When it comes to money, many of us try our best to make smart financial decisions. However, we are still human. This means we are prone to slip and spend our hard-earned money on things we’ll regret.
In the “r/malaysia” subreddit, user johnpsd asked Malaysians to share their worst financial decision stories and how they overcame and recovered from those decisions. One user shared his story, saying he used to sign up for a credit card and owed RM20,000 to the bank. To help settle his debt, he did a few things, including making a list of his cash flow to keep track of the money coming in and going out and keeping a spreadsheet to organise his finances.
Another user said that his worst financial decision was lending money to family and friends, adding that he’s probably gotten more money back from playing the lottery than from the people who owe him. Others said the financial decision they regretted was taking out loans or paying for something on behalf of others like their parents and significant others. One user even said he bought a house as a long-term plan for himself and his partner, only to get dumped a year later.
Getting involved in multi-level marketing (MLM), forex trading and cryptocurrency were also mentioned by many as their worst financial decision. According to one user, he once invested over RM1,000 into an MLM but said the worst part wasn’t the money he lost but the guilt he felt knowing that he got his friends involved in the scheme.
Many also think that simply overspending is the worst thing they’ve done to their finances. One user said they’ve spent hundreds on gacha games while another said they’ve said their book expenditure is approximately in the thousands. Despite spending loads on their hobbies, some revealed that they’ve lost interest in them and are now stuck with the things they bought on impulse.
While some users did overcome their worst financial decisions, others weren’t so lucky – but hopefully, their stories can help you make better financial decisions in the future.
Source: Reddit
Adleena contributed to this article.
