What is your single most expensive mistake?
Re: What is your single most expensive mistake?
I don't care to share the details but can say it did NOT involve investing, cars, real estate, a business, sex, drugs, or rock 'n roll.
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Re: What is your single most expensive mistake?
I consider wasting my efforts a bigger mistake than losing money.
My most expensive mistake - Trying to live my life based on other people's opinions and getting their acceptance, instead of going by my gut, accepting and being myself - I could have avoided all that pain for so much time.
My most expensive mistake - Trying to live my life based on other people's opinions and getting their acceptance, instead of going by my gut, accepting and being myself - I could have avoided all that pain for so much time.
Re: What is your single most expensive mistake?
Financing home at 100% in 2006. Trying to sell it in 2009 while underwater. Not contributing to 401k from 2010 to 2013 because " I learned from my mistake" and this time I was going to have a 20% down payment.
On the good side, I was about to sign up with a financial advisor in 2013 when he recommended whole life insurance. I googled it and discovered bogleheads in the search results.
On the good side, I was about to sign up with a financial advisor in 2013 when he recommended whole life insurance. I googled it and discovered bogleheads in the search results.
Re: What is your single most expensive mistake?
this sounds worth ittexasdiver wrote: ↑Tue Sep 18, 2018 5:36 pm Buying a boat.
Bought a new custom $100,000 27' SeaSport Seamaster set up as a dive boat for SE Alaska together with a friend of mine. We had some good adventures on it and sold it a few years later after we both got married for perhaps a $40,000 loss considering all we had in it.
"Don't trust everything you read on the Internet"- Abraham Lincoln
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Re: What is your single most expensive mistake?
Took out all the money from my 401K when I changed job to buy a Mercedes. I was 30.
TravelforFun
TravelforFun
Re: What is your single most expensive mistake?
How was that expensive? It sounds like a good idea. S&P 500 doubled since then.
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Re: What is your single most expensive mistake?
If the new ex-wife is compatible with Ex-wife v1.0, she'd be v1.1
Re: What is your single most expensive mistake?
High five figure loss on random trading leverage etf and random stocks.
Turn to be a Boglehead soon after and never have a loss since then.
Not buying $100k worth of Netflix in 2011 (higher monthly subscription fee fiasco) because I was/am now a Boglehead (could have freaking retired by now).
Turn to be a Boglehead soon after and never have a loss since then.
Not buying $100k worth of Netflix in 2011 (higher monthly subscription fee fiasco) because I was/am now a Boglehead (could have freaking retired by now).
Re: What is your single most expensive mistake?
Not immediately investing all available funds into the market as such funds became available. I don't believe in market timing, or at least most of me doesn't, but when we withhold funds, hoping for a downturn, or piecemeal funds into the market over time, that's basically a form of market-timing whether we want to admit it or not. And this is easier seen in retrospect then at the time. I'd let cash build up and invest at various market dips and feel oh, so smart about it. But the gains I missed out on where more than the money I "made" by investing at the market dips. The gains I have lost from doing this would cover the money I have wasted in other ways many, many time over.
Re: What is your single most expensive mistake?
FireProof Jr.
Re: What is your single most expensive mistake?
Pretty sure I’m making the single biggest mistake of my life right now. Only time will tell.
Re: What is your single most expensive mistake?
Not cashing out some options in 2008. Was about to do it when market began to stall and I thought I’d wait just a little. They yanked to zero. Had I done it, paid the taxes and invested in TSM, I’d probably have another $1M right now
Re: What is your single most expensive mistake?
Ex wife cost me $100k, but it did not break me.
Invested $40k in company stock in my 401k because it split several times and I wanted to get on the gravy train. Company went bankrupt.
Good things I did: Always contributed 10%+ in 401k. Will be able to retire at 61.5 years old. Taught my boys to not make the same mistakes I did. Remarried well.
Bobby
Invested $40k in company stock in my 401k because it split several times and I wanted to get on the gravy train. Company went bankrupt.
