Friday Financial Foul Ups: “Love” Can Hurt Your Financial Situation

This week’s Friday Financial Foul Up will feature a submission by Christine from Money Funk.  Christine has created a great community at her site where she discusses the process of eradicating over $85,000 in debt.  She is active on twitter (@moneyfunk) and is a great asset to the PF blogosphere.  I hope you enjoy her special Valentine’s Day (although not a happy V-Day) financial foul up.

If you would like to add your own financial foul up to this series, please contact me here.
_________

I was in my early 20s and in love. The boy and I got an apartment, we both studied pre-med at the same college, and we were having the time of our life. It all seemed like a fairy tale relationship.

The Situation

My boyfriend, the entrepreneur, also ran a bachelor party business. We lived the life of glitz; partying with friends, getting complimentary VIP status into clubs and movies, rode around in limousines. It was grand. We lived life as if we had endless money and status. Of course, “love” in my young adult life equated with “vulnerability”. Vulnerability meant I was living life with rose colored glasses on.

Where I Fouled Up

I was funding my pre-med schooling with government student loans. My school costs were low; I should have only borrowed what I needed to survive on. Instead I borrowed ALL that was available to me because the boy had me believing we needed it. As Whimpy would say, “I would gladly pay you Tuesday for a hamburger today”.

My financial part of the relationship started to spiral out of control. He talked me into paying for him to quit pre-med and transfer to a private vocational school to become a computer techie. The money started to be used for those lavish parties and new clothes. We bought new furniture and paid excess bills. Then the money ran out. And you know what? So did the boy.

In the end, I was left with a broken heart, an unfinished pre-med degree and $32,000 worth of student loans. To which, I am still paying to this day.

$32,000 @ 5.6% for 10 years = $348 payment/approx. $9,500 interest/payoff year 2020

Ouch!

What I Learned

Don’t let Love govern your financial decisions! If your gut tells you it is not right, believe it!  I was unfortunate to fall for false sweet nothings and promises of future riches. But I learned a great lesson from this experience.

I learned that as a woman, it is vital to build my own financial foundation.  That meant building a savings account of my own, establishing good credit in my name, and learning about other areas of personal finance. At this time, I might still be in a negative net worth, but because of the lessons learned from this experience I now have a plan in place to become financially sound. And I am okay with that. 🙂

———-

Do you like this series? Check Out The Previous Foul Ups:

Foul Up #18 – Clayton (Just Good Financial Advice) – Trying to Get Rich Quick
Foul Up #17 – Craig (Budget Pulse) – Black Friday Purchase Becomes a Dust Collector
Foul Up #16 – Jesse (PF Firewall) – The Fine Print of Rental Properties
Foul Up #15 – Paul (Fiscal Geek) – Unsuccessfully Restoring American Muscle
Foul Up #14 – Mrs. Micah (Mrs. Micah – Finance For a Freelance Life) – How Getting Married Wrecked My Finances
Foul Up #13 – Evan (My Journey To Millions) – Speeding Up Payments on Loan Interest, Not Principal
Foul Up #12 – Elle (Couple Money) – Stretching Yourself to have a Comparable Car to Your Friends
Foul Up #11 – Revanche (A Gai Shan Life) – Sibling Bailouts Cost More than Just Money
Foul Up #10 – Brad (Enemy Of Debt) – There’s Nothing Interesting About Interest-Only Loans
Foul Up #9 – Jason (Redeeming Riches) – Buying a Car with a Balloon Payment at the End
Foul Up #8 – David (Money Under 30) – Being Too Eager to “Move Out” and “Move Up”
Foul Up #7 – Matt (Debt Free Adventure) – Upside Down and Paying The Price
Foul Up #6 – Brian (MyNextBuck) – Overdue Books Prevent Me From Renting an Apt
Foul Up #5 – Kelly Whalen (The Centsible Life) – Poorly Planned Vehicle Purchase Costs $24,000
Foul Up #4 – Stephanie (Poorer Than You) – Signed My Life Away at Age 17
Foul Up #3 – Deliver Away Debt – How I Wasted Over $10K and 11 Months
Foul Up #2 – Brian (MyNextBuck) – Quick Fixes to Weight Loss
Foul Up #1 – Brian (MyNextBuck) – How I Didn’t Earn $3000 in Free Money

11,590 Responses to Friday Financial Foul Ups: “Love” Can Hurt Your Financial Situation
  1. Kaylene
    July 15, 2019 | 11:49 am

    Thanks for sharing your thoughts. I truly appreciate your
    efforts and I am waiting for your further write ups thanks once again.

