I spent 20 grand on what?! Something I really shouldn't have! Hey there, i'm
tiffany thomas with wealthy tiffany dot com and in today's video i'm sharing with
you my most expensive financial mistake and the lessons i learned from it
so if you are ready to dive in hit that like button and we're gonna get started
alright my most expensive financial mistake wasn't that long ago it was in
February of 2018 so just over two years ago and I'm gonna share with you what
that most expensive mistake was right now but don't miss out on the rest of
the video because honestly the experience I had was basically from out
of a movie scene so my most expensive mistake was actually buying my most
recent car now let me share the backstory on this because it's a pretty
unbelievable experience that I still can't believe actually happened to me so
I was headed to dinner at a friend's house one night and I pull up to her
house and I decide to park along the street because there's plenty of parking
along the street and I even happened to notice while I was parking that there
was extra room from where the line was where you could park to where you were
actually driving on the road and kind of you know chat it out a little bit so
there was extra space so I even pulled up my car further so that I would have
extra space on the road and when inside had dinner with my friends and you know
we kind of chatted at the door for a few minutes before I left and we said
goodbye and I started walking down the driveway and I just happened to glance
up and I noticed this truck coming down the road and I'm thinking man he is
coming pretty fast for this road the speed limits only 35 and he continues to
get closer and I realize he's not slowing down and he's coming right
toward me and I'm thinking is he messing with me like is he trying to play
chicken with me or something and I finally realized he's not slowing down
at all and he is not moving out of the way so I literally run back up the
driveway and he comes up over the curb onto the sidewalk and misses me luckily
because I had run back up the driveway and plows over my friends Mel box and
then plow straight into my car and he smashed my car so hard that the whole
back end goes on those into the front end of my car and he
pushed the car forward that's how hard he hit my car and as I'm standing there
thinking oh my goodness what just happened and then it gets even better
you guys because he realizes what he's done and he puts his truck into reverse
and starts to drive off and I'm thinking what so I'm trying to hurry and get out
my phone and take a picture of his license plate so that I know who it was
that hit my car and I take a picture but it's super blurry
luckily my friends had come out of the house because they heard a loud crash
and they're like what happened and so I'm telling them what happened and this
guy pulls up and he says hey I just saw what happened I know that guy hit into
your car does someone want to get into my car and we could go chase them down
and I'm thinking yes so I start to walk toward his car and luckily my friend's
husband it's like I'll go with him you stay here call the cops and I'm like oh
yeah that's probably a better idea I don't need to be getting into a strange
man's car at night when I am in shock pretty much so he gets in that car and
then you drive off and I call the cops the police officer shows up I tell him
what's happened that someone has plowed into my car has completely totaled my
car and that my friend got into a stranger's car and they are chasing the
truck down the road and if you guys are liking the story so far then hit that
like button and comment below I want to hear the end because it gets even better
you guys so the police officer tells me he's sending another police officer to
me and he's going to find this driver that has hit my car so in the meantime
my friend's husband has been chasing this guy who just totaled my car and he
says that they have found the guy that they followed him along the road and as
they were following him he ended up hitting another car this one wasn't
actually parked on the side but they were stopped at a stoplight so he hit
into them and luckily it was just a minor fender bender he did not total
their car so I feel very fortunate for that person and he eventually pulls off
to the side of the road and parks his truck behind another car so my friend
and the stranger he's with decide hey let's block this guy in so they pulled
their car behind his track and I'm thinking they
did what like this guy just hit two cars who's to say he's not going to just kick
him in reverse and total their car and drive off luckily that does not happen
but they decide okay well now that we've blocked two men let's get out of the car
and talk to him and I'm thinking uh who knows what this guy is on and what if he
has a gun in the car we don't know what could happen but anyway apparently
they're not thinking like me so they get out of the car and they approach the
driver of the truck and he's all distraught upset of course and he tells
them oh my girlfriend just broke up with me I can't believe it
like I'm so upset and I didn't know what to do and he's just kind of rambling on
and on and eventually the police officer shows up and gives this guy a DUI and
arrests him takes him off to jail my friend's husband comes back to the house
with the stranger and by then I had already talked to another police officer
and called my insurance filed a claim with them and eventually the original
police officer comes back to the house and tells me that he was on something I
don't know what but they've arrested him and they've gotten his information so
they give me his insurance information and to make a long story short I know
too late already but to make it even a little more interesting come to find out
this isn't his truck luckily it is his father's truck and his father has
insurance on the truck so it's going to take even longer to get this claim taken
care of so my insurance ends up giving me a check for about $20,000 that's how
much my car was worth it was a Toyota rav4
2012 in case you're wondering sport edition I kept that car in such good
condition because I had planned on keeping it for the long term I didn't
want buy another car I had to wait a while to get my deductible back once
they finally received money from the other insurance and my insurance had
only given me a rental car for a couple weeks so they process this pretty fast
which was great but I felt like I needed to find a car sooner than later before I
had to start paying for rental car and the thing is I had already heard
about the fire community the financial independence retire early community and
I was really watching my expenses trying to become financially free at a young
