Even those of us spending our days writing about personal finance and how the rich spend their money aren't immune to making money mistakes. From buying the wrong home at the wrong time to racking up credit card debt, financial missteps can happen to anyone. That's why we asked Moneywise editors and reporters to share the biggest financial mistakes they've ever made — and the lessons they learned from them.
Our candid stories prove that even expensive errors can become valuable learning experiences. Bonus: They may help our readers avoid making the same mistakes. Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake.
Here's what it is and 3 simple steps to fix it ASAP Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going One of the most easily avoidable money mistakes I ever made was unknowingly paying for not one, not two, but three Amazon Prime memberships for seven years. I somehow ended up with three separate accounts tied to three different email addresses.
Each one was charging me about $15 a month. Over the course of seven years, that added up to almost $4,000. I only found out because I succumbed to an Instagram ad for RocketMoney, thinking to myself, "who really has subscriptions that they don't even know they're paying for?" Me.
I had subscriptions that I didn't know I was paying for… And I was paying a lot. As soon as I discovered the triplicate charges, I called Amazon. Since the memberships were legitimate, they weren't obligated to refund me on the basis of fraud (despite how hard I definitely tried to convince them that I had no recollection of opening three accounts, and it surely couldn't have been me).
Still, after explaining the situation — head down and tail between my legs — they graciously refunded me for a portion of the charges, totaling about $1,200. The experience taught me three valuable lessons: Regularly audit your subscriptions, actually read your credit card statements (especially for recurring charges) and don't be afraid to ask for help, even if you don't think you're entitled to it. The worst someone can say is no, but sometimes, they'll surprise (and save) you.
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