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Whats was your biggest financial [email protected]#k up in life? And how did you cope?

Did you get yourself out? Did you go bankrupt? Ive got a friend who got involed with a guy, sold her house, moved with him, his ex took everything and he ended up bankrupt, she lost close to 100k improving the house he ended up losing and paying his court fees. They are still together but rent and really struggle at times. Other friends have lost considerable amounts in shares.

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Answers (11)

I saved nearly 25k over a couple of years, then made friends with a loser, I became a loser too, blew everything on drugs, alcohol and new shoes for the pubs/clubs and even tho it was over 10 years ago I still can't get on top of financesr these days but I'm drug, alcohol and shoe free

Kids! Well, specifically, kids at such a young age. I should have been building up a career, but instead I gave up work to be a housewife and mother. That career, whilst enormously fulfilling and amazing, doesn't pay much. Oh well. There are some things in life that are worth more than gold. These 4 babies are priceless. Although I do wish I had better financial options at the moment.

 Same! Wish I would have waited just a couple of year before starting a family. Sorted out my finances a bit better so we were more comfortable now and not living week to week.
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 Most people have kids though?
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 But the clever ones wait until they have a bit of work experience under their belts before they do it. Nothing wrong with having kids, even if you have them young (Jesus Christ let's not start that fu****g debate again), but in my experience, I'm finding it hard to get back into the workforce with no skills and limited experience. Even within the childcare industry (like excuse me, I just spent 8 years gaining real life experience with kids, why does that not count towards being a possible candidate?)
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My friends bought an overpriced house (their first home) in a mining town, spent a tonne of money making it amazing to resell and then just as they were ready the mine suddenly shut down, turned in to an instant ghost town and their house dropped in value by more than $400,000 I feel so terrible for them, they worked so hard. They had to move away to get new jobs so now they pay an enormous mortgage, rent it for peanuts and also have to rent themselves.

 Oh damn, that's a horrific situation.
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 Why don't they stop paying, let the bank repossess it and declare bankruptcy
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Moved to the city, it didn't work we ended up blowing through all our savings 10 grand in a six month period because shit just kept going wrong. We are still in a way recovering from it and I can't look back on that time 4 years ago without getting a sick gut

I bought a 14k car.
To this day I don't know what possessed me.
It was a money hole and I sold it a year later to a poor family with a new born. (Same age as my second) and prayed my karma wouldn't burn me.
I was sold it in the same position though and I sold it for 9k not 14k which realistically it was worth, but knowing what a shit box it was I think 5k wouldn't have been high!

I figured it was my own fault for not researching craptivas , so I found had researched even just a google they'd know not to buy it too.

Back to my trusting old suzukis and happier than ever. But bye bye 10k in one year

 I’ve heard captiva’s are absolute shit boxes (from mechanics Here and overseas)
yet overseas they have a diff name but a family member from Europe said they have an even worse track record over there

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 Yep we've got a craptiva too and I can't wait to get rid of it
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 Loser
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We bought a car on a balloon payment while my hubby's income was decent. We downscaled the business like a year later and he ended up earning a lot less obviously, and we were also on a single income.
The plan had been to get the car on 1% finance with the balloon payment, and just save up the balloon payment over the 3 year loan term, then pay it out with cash at the end. Now we only have enough money to make the loan repayments, and save very minimal towards the balloon payment. We could sell the car but because they loose so much value as soon as you leave the car lot we would have to sell and would still owe $10k+ on it. So we've decided to just hold on to it and just push through, and we'll get a car loan for the remaining amount when the balloon is due.

Would never get such an expensive car again, even if we were to earn that much money again, would never get a balloon payment again, and will try to save and buy cars outright from now on.

 You might be able to refinance the balloon & carry on with loan repayments
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My ex husband was a gambling addict who ran his own business. I never, ever put my name to anything with the business but we had one personal loan which was joint. He ended up with a debt agreement for his debts and because of that personal loan I had to enter into a debt agreement as well because I couldn't pay out my half and couldn't take over the loan. I made the repayments on mine and was close to paying out, he made none towards his. He ended up sleeping with someone so I told him to leave and he burned our house down as punishment for me not being forgiving enough. Since the mortgage and insurance were in joint names, the insurance company wouldn't pay out and since I was still working the bank wouldn't approve financial hardship since I still had an income. The house was not repairable so I had to declare bankruptcy and walk away. Six years later, I'm discharged from bankruptcy and debt free but I will never ever own my own home again which hurts but is the consequence of my poor choices I guess.

 Your ex burned down your house? That's fu****g insane!
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 That’s fu****g horrible full stop. I’m so sorry for you. I hope you have/do meet someone that treats you well. No one deserves that
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 He's my ex now but was my husband at the time. Yep, homeless with 4 kids was a pretty low point lol. I have since met an amazing man who is more than I could ever have dreamed of in a partner. But financially I will never recover from it. Too many dependents and not enough earning capacity. We will rent for the rest of our lives which scares me as I don't want that uncertainty.
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Put our house on the market in the boom and bought some land with a bridging loan. The boom died, we couldn’t sell the house and had to borrow money to pay the mortgages. Sold our house at a huge loss because we needed it gone. The plan was to build a new home without increasing the previous mortgage but ended up one hundred grand worse off after paying off loans. My husband felt bad and developed a gambling addiction trying to get us back in a better financial position but of course just made it worse. How did I cope? Not well at all. But there’s nothing I can do about it. We can afford to pay the new mortgage, just sucks that it’s so high again.

Not massively but when we got my car my husband chose to do a balloon payment to which I argued because he was on huge money then!!! So we didn't need too. He disagreed. 3 years later he was in recruits on the lowest wage ever and we got hit with an 8 grand bill.

I bought a unit in Brisbane and it developed cracks which was a nightmare when it was time to sell.

 Financial nightmare

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Got 2k into credit card debt. Just living the high life and being extravagant. When I met my now hisband, henpaid it out for me so we could move overseas without the hassle of repaying it over time.

 Man I wish our credit card debt was 2k. We have two and the combined limits at nearly 25k!!!! It usually sits around 6-8k
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 Omg thT would send me over the edge having a limit of up to 25k even having a debt at anytime of 8k is huge. I like to pay credit cards off 😐
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 Loser
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