Novelist James Patterson's Worst Financial Mistake

Everyone is prone to making mistakes with his or her money, and best-selling author James Patterson is no exception to the rule. (Patterson recently launched a line of low-cost books called "BookShots," each of which runs fewer than 150 pages and costs less than $5.)

Money mistakes can be in the areas of investing, spending. They can involve trusting the wrong people, not understanding human nature, not understanding your own behavior around money, or having unrealistic expectations.

Patterson's self-described mistake, which he also terms a learning experience, has to do with lending money. He lent money to an acquaintance early on, and learned a valuable lesson.