age but yet here's what happened I started asking other people their
opinions on which car they would buy and of course everyone is telling me oh you
should get a nice car like one that's really reliable and you could get
leather seats that are heated my Rav didn't have that although it was a great
car and it did have a sunroof and it was also paid off that's just yet another
reason I didn't want to buy a new car originally I had thought okay yeah I can
spend maybe half of this check or even less than half and just buy a used car
and not have a car payment and I would be just fine but I eventually succumbed
to peer pressure and honestly I had no idea what I wanted to purchase I really
wanted to keep that car that Toyota rav4 as long as possible so a new car was
nowhere on my mind but I knew I wanted to get something that would be good in
the snow because I live in Utah and yes it snows a lot here so I did a lot of
research on my own and was looking for a car that would be good for someone
taller I am 510 so I am not short at all and I
would like something comfortable to drive so I just started doing a lot of
research and I don't really know that much about cars I didn't feel
comfortable going to look at used cars at people's places by myself so I ended
up just going to a car dealership and looking at a bunch of different cars
test driving a bunch of different cars and honestly I don't like things to be
in limbo I like to get things taken care of sooner than later especially with
larger decisions like not having a car so I did drive the Ford Edge 2014 and
that's what I ended up purchasing but when I went to the car dealership to
negotiate the price I was tired I was hungry and they kept me there way too
long so I feel like I did not get a good price on my car and honestly I should
have just not bought the car then but I did anyway and I decided to actually
take out a loan on this car I felt like they had some good
interest rates I have really good credit so that wasn't a problem and I actually
wanted to finish my basement and I could spend this check on finishing my
basement instead of paying cash for the car and you might think that I'm a
little crazy but honestly finishing my basement has almost paid for itself just
a few more months because I ended up finishing the basement with an extra
bedroom and I moved into that bedroom so I was able to rent out my master bedroom
so receiving rent from renting out my master bedroom that's how I'm able to
pay for finishing my basement so I was happy about that part all right let's
talk about the lessons I have learned from my most expensive financial mistake
so lesson number one that I learned don't go to the dealership when you are
tired and hungry and if they keep you there too long
just leave don't stay too long I'm sure a lot of you already know that but it's
a good reminder so lesson number two is don't give in to peer pressure I totally
gave in to peer pressure listening to everyone tell me get a reliable car get
one that's newer more expensive I didn't need it and yes it's a nice car and I
enjoy driving it but honestly I would have been happy with something less
expensive so that I wouldn't have a car payment right now so do not succumb to a
peer pressure and that's another thing be careful who your friends are because
some people will try to influence you in ways that you don't want to be
influenced but if you have friends that are telling you no buy a less expensive
car it'll be better off for you in the long run then that's great then you want
to keep those friends around and I'm not saying my friends are bad we just have
different views so remember to not give in to peer pressure and get advice from
those that are ahead of you on the path that you want to be on they will be much
better people to get advice from than those that are way far off the path that
you want to be on and lesson number three don't make large financial
decisions when you feel pressure to do so or when you are making them based off
of fear give yourself some time to really think about these large decisions
think about what you really want what's important to you and don't just jump in
and make the decision too quickly I didn't want to have to pay for a rental
car so I just wanted to get this decision over with and honestly I should
have given myself more time and who cares that I would have paid for a
rental car I still would have saved thousands of dollars and then lesson
number four is if it doesn't feel right to you
just say no it doesn't matter how much research you've done or how much time
you've spent on this decision I did a lot of homework I did a lot of research
on the Ford Edge and I found one that had good mileage and was in really good
condition but honestly in the end I didn't really feel good about it and
purchasing the car wasn't the best decision that I could have made so make
sure and do that gut check before you make a big decision especially one that
is going to be an expensive decision and if it doesn't feel right forget about
all the time or effort you've put into it and just say no you will feel much
better about your decision and here is the last lesson that I have learned
lesson number five and this one is probably the most important
I learned to forgive myself and move on sometimes we can really stay stuck in
the past and beat ourselves up for previous decisions that we have made
instead of letting go of that and forgiving yourself and that's what I had
to do I literally said Tiffany I forgive you I can learn from this mistake and
move on and I feel like that's a really important lesson because if we are
staying stuck in the past and continuing to regret our past decisions then we're
not able to progress and move forward or even focus on others and help them
because we're so caught up and I've done so much wrong and I've made bad
decisions along the way so forgiving ourselves kind of gives us
that clean slate and yes I have a car payment that I am now paying for but I
have learned from this mistake and believe you me I will not make the same
mistake again and once we forgiving ourselves then we
can share this experience with others and that's what I'm doing sharing lists
with you hoping that you can learn from my mistake and not make the same mistake
that I did and if you feel comfortable comment below and tell us what your most
explain the financial mistake was so that we
don't have to make the same mistake so that we can learn from one another so
purchasing my most recent car was my most expensive financial mistake
well that and not investing earlier so let that be a lesson to you as well okay
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for watching I'll see you in the next video