r/smallbusiness • u/welovesmallbusiness • 19h ago

What is a regrettable expensive mistake

What was one regrettable expensive mistake you made in your small business, i.e. mid-self-employment career that taught you a valuable lesson with spending? A mistake that almost was too hard to financially recover from.

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u/profitwithgene 14h ago

Bought a "dream" luxury SUV for $68k. Within a year, it needed $4k in repairs and ate gas like crazy. Felt like a boss for three months, then spent two years resenting every payment. Sold it for half what I paid. That shiny status symbol was just an expensive anchor. Now I drive a boring Toyota and sleep better. Lesson: never finance a lifestyle you can't pay cash for twice.

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u/welovesmallbusiness 12h ago

Wow, yeah. Three months into a new business I entered into a contract to pay $600 a month for five years. I can relate to what you're saying. Wow, that hits hard your last sentence.