Good things I did: Always contributed 10%+ in 401k. Will be able to retire at 61.5 years old. Taught my boys to not make the same mistakes I did. Remarried well.
Bobby
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Re: What is your single most expensive mistake?
dot com bubble....enough said
Re: What is your single most expensive mistake?
Not sure if it was my most expensive mistake but it was one of the most frustrating and stupid mistakes.
I have a normal size car (Elantra) which I park in a 2 car garage. My normal thing is to press the garage door switch as I walk by it, hop in the car, put my snacks/drinks down, seat belt on, start Waze on my phone, etc. Then take a quick glance behind me with the mirror and the rear view camera and back out.
Well I thought I heard something but I went further. Argh. For some reason my garage door opened about 75-80% and then got stuck. It was high enough that it was impossible to see view the mirror and camera (they are obviously meant for objects on the road and not above you). It was stuck at a height where it scraped along the top of the roof but then the door got seriously bent by the fin on your roof that contains the antennas for the electronics in the car.
So I ended up needing a new garage door. The car was a bit scraped and the fin was a bit bent but otherwise functional. I didn't bother getting it fixed which ended up being a smart decision because, unfortunately, quite a bit later my car got totaled (rear ended very hard) and now have a new one.
Now before I back out, I make sure to try and bend down to get a high view from the mirror and ensure the door is fully opened.
I have a normal size car (Elantra) which I park in a 2 car garage. My normal thing is to press the garage door switch as I walk by it, hop in the car, put my snacks/drinks down, seat belt on, start Waze on my phone, etc. Then take a quick glance behind me with the mirror and the rear view camera and back out.
Well I thought I heard something but I went further. Argh. For some reason my garage door opened about 75-80% and then got stuck. It was high enough that it was impossible to see view the mirror and camera (they are obviously meant for objects on the road and not above you). It was stuck at a height where it scraped along the top of the roof but then the door got seriously bent by the fin on your roof that contains the antennas for the electronics in the car.
So I ended up needing a new garage door. The car was a bit scraped and the fin was a bit bent but otherwise functional. I didn't bother getting it fixed which ended up being a smart decision because, unfortunately, quite a bit later my car got totaled (rear ended very hard) and now have a new one.
Now before I back out, I make sure to try and bend down to get a high view from the mirror and ensure the door is fully opened.
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If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
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Re: What is your single most expensive mistake?
In my haste to win a bid for a $1,000 laptop on ebay, I typed in $10,000 by accident. I won the bid
Thankfully, the seller had grace and accepted the $1,000.
I have stayed off ebay since then.
Thankfully, the seller had grace and accepted the $1,000.
I have stayed off ebay since then.
I don't know what the future holds, but I know who holds my future.
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Re: What is your single most expensive mistake?
I have had my share of mistakes but I have done some things right: good marriage (50+ years), satisfying and interesting career, great kids, now have good pension and comfortable retirement.
One of my bigger mistakes was passing on an offer to become a principal in a startup company with 30% ownership at cost of $100k. A few years later that company was sold for $7M. My share would have been $2.1M. I could have been FIRE under 50. However, the job I took turned out very well. Salary was in the top 5% and I retired 22 years later with a very good pension.
One of my bigger mistakes was passing on an offer to become a principal in a startup company with 30% ownership at cost of $100k. A few years later that company was sold for $7M. My share would have been $2.1M. I could have been FIRE under 50. However, the job I took turned out very well. Salary was in the top 5% and I retired 22 years later with a very good pension.
- RickBoglehead
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Re: What is your single most expensive mistake?
Selling Amazon. Bought before I understood that index mutual funds were the way to go, but part of my learning it.
Bought and sold a few lots before buying 400 shares in 2000 at 70 a share. Sold in 2006 to pay a semester of tuition, at a loss. Stock started to climb in 2009, today my 400 shares would be worth over $750,000, a 2,672% increase.
