- Posted April 19, 2012 by
This iReport is part of an assignment:
In need of a Money Coach?
- My Ten Sense: What to do when your money is low
- My Ten Sense: Making more money isn’t the answer
- My Ten Sense: 6 keys to couples happily managing their money
- My Ten Sense: Prepare your children so they don’t ask for handouts
- My Ten Sense: 10 things college students should know from student loans to landing their dream job
My Ten Sense: Think before you act, cause it can really cost you in your wallet
We all make mistakes, and we all sin. But some of our misdeeds can really cost us in our wallets, such as driving over the speed limit and failing to pay taxes. That's why we should heed the saying of thinking before you act. Thinking about the consequences kept me out of a lot of trouble and likely saved me a lot of money.
The deep financial crisis that Americans have struggled to pull ourselves out of for the last four to five years could have been avoided if former president Bill Clinton would have thought about the consequences of deregulating the mortgage and financial industry, which eventually led to the historic meltdown of Wall Street and the start of the Great Recession in 2008.
George W. Bush obviously didn't consider the financial toll declaring war on Iraq would have on us and it sparked our trillions of dollars of debt. And if people wouldn't have purchased homes they really couldn't afford, there wouldn't be so many millions of foreclosures throughout the country.
I thought about the financial consequences of buying a $400,000 house. What if I stop being a top sales agent? What if I lose my job? So I waited two years until homes prices went down and I ended up with 5x the land of anyone in my newly built neighborhood and probably have the lowest mortgage because I timed my purchase just right.
Recently, there have been several well-publicized instances were people obviously didn't think about the financial consequences of their actions and it is costing them dearly.
Well, we all know what happened when Tiger Woods' mistresses ratted him out three years ago. His wife Elin received more than $110 million in a divorce settlement.
Last week, University of Arkansas football coach Bobby Petrino lost out on an $18 million buyout of his contract when he was fired for cause after hiring his mistress to a $55,000 a year position that more than 150 people applied for.
And now, Jacksonville Jaguars defensive tackle Terrance Knighton will likely miss out on a lucrative NFL contract extension after getting in a club fight in which his eye was injured and required surgery after he was hit twice over the head by a beer bottle.
Find out how much money Terrance Knighton is likely going to lose out on and how much Obama's Secret Service agents are losing for trying to stiff a prostitute (pardon the pun) on my blog, http://mytensense.com/2012/04/think-before-you-act-cause-it-can-really-cost-you-in-your-wallet/