  2. YtMp3
    July 15, 2019 | 2:01 pm

    please stop by the web sites we adhere to, like this 1, because it represents our picks through the web

  3. Kimesses
    July 15, 2019 | 2:41 pm
  4. Speedy Cash
    July 15, 2019 | 2:45 pm
  5. Payday
    July 15, 2019 | 3:49 pm
  6. Dario
    July 15, 2019 | 4:06 pm

    Exactly how do you remove your blog site remark that you left on somebody else blog site?

  7. Loans For Bad Credit
    July 15, 2019 | 4:07 pm
  8. Free Paper Writer
    July 15, 2019 | 5:12 pm
  9. White Paper Writers
    July 15, 2019 | 5:44 pm
  10. A Payday Loan
    July 15, 2019 | 10:06 pm
  11. Loan
    July 15, 2019 | 10:15 pm
  12. Evaesses
    July 16, 2019 | 12:08 am
  13. Fredrick
    July 16, 2019 | 2:32 am

    Hello, I think your blog might be having browser compatibility issues.
    When I look at your website in Ie, it looks fine but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up!
    Other then that, great blog!

  14. Roulette System
    July 16, 2019 | 3:23 am

    very few internet sites that take place to be in depth beneath, from our point of view are undoubtedly properly really worth checking out

  15. Write Essay Service
    July 16, 2019 | 5:16 am
  16. Evaesses
    July 16, 2019 | 6:08 am
  17. Online Lenders
    July 16, 2019 | 6:53 am
  18. Angeles
    July 16, 2019 | 9:18 am

    When I initially commented I clicked the “Notify me when new comments are added” checkbox
    and now each time a comment is added I get four e-mails with
    the same comment. Is there any way you can remove people from that
    service? Thanks a lot!

  19. Kimesses
    July 16, 2019 | 10:10 am
  20. Zachary
    July 16, 2019 | 10:28 am

    Oh my goodness! Amazing article dude! Thanks,
    However I am experiencing difficulties with your RSS.
    I don’t understand why I cannot subscribe to it. Is there anybody else
    getting identical RSS problems? Anybody who knows the answer will you kindly respond?

    Thanx!!

  21. Speedy Cash
    July 16, 2019 | 11:18 am
  22. Lisaesses
    July 16, 2019 | 12:27 pm
  23. Lourdes
    July 16, 2019 | 1:46 pm

    I got this web page from my friend who told me about this web page and now
    this time I am browsing this web site and reading very informative content at this time.

  24. Amyesses
    July 16, 2019 | 3:03 pm
  25. Phyllis
    July 16, 2019 | 5:03 pm

    Asking questions are in fact fastidious thing if you are not understanding anything fully, except this piece
    of writing gives pleasant understanding even.

  26. Payday Loans
    July 16, 2019 | 6:58 pm
  27. Loan Cash
    July 16, 2019 | 8:42 pm
  28. Online Loan
    July 16, 2019 | 9:07 pm
  29. Kimesses
    July 16, 2019 | 10:31 pm
  30. Payday Loan
    July 16, 2019 | 10:39 pm
  31. Janeesses
    July 16, 2019 | 11:42 pm
  32. Amyesses
    July 17, 2019 | 12:44 am
  33. Instant Online Loans
    July 17, 2019 | 1:20 am
  34. Ariel
    July 17, 2019 | 2:24 am

    I’m excited to discover this page. I wanted to thank you for ones
    time for this particularly fantastic read!! I definitely appreciated every little bit of it and I have
    you saved as a favorite to look at new information in your site.

  35. Kirsten
    July 17, 2019 | 4:33 am

    Hi, just wanted to say, I enjoyed this post. It was practical.
    Keep on posting!

  36. Michelle
    July 17, 2019 | 8:32 am

    I’m curious to find out what blog platform you have been utilizing?

    I’m experiencing some small security problems with my latest website and I’d like to find something more safe.
    Do you have any solutions?

  37. domain
    July 17, 2019 | 8:49 am

    one of our guests lately encouraged the following website

  38. buy sildenafil
    July 17, 2019 | 9:44 am

    can you take viagra and adderall together http://viagrabs.com/ viagra online.
    para que es viripotens 50 sildenafil.

