Financial Horror Stories: Vacation Timeshare Regret

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 habits and taught me not to make a decision without giving at least 48 hours to think about it!

What is your biggest financial fear? 

That I won’t be able to provide for my children or ensure they are in a safe childcare situation. 

What’s one piece of financial advice you would like to share with our readers?

You are not the clothes you wear, the vacation you take or the car you drive. Your essence is in what gives you peace of mind and you don’t have to keep up with anyone. Live within or beneath your means.

Thanks to Omotola for sharing that financial horror story with us today. I love the reminder that making a big financial decision shouldn’t happen without some forethought. Take time to consider the long-term implications before making the purchase! If you’d like to connect further with Omotola, you can do so by visiting her website, thefundingmagnet.com.

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: Reckless Spending

Financial Horror Stories: Investment Gone Wrong

Financial Horror Stories: Excessive Debt

Financial Horror Stories: Overspending to Please Others