I was watching Rachel Ray's talk show recently in which she featured a young couple who spent $2,500 on four cooking pots.

Pots, I might add, they don't even use. They bought the pots in part because they were promised a free trip to Cancun, which they were planning to use as their honeymoon. But when they called to book the vacation, their claim was denied. It seems they hadn't registered for the trip within some 30-day window.

I sat there shaking my head, thinking "stupid, stupid, stupid." Who in their right mind would spend $625 for one pot?

But before I got too smug, I began to wonder. Have I ever made a mega-money mistake?

I have.

I once hired a financial adviser who gave me some incredibly bad advice. He persuaded me to move some money I had in an individual retirement account to a mutual fund his company was pushing. The problem was the mutual fund wasn't really that much different than the one I was in.

The cost of the switch: $1,800. That was his commission.

And to make matters worse, I watched as the old fund outperformed the new fund. Stupid, stupid, stupid.

I trusted the adviser without doing enough homework. That was a mega-money mistake.

What's yours?

Each year I have a contest to find the biggest penny pinchers. This year I'm starting another contest — "My Mega-Money Mistake." Be bold, send me a letter or e-mail outlining briefly what you think is your biggest financial blunder. The amount of money lost or misspent or mismanaged doesn't have to be huge. For someone making $20,000 a year, losing $20 to a fake charity can be a hefty chunk of financial pain.

Perhaps you refinanced your home to pay off credit card debt and then ran up the cards again. Or maybe you co-signed for a car for your boyfriend. And now he's disappeared with the car, leaving you stuck with paying the loan. I'm not making this up. It has happened. One thing I won't do is co-sign for anyone other than my husband. Never co-sign for anyone unless you are married. Co-signing means you are on the hook for the entire amount in question.

If you're brave enough and the sting is gone, tell me about some financial advice you followed that resulted in a huge money blunder. For an example of what I mean, take a look at this question from a participant in one of my online chats: "I am 48 and have about $73,000 in credit card debt. I have been advised to cash in my $43,000 annuity from work that I was saving for retirement and apply what's left after taxes and penalty for early withdrawal towards the credit card debt. Does that make sense?"

No, it does not make sense. If this person follows the advice, it will be a mega-money mistake. Because tax-sheltered annuities are designed specifically for retirement, withdrawals made before age 59 1/2 are generally subject to a 10 percent penalty. That's on top of the regular income taxes due and a possible withdrawal charge. That $43,000 could be reduced by 40 percent or more. There is no question that $73,000 in credit card debt is massive. But this person shouldn't compound that mammoth mistake with an even bigger one. If you owe a lot of credit card debt, cut expenses or get another job or do both. But don't pull money out of your retirement plan.

When you send your entry, please tell me what you learned from the gaffe. The couple interviewed on Ray's show admitted they hadn't really read the fine print when they purchased those pots.

Send entries to colorofmoney@washpost.com. Put "My Mega-Money Mistake" in the subject line. Your submission should be e-mailed or mailed by May 26. Please include your name, address and day and evening phone numbers.

Michelle Singletary writes for The Washington Post. Reach her at singletarym@washpost.com.