A bigger mistake was in not taking a consulting gig that was presented to me. Worked a potential client, got the gig. On day one the president asked me to sign a 3 year non-compete, which for a consulting gig was absurd. Racked my head as to who the competition was, whether I cared. Called another client that was a service bureau for many clients and learned they had a client considered a competitor, and expected me to work with this client. Their client was top in the industry, my client was near bankruptcy. I declined the engagement, recommended an associate, and left. Well the service bureau client terminated our agreement two months later due to lack of work, and their client ended up falling off a cliff. My potential client ended up going gangbusters, and I would have been in the catbird seat to be head of Marketing and ultimately president, with big salary and equity.
Bought and sold a few lots before buying 400 shares in 2000 at 70 a share. Sold in 2006 to pay a semester of tuition, at a loss. Stock started to climb in 2009, today my 400 shares would be worth over $750,000, a 2,672% increase.
A bigger mistake was in not taking a consulting gig that was presented to me. Worked a potential client, got the gig. On day one the president asked me to sign a 3 year non-compete, which for a consulting gig was absurd. Racked my head as to who the competition was, whether I cared. Called another client that was a service bureau for many clients and learned they had a client considered a competitor, and expected me to work with this client. Their client was top in the industry, my client was near bankruptcy. I declined the engagement, recommended an associate, and left. Well the service bureau client terminated our agreement two months later due to lack of work, and their client ended up falling off a cliff. My potential client ended up going gangbusters, and I would have been in the catbird seat to be head of Marketing and ultimately president, with big salary and equity.
Avid user of forums on variety of interests-financial, home brewing, F-150, EV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
Re: What is your single most expensive mistake?
Love Dave- hate that he endorses people in this business. I went to one of his ELP's and this guy was immediately recommending high commission investment and universal life. Lol we ran out of there. Daves brand is too good to cheapen it by being in this business.dccboone wrote: ↑Tue Sep 18, 2018 10:50 pm In 2012 my wife and I started following Dave Ramsey’s Baby Steps. It's still one of the best things we’ve ever done. We didn’t have much debt at the time, but it helped us save like never before and eventually reach our retirement savings goal. However, we should have stopped reading Dave’s book before the chapter on investments. We followed his advice and hired one of his Endorsed Local Providers (ELP’s) to invest our retirement savings. What we got was a mess of actively managed mutual funds with high fees including front-end and back-end loads. His ELP may have had the “heart of a teacher,” but I believe his true motivation was that of a salesman only interested in lining his own pockets. To use Dave Ramsey’s own words, we paid a large “stupid tax” because we didn’t do our homework first and we didn’t understand what we were buying. Thankfully there’s a happy ending. Within a few months, I found a video online of Jack Bogle talking about low-cost index funds. I bought Jack’s Little Book of Common Sense Investing and within a few weeks we fired our salesman/broker, sold everything in our tax-deferred accounts and moved our savings to Vanguard.
For my biggest mistake, I'd say not saving enough the first 1/2 of my life AND not paying attention to the default high fee funds. Additionally, my other biggest mistake was not starting a Roth until 40
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Re: What is your single most expensive mistake?
Dropping out of law school. I'm afraid to even guess how much lost income that has cost me.
Re: What is your single most expensive mistake?
You should read my post above. I should’ve dropped out of law school in the first semester. I shudder to think how much it has (and continues to) cost me. Dropping out may have been the best thing you’ve done for yourself.Kuna_Papa_Wengi wrote: ↑Wed Sep 19, 2018 7:25 am Dropping out of law school. I'm afraid to even guess how much lost income that has cost me.
Re: What is your single most expensive mistake?
Had the option to sell some stock in a private company for 1.5 M. Submitted the paperwork and everything, but at the last minute, the majority owner convinced us not to. Two years later, the company was nearly worthless due to a regulation change.
