What's the costliest financial mistake you've made?

When I was a kid had a small notebook with the entire 1960 New York Giants football team autographs. No idea where that is now.

I befriended an orthopedic surgeon on staff at the hospital where I did my residency in Miami. This guy was a real character: Russian expatriate who spoke very fractured English, unabashed womanizer, living large in a big waterfront house, 40’ Cigarette boat and equally big fishing boat…the whole nine yards. He and his girlfriend used to take me deep sea fishing (and one time ran out of gas miles from shore. That was the only time I ever got sea sick).

I stayed in infrequent touch with him after I moved away and started my practice. About a year later, I get a call from him and he asked (begged) if I could “loan” him $5000…and he needed it immediately. I was flabbergasted that someone of his means needed a measly $5k, but he was always good to me, so I agreed; no questions asked. We hung up and he was at my doorstep in less than 4 hours (~320 miles door to door).

I was shocked by his appearance. His once robust physique was now emaciated and he was sweating profusely. There was little time for small talk as he had to get back to Miami quickly. He drove me to the bank and I gave him the money. I realized the problem was even worse than I thought on the ride back to my house. He cut the left turn short onto a major highway and gunned his Corvette down the wrong side of the road. I screamed at him and he did a rubber burning U-turn, then sped off in the correct lane. At that point, I was sweating profusely, too.

When he dropped me off, I tried but didn’t succeed in convincing him that he was in no condition to drive back and was an accident waiting to happen. He was gone as quickly as he arrived. That was the last time I saw him or my money.

I learned much later from friends that he completely washed out from addiction to vodka and cocaine (this was mid-80’s Miami, kinda par for the course), had his medical license revoked, and apparently left the country.

But, that was nowhere near as costly as my marriage and subsequent divorce.

Mine basically amounts to “not leaving jobs that are no longer working for me”. I do math and write code – very well in both cases. No reason to stay in a job that’s not paying top dollar for my skills.

Racking up large overdue fines on library books.

I could write a book on financial “mistakes” I’ve made, I care very little about money and treat it as a somewhat abused tool. If I have some and there is something I’d like to have, I buy it, if have have very little of it, I don’t buy things. Have always chosen experience over acquisition… needless to say, retirement is going to be an adventure.