  39. domain
    July 17, 2019 | 10:11 am

    usually posts some quite fascinating stuff like this. If youre new to this site

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/friday-financial-foul-ups-love-hurt-your-financial-situation/trackback/

Friday Financial Foul Ups: “Love” Can Hurt Your Financial Situation

This week’s Friday Financial Foul Up will feature a submission by Christine from Money Funk.  Christine has created a great community at her site where she discusses the process of eradicating over $85,000 in debt.  She is active on twitter (@moneyfunk) and is a great asset to the PF blogosphere.  I hope you enjoy her special Valentine’s Day (although not a happy V-Day) financial foul up.

If you would like to add your own financial foul up to this series, please contact me here.
_________

I was in my early 20s and in love. The boy and I got an apartment, we both studied pre-med at the same college, and we were having the time of our life. It all seemed like a fairy tale relationship.

The Situation

My boyfriend, the entrepreneur, also ran a bachelor party business. We lived the life of glitz; partying with friends, getting complimentary VIP status into clubs and movies, rode around in limousines. It was grand. We lived life as if we had endless money and status. Of course, “love” in my young adult life equated with “vulnerability”. Vulnerability meant I was living life with rose colored glasses on.

Where I Fouled Up

I was funding my pre-med schooling with government student loans. My school costs were low; I should have only borrowed what I needed to survive on. Instead I borrowed ALL that was available to me because the boy had me believing we needed it. As Whimpy would say, “I would gladly pay you Tuesday for a hamburger today”.

My financial part of the relationship started to spiral out of control. He talked me into paying for him to quit pre-med and transfer to a private vocational school to become a computer techie. The money started to be used for those lavish parties and new clothes. We bought new furniture and paid excess bills. Then the money ran out. And you know what? So did the boy.

In the end, I was left with a broken heart, an unfinished pre-med degree and $32,000 worth of student loans. To which, I am still paying to this day.

$32,000 @ 5.6% for 10 years = $348 payment/approx. $9,500 interest/payoff year 2020

Ouch!

What I Learned

Don’t let Love govern your financial decisions! If your gut tells you it is not right, believe it!  I was unfortunate to fall for false sweet nothings and promises of future riches. But I learned a great lesson from this experience.

I learned that as a woman, it is vital to build my own financial foundation.  That meant building a savings account of my own, establishing good credit in my name, and learning about other areas of personal finance. At this time, I might still be in a negative net worth, but because of the lessons learned from this experience I now have a plan in place to become financially sound. And I am okay with that. 🙂

———-

Do you like this series? Check Out The Previous Foul Ups:

Foul Up #18 – Clayton (Just Good Financial Advice) – Trying to Get Rich Quick
Foul Up #17 – Craig (Budget Pulse) – Black Friday Purchase Becomes a Dust Collector
Foul Up #16 – Jesse (PF Firewall) – The Fine Print of Rental Properties
Foul Up #15 – Paul (Fiscal Geek) – Unsuccessfully Restoring American Muscle
Foul Up #14 – Mrs. Micah (Mrs. Micah – Finance For a Freelance Life) – How Getting Married Wrecked My Finances
Foul Up #13 – Evan (My Journey To Millions) – Speeding Up Payments on Loan Interest, Not Principal
Foul Up #12 – Elle (Couple Money) – Stretching Yourself to have a Comparable Car to Your Friends
Foul Up #11 – Revanche (A Gai Shan Life) – Sibling Bailouts Cost More than Just Money
Foul Up #10 – Brad (Enemy Of Debt) – There’s Nothing Interesting About Interest-Only Loans
Foul Up #9 – Jason (Redeeming Riches) – Buying a Car with a Balloon Payment at the End
Foul Up #8 – David (Money Under 30) – Being Too Eager to “Move Out” and “Move Up”
Foul Up #7 – Matt (Debt Free Adventure) – Upside Down and Paying The Price
Foul Up #6 – Brian (MyNextBuck) – Overdue Books Prevent Me From Renting an Apt
Foul Up #5 – Kelly Whalen (The Centsible Life) – Poorly Planned Vehicle Purchase Costs $24,000
Foul Up #4 – Stephanie (Poorer Than You) – Signed My Life Away at Age 17
Foul Up #3 – Deliver Away Debt – How I Wasted Over $10K and 11 Months
Foul Up #2 – Brian (MyNextBuck) – Quick Fixes to Weight Loss
Foul Up #1 – Brian (MyNextBuck) – How I Didn’t Earn $3000 in Free Money

11,590 Responses to Friday Financial Foul Ups: “Love” Can Hurt Your Financial Situation
  1. Kaylene
    July 15, 2019 | 11:49 am

    Thanks for sharing your thoughts. I truly appreciate your
    efforts and I am waiting for your further write ups thanks once again.

