Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research determine where and how companies may appear. Learn more about how we make money.

By wordsthatecho
July 15, 2016
BookExpo America 2015
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.