In another, unrelated investment, we agreed to co-sign on a line of credit for operating expenses. We were 20% "silent" owners, but the bank wanted all owners on the line of credit, and we agreed. Turns out the 80% owner decided to hire someone truly incompetent and wasteful, who made a variety of bad calls and paid for many personal expenses. The company went bankrupt when the line of credit was maxxed. We found out later that the 80% owner wasn't opening bank statements or line of credit statements or participating in the business in any real way.
Happily, the bank was kind and allowed us to split the line of credit 20/80 into two separate lines and we were only responsible for $350,000. Plus we lost our capital investment of $150,000 for a total of $500,000. To this day, I have no idea why they did that, since it was not a requirement of the original loan and it diminished their ability to collect.
I can tell you that time heals all financial wounds. These things don't bother me significantly anymore.
What hurts worse is how last week, I left my prescription sunglasses on my car and then drove off and lost them. Damn.
In another, unrelated investment, we agreed to co-sign on a line of credit for operating expenses. We were 20% "silent" owners, but the bank wanted all owners on the line of credit, and we agreed. Turns out the 80% owner decided to hire someone truly incompetent and wasteful, who made a variety of bad calls and paid for many personal expenses. The company went bankrupt when the line of credit was maxxed. We found out later that the 80% owner wasn't opening bank statements or line of credit statements or participating in the business in any real way.
Happily, the bank was kind and allowed us to split the line of credit 20/80 into two separate lines and we were only responsible for $350,000. Plus we lost our capital investment of $150,000 for a total of $500,000. To this day, I have no idea why they did that, since it was not a requirement of the original loan and it diminished their ability to collect.
I can tell you that time heals all financial wounds. These things don't bother me significantly anymore.
What hurts worse is how last week, I left my prescription sunglasses on my car and then drove off and lost them. Damn.
Re: What is your single most expensive mistake?
1) Hit a kangaroo in Australia in a camper van. Left a big dent and we lost our deposit.
2) Buying the current house. Sewer line just went. Needs $20+K of fixes on top of $30K i've already put it for other stuff.
2) Buying the current house. Sewer line just went. Needs $20+K of fixes on top of $30K i've already put it for other stuff.
- Psyayeayeduck
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Re: What is your single most expensive mistake?
Winner of thread. Ouch.TravelforFun wrote: ↑Tue Sep 18, 2018 11:07 pm Took out all the money from my 401K when I changed job to buy a Mercedes. I was 30.
TravelforFun
Re: What is your single most expensive mistake?
It took me 8 years to graduate college. I'm not a doctor with a PhD. I have a bachelor's degree. I just took that long out of procrastination. I don't consider it a mistake though. It took me that long to realize what I wanted to do with life. It was a requirement to be who I am today. If I had not made that mistake, I may not be here typing on this forum.
A mistake is me putting 2 iPads on top of the car while buckling my children into their seats. At $500 each, I no longer put anything on the roof of the car or on the ground. I also drove off with my backpack on the ground next to my car. Now, I take the time to put my belongings inside the car.
A mistake is me putting 2 iPads on top of the car while buckling my children into their seats. At $500 each, I no longer put anything on the roof of the car or on the ground. I also drove off with my backpack on the ground next to my car. Now, I take the time to put my belongings inside the car.
Last edited by mmmodem on Wed Sep 19, 2018 8:33 am, edited 1 time in total.
Re: What is your single most expensive mistake?
Bought our first house in 2004 for $270k, which was full ask. Put $50k or so into it while we lived there (windows, siding, doors, HVAC, bathroom remodels, patio, sidewalks, and driveway), sold it in 2013 for $224k, which turned out to be $198k after FHA nonsense and closing costs.
For the nearly $250k it cost us to live in that starter house for 8.5 years, we could have rented some pretty posh digs in the city.
For the nearly $250k it cost us to live in that starter house for 8.5 years, we could have rented some pretty posh digs in the city.
Re: What is your single most expensive mistake?
