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Are you looking for ways to stop wasting your money?
We all have instances where we realize our financial decisions were not the wisest, and unfortunately, some of these indulgences can cost us dearly.
To help you avoid making costly mistakes in the future, let’s look at some of the greatest money-wasters of all time.
From reckless government spending to unexpected stock market losses, we present fourteen jaw-dropping examples demonstrating how quickly large sums of money can be wiped out with disastrous results.
By understanding how others have made foolish fiscal choices leading up to their own financial woes, you can better arm yourself with knowledge on making more innovative investments in the future.
Table of Contents
#1. The 2014 Winter Olympics in Sochi
The 2014 Winter Olympics in Sochi, Russia, were one of the most expensive Olympic Games in history, with a price tag of over $50 billion.
Sadly, most of the facilities were single-use and, to this day, are not used for anything.
The cost of hosting the event contributed to Russia’s current economic woes.
#2. Pruitt-Igoe Housing Projects
The city of St Louis had a grand plan to replace the city slums with higher-quality housing and better neighborhoods.
Unfortunately, the city abandoned the plan after 20 years and $36 million because the high costs and crime rates essentially kept it a slum all along.
#3. The Concorde
The Concorde was a supersonic passenger jet that was supposed to revolutionize air travel. Still, it turned out to be a colossal waste of money.
The plane cost over $1 billion to develop, and technical problems and safety concerns plagued it throughout its lifetime. It was eventually retired in 2003 after only 27 years of service.
#4. The Titanic
The Titanic was one of the most luxurious and expensive ships of its time and was also one of the biggest waste of money in human history.
The ship cost $7.5 million to build, equivalent to over $400 million today. When it sank on its maiden voyage, it took with it the lives of over 1,500 people.
#5. The Fyre Festival
The Fyre Festival was supposed to be a luxurious music festival in the Bahamas but was a complete disaster.
Attendees paid thousands of dollars for tickets and accommodations, only to arrive to find the festival poorly organized and lacking necessities like food and water.
#6. The Spanish Armada
In 1588, King Philip II of Spain sent ships to invade England. The Spanish Armada was the largest fleet ever assembled at the time, but the English Navy ultimately defeated it.
They estimated the cost of the failed invasion to be around 130 million ducats or roughly $8 billion at today’s rates.
#7. The Vietnam War
The Vietnam War was a costly and unpopular conflict lasting over a decade. The U.S. spent an estimated $168 billion on the war (equivalent to over $1 trillion in today’s dollars), ultimately ending in a stalemate.
Someone remarks that the Vietnam War was “a massive waste of money, effort and lives.” Over 58,000 Americans and countless Vietnamese civilians and soldiers died in the war.
#8. Revel Casino
Atlantic City, NJ, was a hotbed for gambling and some sporting events for years.
But then the city fell on hard times and was struggling to survive.
But in the early 2000s, the city hoped to turn its fortunes around with the Revel Casino, a new, state-of-the-art casino.
It cost $2.4 billion to build and opened in 2012.
Sadly, it was a complete disaster. Three years later, the owners sold it for $82 million after never turning a profit.
#9. The Iraq War
The Iraq War was another costly and controversial conflict that many believe was a waste of money. It was a controversial conflict that began in 2003 and lasted nearly a decade.
The war cost the United States over $2 trillion, equivalent to over $4 trillion today, yet ultimately failed to achieve its objectives. Despite the enormous cost, the war could not accomplish many goals. Iraq remains a deeply divided and unstable country.
#10. The Great Wall of China
The Great Wall of China is one of the world’s most impressive engineering feats but was also a massive waste of money.
A contributor notes the wall cost the Chinese government an estimated $18 billion to build, equivalent to over $360 billion today.
Despite its massive size and expense, the division failed to prevent many invasions and conflicts over the centuries.
#11. The F-35 Fighter Jet
The F-35 fighter jet is one of the most expensive weapons systems in history, with an estimated cost of over $1.5 trillion.
Despite its enormous price tag, technical problems and delays have plagued the plane. Many experts question whether it’s worth the cost.
While some of these projects may have seemed like good ideas, they ended up on this list. It’s a reminder that even the most well-intentioned endeavors can be costly failures.
#12. The Yucca Mountain Nuclear Waste Repository
The Yucca Mountain Nuclear Waste Repository was a proposed nuclear waste storage facility estimated to cost over $90 billion.
However, after years of controversy and legal challenges, they canceled the project in 2010.
In future, it might make more sense to get approval and buy-in before spending the money.
#13. Prohibition in the United States
When it comes to wasted money, few things compare to Prohibition.
This ill-fated attempt at banning alcohol consumption, which ran from 1920 through 1933, cost the U.S. government an estimated $11 billion!
Beyond the financial costs, there were also substantial social impacts as organized crime rose to fill the demand for smuggled liquor, as well as increased instances of corruption.
It’s no wonder the 21st Amendment repealed Prohibition and brought back legal liquor consumption in America!
#14. Berlin Airport
Berlin Airport was a project that cost German taxpayers over €5 billion.
The airport was to open in 2011, but due to issues with its design and management, it remained closed until 2020.
The fiasco surrounding the creation of Berlin Airport has gone down in history as one of the most notable examples of financial mismanagement.
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61 FUN MONEY FACTS YOU DIDN’T KNOW
15 Gas Hacks For Free Gas
You’ve probably wished you could get free gasoline, but thought that was impossible. But the reality is, it isn’t impossible.
There are many free gas hacks you can use to save money on fuel ups. Here are 15 ways to lower the cost of gasoline, and in effect, get free gas.
15 FREE GAS HACKS YOU NEED TO TRY
Binge Worthy Movies And Documentaries About Money
Do you enjoy movies and documentaries? If so, here are the best ones that are related to money.
All of them will keep your attention from start to finish, and who knows, you might actually learn something too!
21 BINGE WORTHY MOVIES AND DOCUMENTARIES ABOUT MONEY
How To Get Free Money
The idea of free money sounds like it can’t be true. But it actually is.
There are many ways you can get free money, from playing games, to watching videos, and more.
Here are the best ways you can get free money without having to work for it.
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Cash Stuffing Budget
Cash stuffing is a trendy budgeting method that makes better use of the envelope system.
By using cash, you not only avoid debt, but you have greater control over how you spend money.
Find out why so many people have fallen in love with it.
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This thread inspired this post.
Jon Dulin
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.
