One thing I learned while I was getting out of debt was to learn how to do extensive research before making a large purchase.
One thing that put me into debt ($30,000) was buying a timeshare. I didn’t really do much research (or any research at all) on timeshares before I purchased one. To make matters worse, a year or two later I went to the timeshare company to learn more about my timeshare and they convinced me to purchase an upgrade! All in all I ended up with a $26,000 timeshare (plus maintenance fees and interest).
At the time I thought buying a timeshare was a great investment because I always wanted to travel and this company has properties in many different places. This was before airbnb existed and even before Groupon became popular.
Here I was, 23/24 years old with $30k in debt for a timeshare I couldn’t even afford to use because I couldn’t afford a plane ticket! I’m pretty sure if I had done more research I would have decided to not buy the timeshare. I ended up selling my timeshare but before I could do that I had to pay it off fully and I was only able to get about $3,000 for my timeshare.
If you are looking into timeshares my advice would be to do a lot of research to make sure you are happy with your purchase.
Another mistake I made that kept me in debt is the car that I purchased. I bought a Jetta, and it was an affordable purchase ($15,000), but I did not know how expensive servicing and maintaining the car would be. If I would have done more research on car maintenance I would have stuck with a Toyota or a Honda. Those are great cars and they are very affordable to maintain.
Now I do a lot of research before making a large purchase and I really take my time before I decide to buy. I look online for reviews which has really helps a lot. I look for quality items that will last a long time.
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Thanks!
Kylie
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Thank you!