Freshly graduated from college, trusted a “friend” who put us in an expensive whole life policy. Wised up within a year, took the hit on the couple thousand contributed to get out, and spent the next few months reading and learning. It cost us a decent chunk of change but has paid off as we started investing early and often in our 20s and I now have a solid grasp on all the fundamentals of personal finance and investing. Not expert level, but knowledgeable enough to avoid major missteps.
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Re: What is your single most expensive mistake?
Building a new home 20 years ago where we could have a big lot instead of closer to where spouse works, which had older houses on very small lots. Value of our house has declined every year since 2008 and is now worth almost $200,000 less than what we paid for it 20 years ago. Whereas the old houses on small lots my spouse preferred? Doubled in value.
Re: What is your single most expensive mistake?
1) Leaving active duty navy after 12 years without a solid plan. In hindsight, it was a job I was good at, had growth opportunities, and provided a great social life. I’ve run numbers in my head what this cost me and they get high enough that I don’t have the heart to sit down and really crunch them.
2) Buying too much house in 2006, which promptly went underwater. Sold in 2011. About a 20% loss.
3) This one kinda doesn’t count, cause it falls under the heading of “rampant speculation I didn’t do”, but still. Became fascinated in late 2011, early 2012 with Bitcoin. Almost bought a lot (very close to pulling the trigger), but was in the midst of a career change (see #1), and was building up cash. That math makes me very sad.
2) Buying too much house in 2006, which promptly went underwater. Sold in 2011. About a 20% loss.
3) This one kinda doesn’t count, cause it falls under the heading of “rampant speculation I didn’t do”, but still. Became fascinated in late 2011, early 2012 with Bitcoin. Almost bought a lot (very close to pulling the trigger), but was in the midst of a career change (see #1), and was building up cash. That math makes me very sad.
“Conventional Treasury rates are risk free only in the sense that they guarantee nominal principal. But their real rate of return is uncertain until after the fact.” -Risk Less and Prosper
- billthecat
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Re: What is your single most expensive mistake?
Me too! Lost about $500,000.stoptothink wrote: ↑Tue Sep 18, 2018 4:51 pm Getting involved in real estate investing/development just a few years before the crash - loss of 6 figures
We cannot direct the winds but we can adjust our sails • It's later than you think • Ack! Thbbft!
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Re: What is your single most expensive mistake?
Mine was not investing more of what I could have in equities when I was younger. Money markets are poor investments (although much better than many investing schemes and loser stocks of corrupt companies).bo105954027 wrote: ↑Tue Sep 18, 2018 4:34 pm Just a couple days ago I lost my car key, without having a spare one. What's worse, I know the key was picked up by some one living by, which means I couldn't leave car lock unchanged. This single one mistake cost me:
1. $300 - called Locksmith to open the door and make a programmed key, and
2. $500 - drove to Toyota dealership, had them change door locks and reseed my key,
totaling 800 bucks, which did upset me and depress me for quite a few days. I felt angry with my own carelessness just by thinking of how many stuff I could buy with 800 bucks as a frugal person.
What's an mistake/fault you ever made that indeed hurt your wallet? Legend has it that others' bitterness could make a sad person feel happier
Regarding the car keys, I strongly recommend that everyone have Three (3) car keys for each car they own. Many modern car keys have transponders inside, that require the car to be programmed. If you lose one, most makes allow you to program a new one for free (or very cheaply) if you still have two keys in your possession. Look in the owners’ manual for details.
There are lots of legitimate places to buy a new ($) OEM key, including dealers who mail order, for far cheaper than you can buy at a local dealer. Then you may have to get it cut locally (inexpensive) depending on the type of key.
Then your only lost key expense (assuming you’re near home and/or a family member can rescue you with a key) is roadside assistance, and buying a new key. I wouldn’t bother changing locks (especially if car is garaged) because you unprogram the lost key (it can never start engine again). If anyone wants to access the inside of a car, it’s not difficult without a key (see roadside assistance techniques of airbags, slim Jim, flexible rods,etc. if you care about the windows. If you don’t care about windows, it’s even faster and easier. The key isn’t important for a dishonest person to enter a vehicle and take whatever is desired.
