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'My Biggest Money Mistake'

Everybody has messed up at some point. These folks share their biggest goofs, but are now on the right path.

Bought a Vacation Home as an Investment

Christine Flood, 37
Software engineer
Denver, Colorado

Courtesy: Christine Flood

"I have been in the rental market since I was in college and thought owning a ski condo would be a good idea. What I didn't know is that vacation rentals are a whole new beast that I didn't understand.

The operational costs differ greatly -- for example, you need to hire a management company for guest services and housekeeping. That's 30% to 50% of your gross rents. And my vacation home is now worth $30,000 less than when I bought it."

My fix: "My dad told me vacation homes are a rich man's game -- I should have believed him. When the market turns around, I am going to sell this baby as quickly as possible and settle with a traditional rental."