There are countless products, services, and experiences consumers spend their hard-earned cash on daily, but not all of these are created equal. In fact, many believe some things are complete ripoffs! Recently, savvy shoppers of all ages revealed everything they wish they never wasted their money on.
#1. Professional Podcast Equipment
I once paid over $1,000 for professional podcasting equipment, an investment I happily made. However, due to ever-increasing advancements in home recording studio technology, after a few years, my professional equipment was rendered equal to a $100 Blue Yeti USB microphone and a basic PC or laptop. I sold my equipment for 20% of what I paid for it. I didn’t care; I was glad I could finally move on from the ill-advised purchase!
#2. An Engagement Ring
Ah, the perils of falling in (and out of) love. Buying an engagement ring is one of the most expensive things you’ll ever do, but it’s heartbreaking if the relationship doesn’t end up how you want it to! “It wasn’t that expensive up front, but three years later, it cost me half my stuff,” one man glumly confesses. In many cases, many men report their significant others fail to return the ring in question!
#3. Collecting High-End Cars
While historically viewed as status symbols for the wealthy and elite, many high-end car collectors are beginning to regret their expensive hobby. From supercars to electric vehicles to antiques, collecting cars quickly turns into a money pit where the collector is never satisfied with what they have; it’s all about what they don’t have. Predictably, having such an expensive hobby wreaks havoc on your bank account, which is why many people wish they never went down the road of high-end car collecting in the first place.
#4. Adult Beverages
Drinking throughout your life can significantly impact your wallet and bank account in ways you may not be aware of until you seek professional help. One person puts her eye-opening experience in ways that everyone can understand. “The lack of hangovers and all the extra money are those benefits that really make a difference!” expresses one woman. “When I went to treatment, they had us do an exercise to estimate how much we spent on booze and booze-related issues. I came up with between $300-400k over 25 years.” That’s a lot of money!
#5. Electronics
Some people (myself included) are addicted to technology and look forward to new iterations of our favorite products. From smartphones to televisions (and everything in between), it’s fun to keep up with the ever-changing tech world. However, it comes with a major caveat: It’s prohibitively expensive! Many men and women admit their addiction to technology turned out to be a significant waste of money for one reason: Eventually, everything becomes outdated, and you’re left chasing the next “new” thing.
#6. Extended Warranties
Sadly, countless consumers still fall for one of the classic financial pitfalls: Agreeing to purchase an extended warranty. While exceptions exist, most extended warranties are nothing more than a company trying to extract as much money as possible from a consumer after purchasing big-ticket items! “I’ve never bought one, but my husband got a five-year warranty on a washing machine,” confesses one woman. “The exclusions meant it was an expensive mistake.”
#7. College
For generations, younger people have gotten the same advice: Go to college, get a degree, and you’ll be rewarded with the job of your dreams. However, this path to financial and personal success is far from assured for millions of people! Think about it: How many people in your life work in a field unrelated to what they went to school for? As a result, men and women have become disillusioned with the prospect of spending tons of money on a college education when, in 2023, it seems like it’s not necessary!
#8. Gym Memberships
Buying a gym membership is a logical decision for most people who are out of shape and wish to live more healthily. However, many underestimate the dedication needed to transform their physical and mental health, wasting gym memberships by never going in the first place! Remember, the gym is only valuable if you make time to go to it; otherwise, a gym membership is one of the biggest wastes of money you can experience.
#9. Pokemon Cards
Pokemon cards were created for two reasons: To capitalize on a gaming phenomenon and to extract as much money from fans’ wallets as possible! Like baseball card collecting, Pokemon cards invite fanatics to spend countless dollars chasing the high of opening packs, hoping to find an ultra-rare card. As the years go on and Pokemon cards fluctuate in value, many men and women wish they never started collecting in the first place.
#10. Impulse Art Purchases
I’ve heard of impulse buys before, but this story takes the cake. Apparently, it is possible to “accidentally” bid on a piece of art at an auction. News to me! “I once accidentally bid $1500 on a photograph at a museum auction one minute before the silent auction ended,” confesses one man. “I was so mad about it; it sat in storage for years before I finally hung it up. I now joke that I’m an art collector.” Wow, talk about an expensive mistake.
#11. Long-Distance Relationships
As someone who constantly found himself in complicated long-distance relationships, I can relate to anyone who believes them to be a complete waste of money. The expenses add up quickly between gas costs, the wear and tear on your vehicle, expensive date nights, and the time lost by traveling back and forth across long distances. Unfortunately, it’s exceedingly rare that long-distance relationships work out, and they usually take a toll on both parties!
#12. Food Delivery Apps
One of the worst financial decisions you can make is consistently ordering food via food delivery apps. Due to increased pricing and fees, it’s almost always a terrible decision!
One person found out the hard way: “I’ve wasted so much money on Uber Eats and DoorDash that I’m ashamed,” admits one man. “Last year, I felt so lazy, and that ended up costing me a lot of money in the long run. Now, if I want food, I make it myself or pick it up the old-fashioned way.” My advice: Delete the apps from your smartphone entirely!
The post Regrettable Money Wasters to Avoid first appeared on Wealthy Living.
Featured Image Credit: Shutterstock / Rocketclips, Inc.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
