged 18-19 years old. As soon as I could get store cards and credit cards, I did, without thinking of the consequences.

Not that it's an excuse, but I had low self-confidence, low self-esteem, and was suffering from depression. I tried to fill a void in my self by going shopping and buying new things, thinking it would make me happy.

I had no money management skills and lived a lifestyle far beyond my...

We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. Today we have the opportunity to get to know Dailson, the person behind the inspirational Instagram feed, Living on Savings.

What’s the biggest money mistake you’ve ever made and how did it impact your life?

The biggest money mistake I have made was spending 7,000 dollars carelessly. After spending I had no funds saved for a rainy day. Instead, I lived paycheck to paycheck, constantly seeking help from others, and started to live below my ego for the very first time.

Related post: 10 Timeless Financial Lessons I Learned from My Grandfather: A Father's Day Tribute

If you could go back in time, what would you do differently?

I think about this question every day. If I could go back, I would invest my money in the stock market, start a small home business and put my funds in a high yield savings account.

Did anything good come out of the mistake?

Yes, I wa...

We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. Today we have the opportunity to get to know Omotola, the lead consultant at the Funding Magnet where she works with non-profits to find the perfect funding fit and help them create impact. Omotola herself is on a debt-free journey and hopes to be completely debt-free by December 31, 2020. 

What’s the biggest money mistake you’ve ever made and how did it impact your life? 

I bought a vacation timeshare thinking it was a prudent investment. Instead, it’s ended up having hidden costs and most of the resorts advertised are always unavailable every time we want to book them.

If you could go back in time, what would you do differently?

I would not go into debt in order to build a vacation culture for my family. I would choose to save up for the vacation and plan for it yearly.

Did anything good come out of the mistake? 

It forced me to review my spending habi...

We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. Today we have the opportunity to get to know Tony, an accountant with a passion for personal finance. He started the blog, Budget Chew, to document what he has been doing in his personal finance life and hopes his experiences can be useful to others.

What is the biggest money mistake that you ever made, and how did it impact your life?

The biggest mistake I made was when I invested in the stock market. When I invest in the stock market, my tendency is to look for short-term gains.

About four to five years ago, I was making a very good profit on a specific stock. I was able to follow the pattern and keep profiting for months. One day, I got carried away and started using margin loans to increase my buying power and therefore increase my profit. Back then, I was so confident that I thought using a margin loan was a no-brainer: make a quick profit and pay bac...

We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. Today we have the opportunity to get to know Andrea, the writer, blogger, and owner of Saving Joyfully. Andrea works diligently to share valuable tips and insights on how to save money and achieve financial freedom while living a more joyful life.

What’s the biggest money mistake you’ve ever made and how did it impact your life?

Debt acquired on credit cards while in college to help me be able to afford tuition and books when I was unable to get student loans. Once I was able to qualify and receive student loans I accumulated additional debt that way as well.

If you could go back in time, what would you do differently?          

I look back on these decisions now and wish that I had made them differently. If I could go back in time I would not use credit cards to fund my tuition and books, when I simply could not afford those costs.

Did anything good come...

We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. To start this series, it’s only fair that I share my own story of a not so great financial time in my life.

What’s the biggest money mistake you’ve ever made and how did it impact your life?

When I was growing up, I always worked. There were times in college when I had three part-time jobs. I never imagined a day when I would be jobless, but there I was - laid off from a job with zero emergency savings, divorced, three kids, student loans, and credit card debt. It was indeed a recipe for disaster.

I did get unemployment, but that didn't start right away and didn't last all that long.  While I didn't have any emergency savings, I had been saving for retirement over the years so it could've been worse. Still, I blew through my retirement savings faster than I ever would've imagined.  If I'd had some emergency savings, we could've lived off of that during the...

Does the thought of paying for your child's college education ever keep you up at night? When it comes to higher education, the more you can prepare for it, the better. With nearly 45 million Americans dealing with crippling student debt, the need to invest for higher education becomes even more of a priority.

Related post: Preparing for College: A Golden Opportunity for Financial Lessons and Setting Clear Expectations

Consider Savings Plans 

The most common choice people make when investing for higher education is putting money into a savings account for their child. However, interest rates are far from what they used to be!

Saving a set amount of money each year allows parents to know how much they have for their child to go to college and how much more they need to contribute so their child can get their education debt-free. With a solid savings plan, a great savings account, and some research, it’s entirely possible for families with an average income to pay for their child’s e...

Fear of stock market volatility often holds investors back. However, historically, investing in stocks has been an essential tool in building wealth and can serve as an important part of a diversified portfolio. Today we're exploring why investing in the stock market matters.

Reasons Why to Invest in Stocks

In our ongoing series on facing your investing fears, we delve into the common obstacle that might be preventing you from venturing into stock investments: a lack of knowledge. Don't let the fear of the unknown hold you back from potential opportunities in the stock market. Join us as we explore how gaining a deeper understanding can empower you to make informed investment decisions.

Here's what you need to know about stocks before investing.

What are stocks?

Companies sell shares of stock to investors as a way to raise money to finance growth, pay off debt, and fund operations. Each share of stock represents a share of ownership in the company. As a shareholder, you share in a portion of any profits and growth of the company. The company pays dividends from earnings to stockholders, and growth is realized by the increase in the stock's value.  

Wondering how to invest money wisely? While there are no guarantees when it comes to investing. a solid portfolio is a key factor in your success. If you learn how to make your portfolio the best it can be through diversification and risk assessment, you’ll be able to increase your chances for success while simplifying the investment process.

How to Invest Money Wisely - Choose Categories

Diversification comes down to choosing the categories of investment you hold in your portfolio. It allows you to stretch out the money you have to invest over several different areas. Instead of putting all of your money in one place, you can allocate it to different styles of investing to reduce your risk while increasing your chances of success. Big events and major losses will create less of a blow when you have successfully diversified your portfolio.

The most common choices, especially for new investors, are stocks, bonds, and cash. Some investors may choose things such as money market funds a...