  2. YtMp3
    July 15, 2019 | 2:01 pm

    please stop by the web sites we adhere to, like this 1, because it represents our picks through the web

  3. Kimesses
    July 15, 2019 | 2:41 pm
  4. Speedy Cash
    July 15, 2019 | 2:45 pm
  5. Payday
    July 15, 2019 | 3:49 pm
  6. Dario
    July 15, 2019 | 4:06 pm

    Exactly how do you remove your blog site remark that you left on somebody else blog site?

  7. Loans For Bad Credit
    July 15, 2019 | 4:07 pm
  8. Free Paper Writer
    July 15, 2019 | 5:12 pm
  9. White Paper Writers
    July 15, 2019 | 5:44 pm
  10. A Payday Loan
    July 15, 2019 | 10:06 pm
  11. Loan
    July 15, 2019 | 10:15 pm
  12. Evaesses
    July 16, 2019 | 12:08 am
  13. Fredrick
    July 16, 2019 | 2:32 am

    Hello, I think your blog might be having browser compatibility issues.
    When I look at your website in Ie, it looks fine but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up!
    Other then that, great blog!

  14. Roulette System
    July 16, 2019 | 3:23 am

    very few internet sites that take place to be in depth beneath, from our point of view are undoubtedly properly really worth checking out

  15. Write Essay Service
    July 16, 2019 | 5:16 am
  16. Evaesses
    July 16, 2019 | 6:08 am
  17. Online Lenders
    July 16, 2019 | 6:53 am
  18. Angeles
    July 16, 2019 | 9:18 am

    When I initially commented I clicked the “Notify me when new comments are added” checkbox
    and now each time a comment is added I get four e-mails with
    the same comment. Is there any way you can remove people from that
    service? Thanks a lot!

  19. Kimesses
    July 16, 2019 | 10:10 am
  20. Zachary
    July 16, 2019 | 10:28 am

    Oh my goodness! Amazing article dude! Thanks,
    However I am experiencing difficulties with your RSS.
    I don’t understand why I cannot subscribe to it. Is there anybody else
    getting identical RSS problems? Anybody who knows the answer will you kindly respond?

    Thanx!!

  21. Speedy Cash
    July 16, 2019 | 11:18 am
  22. Lisaesses
    July 16, 2019 | 12:27 pm
  23. Lourdes
    July 16, 2019 | 1:46 pm

    I got this web page from my friend who told me about this web page and now
    this time I am browsing this web site and reading very informative content at this time.

  24. Amyesses
    July 16, 2019 | 3:03 pm
  25. Phyllis
    July 16, 2019 | 5:03 pm

    Asking questions are in fact fastidious thing if you are not understanding anything fully, except this piece
    of writing gives pleasant understanding even.

  26. Payday Loans
    July 16, 2019 | 6:58 pm
  27. Loan Cash
    July 16, 2019 | 8:42 pm
  28. Online Loan
    July 16, 2019 | 9:07 pm
  29. Kimesses
    July 16, 2019 | 10:31 pm
  30. Payday Loan
    July 16, 2019 | 10:39 pm
  31. Janeesses
    July 16, 2019 | 11:42 pm
  32. Amyesses
    July 17, 2019 | 12:44 am
  33. Instant Online Loans
    July 17, 2019 | 1:20 am
  34. Ariel
    July 17, 2019 | 2:24 am

    I’m excited to discover this page. I wanted to thank you for ones
    time for this particularly fantastic read!! I definitely appreciated every little bit of it and I have
    you saved as a favorite to look at new information in your site.

  35. Kirsten
    July 17, 2019 | 4:33 am

    Hi, just wanted to say, I enjoyed this post. It was practical.
    Keep on posting!

  36. Michelle
    July 17, 2019 | 8:32 am

    I’m curious to find out what blog platform you have been utilizing?

    I’m experiencing some small security problems with my latest website and I’d like to find something more safe.
    Do you have any solutions?

  37. domain
    July 17, 2019 | 8:49 am

    one of our guests lately encouraged the following website

  38. buy sildenafil
    July 17, 2019 | 9:44 am

    can you take viagra and adderall together http://viagrabs.com/ viagra online.
    para que es viripotens 50 sildenafil.

  39. domain
    July 17, 2019 | 10:11 am

    usually posts some quite fascinating stuff like this. If youre new to this site

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/friday-financial-foul-ups-love-hurt-your-financial-situation/trackback/