More Money Regrets

BOSTON (CBS) - I don't know anyone who doesn't have at least one money regret. And some individuals many more. So learn from other people's mistakes? At least be forewarned.

So many millennials have been divorced at least once and in speaking with them their money regrets were all about the wedding. More and more couples are helping to pay for their weddings.

And weddings are expensive often costing more than $28,000. Now the regret sets in after the wedding or honeymoon when the couple begins to think beyond their wedding day. The credit card bills come due or they want to buy a house and those dollars spent on the perfect day are all gone.

And if they are newly single after a divorce they definitely regret all of that money spent on one day!

And there are those gym memberships or treadmill you bought to get in shape for the wedding. An estimated 60% or more of gym memberships go unused after an initial visit or two. Make sure you can get out of any membership deal you enter into.

Shopper-regret usually sets in after a shopping trip with friends. Buying trendy clothes or accessories can be fun but remember those plaid pants in the back of the closet. I really doubt they will ever be back in style and they really do make your butt look bigger! You are far better off buying classic stuff which will last longer. Or really cheap trendy stuff so you can give it way next season when it's out of style.

And those Get-Rich-Quick Schemes are advertised everywhere. They sound so perfect. Especially if you are unemployed or under employed. Folks told me of purchasing expensive audio courses on buying real estate with no money down. Avoid them. The only ones making money are the creators of the product. If it sounds too good to be true it is!

Then there are the signs tacked on telephone poles advertising work from home jobs and earning $7,000 a month. These are scams and they want you to purchase something. If you have to buy something from them in order for you to make money it is a scam.

Owning the latest and greatest phone or computer. First generation phones do give you bragging rights but better to wait until the bugs have been worked out. Prices definitely go down. So all those folks who stand in line all night to be the first to buy the next new phone should just stay home and wait it out.
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You can hear Dee Lee's expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

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