Re: What is your single most expensive mistake?
I have a friend who is a financial planner and he receives offers for potential clients from Dave Ramsey's customer data base. Of course you have to purchase his "list". I agree with your assessment of Dave Ramsey.dccboone wrote: ↑Tue Sep 18, 2018 10:50 pm In 2012 my wife and I started following Dave Ramsey’s Baby Steps. It's still one of the best things we’ve ever done. We didn’t have much debt at the time, but it helped us save like never before and eventually reach our retirement savings goal. However, we should have stopped reading Dave’s book before the chapter on investments. We followed his advice and hired one of his Endorsed Local Providers (ELP’s) to invest our retirement savings. What we got was a mess of actively managed mutual funds with high fees including front-end and back-end loads. His ELP may have had the “heart of a teacher,” but I believe his true motivation was that of a salesman only interested in lining his own pockets. To use Dave Ramsey’s own words, we paid a large “stupid tax” because we didn’t do our homework first and we didn’t understand what we were buying. Thankfully there’s a happy ending. Within a few months, I found a video online of Jack Bogle talking about low-cost index funds. I bought Jack’s Little Book of Common Sense Investing and within a few weeks we fired our salesman/broker, sold everything in our tax-deferred accounts and moved our savings to Vanguard.
Re: What is your single most expensive mistake?
1) Purchased a $9,500 crotch rocket while in college only to have it modified, also tipped over 2x and fixed (pushed over by drunk kids) and changed one tire on it.
2) Meanwhile, while in college, I had amassed about $15k in CC debt because I couldn't keep up with payments on the bike and went out too often. My income was miserable and I could barely scrape by.
Ironically, #1 and #2 were fixed with some of the most brilliant moves I've ever made.
1) I cut my losses with the motorcycle, as painful as it was, in order to pay for me going back to school to get an engineering degree that has since tripled my income. That bike paid for a semester of that degree.
2) With some kind foresight, I saw an opportunity to get free lunch - I was able to rush myself in to buying a small home on the tail end of the $8,000 new homebuyer gift from the government even with my terrible credit. That $8,000 freed up a ton of that CC debt / cash flow. Then, on top of it, I got a roommate to pay for half the mortgage, then I rented the unit out for an absurd amount of money for 1 year. That cleared all my CC debt. I then sold it FSBO.
And now I'm debt averse. These experiences taught me valuable lessons.
2) Meanwhile, while in college, I had amassed about $15k in CC debt because I couldn't keep up with payments on the bike and went out too often. My income was miserable and I could barely scrape by.
Ironically, #1 and #2 were fixed with some of the most brilliant moves I've ever made.
1) I cut my losses with the motorcycle, as painful as it was, in order to pay for me going back to school to get an engineering degree that has since tripled my income. That bike paid for a semester of that degree.
2) With some kind foresight, I saw an opportunity to get free lunch - I was able to rush myself in to buying a small home on the tail end of the $8,000 new homebuyer gift from the government even with my terrible credit. That $8,000 freed up a ton of that CC debt / cash flow. Then, on top of it, I got a roommate to pay for half the mortgage, then I rented the unit out for an absurd amount of money for 1 year. That cleared all my CC debt. I then sold it FSBO.
And now I'm debt averse. These experiences taught me valuable lessons.
Re: What is your single most expensive mistake?
Getting involved with individual equities until the year2000 crash. I wish I was exposed to the Bogleheads philosophy of investing earlier.
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Re: What is your single most expensive mistake?
Do you think there were similar rooms of fans for the Dreamcast or Jaguar?peterinjapan wrote: ↑Tue Sep 18, 2018 9:33 pm Example 2: was giving a panel in a room filled with excited fans who were eager to buy the Nintendo Wii before it came out. You could cut the energy in the room with a knife. Did I buy Nintendo stock the next day? Of course not.
