Americans’ Biggest Money Mistakes

MoneyTips

You’ve made some life decisions that you’ve regretted, and some of those decisions surely involve money. What sort of money mistakes have you made?

Don’t be shy about admitting your financial mistakes. According to the latest version of Finder.com’s annual America’s Biggest Money Mistakes survey, you have 192 million fellow Americans to keep you company. More than three-quarters (78.3%) of respondents claimed to have made a money mistake in their lifetime. We’re surprised that number isn’t closer to 100%!

As Finder.com Consumer Advocate Jennifer McDermott says, “It’s understandable that so many have made a money mistake in our lifetime – we’re only human! However, while a slip-up doesn’t need to derail our entire financial wellbeing, it’s important to recognize the triggers to make better choices in the future.”

What’s the most cited financial mistake? By far, the winner …

From $110 Million to Bankruptcy

MoneyTips

Antoine Walker had the world by the tail in 1996. He was coming off a NCAA championship season with the Kentucky Wildcats and was chosen by the Boston Celtics as the sixth pick overall in the 1996 draft. Fourteen years later, he declared bankruptcy with assets of $4.28 million and $12.74 million in liabilities. Walker had managed to blow through nearly $110 million.

Walker’s story is not unique. It’s been estimated that around 60% of NBA players end up broke within five years after retirement. Most go broke for the same reason — massive overspending.

Many NBA players feel obligated to take care of family and friends after they strike it rich, but they do so in extravagant and unsustainable ways, as Walker did. Determined to do right by his mother and five siblings, he built multi-million dollar houses for his entire family.

Walker certainly was not shy in spending on himself, either. He bought multiple expensive cars, including a $350,000 Maybach. Throw…