Whether it’s impulsive investments, reckless spending habits, or falling victim to scams, there are countless ways to watch your hard-earned money vanish in the blink of an eye.
Want to know how to lose money fast so you can know what NOT TO DO? Here are some of the best way to lose money faster than you can make it.
Gambling
This is a common way to lose money; many agree here. One says, “I mean, you’re probably right, though, that it isn’t the absolute fastest way. There is probably at least 1 faster way out there to lose money. Another adds, “Gambling, online gambling to be more specific, the chances are bad; as a developer, I can say how random works in computers, and we can control/manipulate the `Random` value generated, so I suggest you play only if the site is the most trusted and certified by standards.”
Sports Bets!
yobro10 via DepositPhotos.com.
Closely related to gambling is sports betting, and one user shares their real-life experiences, “I spent months working out how to actually make small reliable returns on sportsbook, and every time I started to reliably make cash, I got shut down. Even on betting exchanges. Nothing illegal, just smart, cautious use of disposable funds. The more I found out about the gambling industry, the more I came to know what it means to feel pure hatred. It is evil. Period.”
Getting Divorced
We have heard of many high-profile divorces, but this user puts it together succinctly: “My mom gave me some great insight here… “Do you know why divorces are so expensive? Because they’re worth it!””
Buying a Boat
Two users agree that a boat is a money pit. One said, “It really doesn’t matter the size, you’ll start throwing money almost immediately into the hole you call a boat. But the bigger the hull, the bigger the hole.” The other added, “A boat is just a hull in the water that you pour money into.”
Buying things you don’t need “…to impress people you don’t know.”
Open a Restaurant
One user joked ““How do you make a small fortune in the restaurant industry?” “Start with a large fortune!”
Marry Poorly
How you marry has a bearing on your fortunes as well; according to another user, “Marrying someone with poor potential (extant kids as baggage, no education, etc.) or marrying someone that’s a gold digger.”
NFTs and Crypto
“Cryptos or generally investing without having any clue how all this works,” said one user. Many people have lost money investing in these cryptos without proper research.
Buy a House
A user gave a breakdown of how much he has spent in his home ownership journey so far, “So far:
$1600 Earnest Money, $100 non-refundable
$400 for house inspection
$100 termite inspection
House needed to be completely rewired, plumbing completely redone, foundation lifted up 8 inches, roof reinforced. $92,000. House price: $150,000.
Sellers refused to do the work, got my earnest money refunded, aside from what was non-refundable. So, $600 to not buy a house.
Found another house. Sell price $127,000 (townhouse, 1.5x the size of the first house).
$1650 earnest money
$400 house inspection
$600 assessment
Closing date isn’t until the end of June, and the hot water heater is going to need some work, as well as the HVAC (I live in Texas).”
Donating Money
One user says you may have a better chance of getting money from gambling but zero chance if you donated it, “Donate it. People are saying gambling, but there’s a chance you actually get more money out of it.”
Spending on Fast Foods
According to one user, people do not know how much they are losing here, “Fast food is by far the easiest way to lose money besides gambling or something. It’s the ultimate money pit that really sneaks up on you. Pack your lunches, kids.”
Car Depreciation
Cars depreciate fast. A user gave his own experience with such, “Buy a 10-year-old BMW, lose 15K in depreciation while it demands 6K in repairs. Ask me how I know!”
Another user says buying a new car is a sure way to lose money through depreciation, “Buy a new car. Doesn’t matter what type it is; if it is listed as used, a lot of value has gone. Condition doesn’t matter; you will never get dealership price when selling unless it becomes a rare/desired model in the future.”
Having Multiple Expensive Hobbies
Hobbies are good, but according to one user having multiple expensive hobbies drain the bank fast, “Astrophotography alone eats your money away as fast as you can earn it! Or you can just donate all your money to a charity. Or you can gamble/trade stocks. Or you can just send it all to me. There are plenty of options!”
Buying Expensive Material Stuff
Buying gadgets and expensive materials will drain your money fast, says one user, “When you buy material expensive stuff, like you buy iPhone every year, gadgets you do not need, subscriptions you just know from a friend and get jealous, flight tickets just because you just want to impress your social media circle. For the clout.”
Options Trading
People who know this know how fast they can lose money here. One user says, “I seriously couldn’t light cash on fire and lose it as fast as the quarter of a second it takes my calls to hit zero immediately upon buying them.”
Get Married
Marriage is the easiest way to halve your wealth; according to another person, “Get married. It halves your net worth in record time in some instances.”
Getting Scammed
Scammers can clean your bank account in an instant. One user speaks from his perspective, “Becoming a victim of scammers. It’s very common in my country.”
Spending Without a Budget
If you do not have a budget, you will spend money anyhow, “If you have no plan for your money. That’s a lack of budget; the money will vanish without knowing exactly what you used it for.”
Having Bad Friends
People you keep close to you can make you lose or gain money, according to one user. The user gave a personal experience “Have friends who suck the life out of you and get you to make bad choices. 19K down the drain because they were the first friends I’ve had since HS. They never cared about me. Tried to kill myself several times because of it. Now I care more about money than relationships.”
Car Addiction
Buying cars because you are addicted to them can make your bank account take a hit, says one user, “Get addicted to cars. They’re more expensive than I thought they’d be; once I got into it, I realized a single engine can run you 15k 20k dollars, a good trans, another few k, tires you can easily find for 10k a set, the body and chassis, another 30k, it all racks up very very quick.”
Lottery Tickets
One user is grateful that he stays with his parents because he would have lost all his money buying lottery tickets, “Lottery tickets. If I wasn’t living with my parents, I would have lost all my money.”
Black Tax
In some cultures, the black tax pulls people down even when they become successful, “Be born as a breadwinner in the Philippines. Soon as you’re making money, you’re suddenly feeding not only yourself but your parents, siblings, grandparents, and a bunch of other people who may not even be related to you.”
Unplanned Lifestyle Upgrades
Just because you make more money does not mean you upgrade your life too fast, says one user, “Upgrading all aspects of your life (Home, Rent, Car, Bottle Service, Clothing, etc.) as soon as you start to make a little bit of money because it works “on paper”.”
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This article was produced and syndicated by A Dime Saved.
