Financial Horror Stories

Financial Horror Stories

While everyone will make mistakes when it comes to finances, there are times when the impact to our lives goes far beyond an impulse spend. We’ve all heard of them, maybe even experienced one ourselves. Many are avoidable, many are not.

1. The Tale of the Lost Pension

Don’t depend completely on another person in business. Make sure you know enough that you could run things if necessary. Don’t’ invest in a business or quit a steady job unless you’re prepared to take it over, never put your family in a bad situation, and make sure you have adequate money to cover any hard times.

2. Diamonds Aren’t Forever

“When purchasing a diamond ring, no one (at least I didn’t) considers the risks of such an .  What happens if you have to resell the diamond ring?  Where do you sell it? Who the hell wants to buy a used diamond?

3. Requiem for a Drug

Our next story comes courtesy of Fred at Money With a Purpose. Fred’s story shows the devastating impact drug addiction has on family and finances. I want to provide tools to help you or anyone in your circle to avoid making the mistakes we made, personally and financially.

4. XRAYVSN vs. Ex-XRAYVSN

“I tolerated the marriage as long as I could because in our custom divorce is shunned upon and quite rare. I also wanted my daughter to not have to endure her parents getting divorced.  “I tolerated the marriage as long as I could because in our custom divorce is shunned upon and quite rare."

The Great Recession

“It’s been over 10 years since the Great Recession, and like many such existential traumas, many of us have a story. We can vividly remember where we were and how the events impacted us. In many ways those of us who lived through it will never be the same and will manage our finances differently.

Moral of the Stories

These real-life financial horror stories are meant to teach, inform, and offer advice for anyone going through their own horror story, or who might be contemplating a decision that could lead to one. Financial hardship is no laughing matter and can significantly impact your life for years to come.

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