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Re: What is your single most expensive mistake?
1 day fantasy sports?
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Re: What is your single most expensive mistake?
The one advance to an old clunker is the $3 key replacement at Home Depot.bo105954027 wrote: ↑Tue Sep 18, 2018 4:34 pm 1. $300 - called Locksmith to open the door and make a programmed key, and
My most expensive mistake was switching my major from Computer Science to Business Management. Graduated with the latter in December 2008. Got a crappy call center job and floundered around until going back to school in 2013 to study, you guessed it, Computer Science.
So I paid for a worthless degree that didn't help me get a decent job, which kept me from having any money to invest during most of the bull market - as I didn't have any money to invest until 2016 when I got my first software development job. Hence my wife and I have $65k for retirement, while my sister and brother-in-law (who are both younger than me and got software development jobs a few years before me) have $1.5 million.
Re: What is your single most expensive mistake?
That may be true for some cars, but not mine. I have a keyless entry and engine start, but each fob also stores a mechanical key. That key will open the driver door and also start the car without the fob. If "you unprogram the lost key" the mechanical key is still fully functional.criticalmass wrote: ↑Wed Sep 19, 2018 8:36 am
Then your only lost key expense (assuming you’re near home and/or a family member can rescue you with a key) is roadside assistance, and buying a new key. I wouldn’t bother changing locks (especially if car is garaged) because you unprogram the lost key (it can never start engine again).
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Re: What is your single most expensive mistake?
Mine are all car related.
1976: Did not buy any of these 3 cars:
Plymouth Superbird for $2500
67 427 4 speed Corvette coupe for $2500. (owner wanted to buy a Corvette race car)
63 1/2 Ford lightweight. Owner had 2. Again $2500.
More recently: Sold my 1990 BMW M3 with 51k miles on it for $15k in 1997. Today, that's a $100k car.
1976: Did not buy any of these 3 cars:
Plymouth Superbird for $2500
67 427 4 speed Corvette coupe for $2500. (owner wanted to buy a Corvette race car)
63 1/2 Ford lightweight. Owner had 2. Again $2500.
More recently: Sold my 1990 BMW M3 with 51k miles on it for $15k in 1997. Today, that's a $100k car.
Bogle: Smart Beta is stupid
Re: What is your single most expensive mistake?
I discovered bike commuting after 10 years of driving on what I later discovered was a very bikeable route. I no longer own a car, so that ten years of owning an unnecessary item cost me 50k in savings, which would be close to 100k since that was during the recession, or 1/8th of my individual net worth.
There are no positive benefits to owning a car as a city dweller, so it's like exchanging 100k for stress and lost time.
There are no positive benefits to owning a car as a city dweller, so it's like exchanging 100k for stress and lost time.
Never look back unless you are planning to go that way
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Re: What is your single most expensive mistake?
It has to be one of those stocks/ETFs that I was sure was going to go up. When it went down that was an opportunity to buy more at a great price. Multiple times. I lost over $40k around 2010-2015 because I was sure interest rates were going up. But there were many other episodes with individual stocks were I was trying to catch a falling knife and paid dearly. I lost $25k on Google in 2005-2006 whereas now it seems impossible to lose money in Google. There was WorldCom. I only do index funds now. In fairness, there were plenty of individual stocks that I did well on.
Re: What is your single most expensive mistake?
I can name more than one. Trading on margin, Chart Pattern trading with Dan Zanger, Investors Daily, North Coast Financial Asset Management with a 2% annual fee. Finally ended up in the right place on the BH site.
Re: What is your single most expensive mistake?
I see many of you already beat me to the ex-spouse.
