Financial Horror Stories: Reckless Spending
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.
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 was able to gain wisdom from my mistakes. If this mistake hadn’t occurred, I would not have the knowledge and mindset that I currently possess.
What is your biggest financial fear?
My biggest financial fear is not being able to pay my credit card bills and support myself.
What’s one piece of financial advice you would like to share with our readers?
One must meet the value of saving before he or she becomes one with his or her beautiful nest of egg.
Thanks to Dailson for sharing his financial horror story with us today. It can be easy to spend a lot of money when you get a sudden windfall, but this is a great reminder to think about the future before doing so. If you’d like to connect further with Dailson, you can do so by visiting his Instagram page, Living on Savings.
Other posts in our series of financial horror stories:
Financial Horror Stories: Lack of Emergency Savings Leads to Financial Nightmare
Financial Horror Stories: Credit Card Debt
Financial Horror Stories: Vacation Timeshare Regret
Financial Horror Stories: Investment Gone Wrong
Financial Horror Stories: Excessive Debt
Financial Horror Stories: Overspending to Please Others
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Leah Hadley, AFC, CDFA, MAFF
Hi! I'm Leah—a teacher turned financial planner. Each step in my journey, from admin assistant to investment analyst to business owner, taught me valuable lessons in adaptability and seizing opportunities. Now, I combine this experience with my passion for empowering women to navigate their finances confidently, especially during life's transitions. As a financial planner, I embrace my roots as an educator, guiding clients to become savvy and empowered investors.
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