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By wordsthatecho
July 15, 2016
NEW YORK, NY - MAY 29:  Author James Patterson speaks on stage during the children's book and author breakfast at BookExpo America held at the Javits Center on May 29, 2015 in New York City.  (Photo by Brent N. Clarke/FilmMagic)
NEW YORK, NY - MAY 29: Author James Patterson speaks on stage during the children's book and author breakfast at BookExpo America held at the Javits Center on May 29, 2015 in New York City. (Photo by Brent N. Clarke/FilmMagic)
Brent N. Clarke—FilmMagic

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.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

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