My ex-husband cost me the most. First of all, I inherited $60k from my grandmother and we used it to pay for his grad school (and he let me do this knowing he was going to ask me for a divorce a couple of years later. He already started meeting with lawyers behind my back). Then, I found out he shifted around a lot of our money and spent it before he asked for a divorce too. I got some of it back, but not a lot and it ended up being a retainer for my own lawyer. And, of course, there was the cost of the lawyers (we divorced because he's gay, it wasn't something we were fighting over/someone cheating/anything like that and we mediated everything, but it still cost money).
It was a rough time. I lost six figures of net worth total from the divorce, this all happened during the big economic downturn and this whole process my job was downsized too (at least they gave me three months notice and I ended up only being unemployed for a short time), and I was left in debt.
I've recovered now and am building wealth again. I do admit I am envious that during our married years I was the bread winner, I put him though school, and now I am middle, middle class while he's a top 1%er (all because of the degree he got with my grandmother's money... that really digs at me at times).
And people wonder why I never want to marry again. Haha.
My ex-husband cost me the most. First of all, I inherited $60k from my grandmother and we used it to pay for his grad school (and he let me do this knowing he was going to ask me for a divorce a couple of years later. He already started meeting with lawyers behind my back). Then, I found out he shifted around a lot of our money and spent it before he asked for a divorce too. I got some of it back, but not a lot and it ended up being a retainer for my own lawyer. And, of course, there was the cost of the lawyers (we divorced because he's gay, it wasn't something we were fighting over/someone cheating/anything like that and we mediated everything, but it still cost money).
It was a rough time. I lost six figures of net worth total from the divorce, this all happened during the big economic downturn and this whole process my job was downsized too (at least they gave me three months notice and I ended up only being unemployed for a short time), and I was left in debt.
I've recovered now and am building wealth again. I do admit I am envious that during our married years I was the bread winner, I put him though school, and now I am middle, middle class while he's a top 1%er (all because of the degree he got with my grandmother's money... that really digs at me at times).
And people wonder why I never want to marry again. Haha.
I am a mere Boglehead apprentice... even after all these years.
- Sandtrap
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Re: What is your single most expensive mistake?
Yep!!Psyayeayeduck wrote: ↑Wed Sep 19, 2018 8:05 amUh....I think you mixed your pluses and minuses unless this is a freudian slip
Disklexia
Re: What is your single most expensive mistake?
1. Losing about 30k when I was 22 on individual stocks (i was speculating on a NASDAQ media company that got delisted and became a penny stock)
2. Quiting my job that paid $90k at the time, and where I could expect steady raises and advancement, at the age of 23 to attend law school. I went to a top school at least on a full ride but now I hate my "big law" job, despite making $200k+ as a first year associate. Calculated that I need to stay in big law through 2019 just to break even on the the opportunity cost of having stayed at my previous job and foregoing law altogether. I plan on quitting and taking a massive paycut as soon as I am able to. Can't imagine people who take on 200k+ of debt to attend school.
2. Quiting my job that paid $90k at the time, and where I could expect steady raises and advancement, at the age of 23 to attend law school. I went to a top school at least on a full ride but now I hate my "big law" job, despite making $200k+ as a first year associate. Calculated that I need to stay in big law through 2019 just to break even on the the opportunity cost of having stayed at my previous job and foregoing law altogether. I plan on quitting and taking a massive paycut as soon as I am able to. Can't imagine people who take on 200k+ of debt to attend school.
Re: What is your single most expensive mistake?
We had long term plans to move to our favorite vacation destination by relocating our jobs. Bought land in "the perfect place" for $250K. Long story short, sold the land for about $80K. Ouch. Whatever, most of us make mistakes and I've had a bunch of wins too.
Re: What is your single most expensive mistake?
It's a toss up:
NOT buying Apple at $14 a share
SELLING Netflix at $32 a share
NOT buying Apple at $14 a share
SELLING Netflix at $32 a share
Re: What is your single most expensive mistake?
Investing $240K in a start up company that is now worthless . Just got an email last night for a $2k loan so their electricity won't be cut off...today!