I lost $300k in a bad real estate investment and caused family to live on a shoestring budget
Bought a residential rental at the height of the market in 2022 with our savings and a $1.3m loan because "cheap leverage" and "get on the train" and "real estate always goes up". I didn't even view that many places and just bid the highest out of 15 bidders. It never made enough rent money to cover the interest alone, and I had to shovel cash into it year after year to cover the deficit. Now, the property is down 170k (10%) and I've already burnt 130k over the years on property taxes, maintenance and mortgage.
My family had to cut back a lot and eat McDonald's/cheap carbs on the income left and it was so stressful trying to find money every month. Next year I'm getting rid of it so we'll finally be freeeee.
Edit: Wow, I know McDonald's got expensive but the comment was about fast food becoming our only date night and family outing options. There are plenty of nicer restaurants we were going to before. We still eat at home with mostly carbs and veggies, with less meat in the budget.