How do you move past old financial mistakes?

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Admiral Fun
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How do you move past old financial mistakes?

Post by Admiral Fun » Thu Jul 25, 2019 9:00 pm

15 years ago my wife and I sold our house in a vibrant small city and bought a (much nicer) house in a LCOL area in another state.

At the time it was an even exchange. Both houses were worth $300,000.

But the new house needed some renovation and over the years we have put probably $100,000 into repairs and maintenance. It's kind of a money pit. The real estate market here is less than robust and the house is probably worth less than we bought it for even with the improvements.

Our old house is now worth over one million dollars. If we hung onto it we would be financially independent. It just drives me crazy!

How do you psychologically move past old financial mistakes?

-Admiral Fun

fabdog
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Re: How do you move past old financial mistakes?

Post by fabdog » Thu Jul 25, 2019 9:06 pm

What did you learn from the experience? Gather the lesson(s) and move on

What drove the original transaction? a job move? Desire to live in a LCOL area?

If it was a job move, how to know that the area would appreciate so much?

All you can do is move forward after collecting the lessons learned and applying where you can

Stressing over a transaction from 15 years ago won't help you

Mike

Freetime76
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Re: How do you move past old financial mistakes?

Post by Freetime76 » Thu Jul 25, 2019 9:57 pm

Not to be glib: I offer myself the same grace that I would give someone else.
Every dollar I have spent or made was not utilized optimally. So what? If we were all perfect, life would be quite boring. I am partway through reading Your Money of Your Life, and one of the early activities in this book is to add up every dollar you have ever received (gifts, pay, allowance, all of it) and then calculate your net worth. I found it to be educational. ‘No shame, no blame’, the authors say!

In general: Life is a journey, and if I am happy where I am, then the twisty, bumpy, not-a-straight-line that got me there was the right way.
Best wishes.

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fortfun
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Re: How do you move past old financial mistakes?

Post by fortfun » Thu Jul 25, 2019 10:11 pm

Just be grateful for you and your wife's health. That should keep everything in perspective. By not investing early in our careers, we probably gave up millions of dollars. DW and family are healthy and that's all that really matters.

Goal33
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Re: How do you move past old financial mistakes?

Post by Goal33 » Thu Jul 25, 2019 10:15 pm

Almost all of us have big misses.

Sometimes the mistake you’re making is obvious in the moment and other times (like in this case) there was no way to predict.

Easier said than done but you have to chalk it up as a life tuition payment, forgive yourself, and move on.
A man with one watch always knows what time it is; a man with two watches is never sure.

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Re: How do you move past old financial mistakes?

Post by venkman » Thu Jul 25, 2019 11:32 pm

It was only a "financial mistake" if your primary purpose for moving was because you thought the new house offered more potential for price appreciation. Otherwise, you didn't do anything wrong--it was just a life choice. The upside is that you got to live in a much nicer house for the past 15 years.

Jablean
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Re: How do you move past old financial mistakes?

Post by Jablean » Thu Jul 25, 2019 11:46 pm

Have you been stressing for each of the last 15 years or did you just recently start paying attention? Do your kids have great friends? Are you closer to family? Did you like that other house or is it just the $ you miss? Are your property taxes lower, how much could you have been paying for them instead of making your current house nicer.

bampf
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Re: How do you move past old financial mistakes?

Post by bampf » Fri Jul 26, 2019 12:50 am

I have also made the same "mistakes." If only I... If I had... But, wait, what about this....

At the end of the day I have a house I love, kids that (mostly) love/like me, a wife that doesn't take my $hi....stuff and a career that was useful and valuable. I brought joy to some people's lives. I helped dozens/hundreds/thousands pay bills, put their kids through school and buy houses.

What measure is a man? What he could have done or what he did? Be happy for what you have for the thief of joy is comparison.

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Re: How do you move past old financial mistakes?

Post by crre » Fri Jul 26, 2019 3:28 am

Admiral Fun wrote:
Thu Jul 25, 2019 9:00 pm
Our old house is now worth over one million dollars. If we hung onto it we would be financially independent. It just drives me crazy!
there's a house like that in my past as well. and the company stock i sold for a down payment on our current home. had i held on to it, we could have bought five houses outright. and the two start-up jobs i was offered but didn't take; the options i would have received from either could have easily bought us 10 houses.

each and every one of use could have been financially independent today had we had the perfect crystal ball however many years ago.

and then there's this: the former colleague who became financially independent very young only to die shortly afterwards in 9/11, the two former colleagues who became financially independent in their 30's but went through acrimonious divorces, the former colleague who became financially independent in her 40's but whose grown children don't speak with her.

there are so many more important things than early financial independence. stop kicking yourself and enjoy the good fortune you do have.

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Re: How do you move past old financial mistakes?

Post by Grt2bOutdoors » Fri Jul 26, 2019 3:50 am

Admiral Fun wrote:
Thu Jul 25, 2019 9:00 pm
15 years ago my wife and I sold our house in a vibrant small city and bought a (much nicer) house in a LCOL area in another state.

At the time it was an even exchange. Both houses were worth $300,000.

But the new house needed some renovation and over the years we have put probably $100,000 into repairs and maintenance. It's kind of a money pit. The real estate market here is less than robust and the house is probably worth less than we bought it for even with the improvements.

Our old house is now worth over one million dollars. If we hung onto it we would be financially independent. It just drives me crazy!

How do you psychologically move past old financial mistakes?

-Admiral Fun
You chose to significantly upgrade your home - it’s not like for like except for price. With the upgrade came the enjoyment of the last 15 years, the improvements are just part of the price of owning a large house. Life is short, stop wasting your time on making comparisons.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

grettman
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Re: How do you move past old financial mistakes?

Post by grettman » Fri Jul 26, 2019 4:23 am

I think most people here can look back, with hindsight being 20/20, and see that they could have ended up much more money if they did something differently. Example: Anyone here could look back and say to themself, "boy only if I had a different AA I could be up by X%". However, they chose that AA for a reason.

You can't ignore the fact you made the decision for a set of reasons and used information that was available at the time.

My advice, stop peeking into the past. I have many regrets. I try and be grateful for what I have.

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Re: How do you move past old financial mistakes?

Post by cadreamer2015 » Fri Jul 26, 2019 5:48 am

I have a very similar experience. I lost my job in the Los Angeles area in 1994 and we moved out of state so that I could take a new job. We sold our house finally in 1995 after 6 months on the market for not much more than we had invested in the house. Over the next few years the house increased in value by about $1 million, which was more than I had made in total income over that period of time. But if we had stayed, could I have found a job in my career? What would we have lived on? You can't eat your house. So think of the following things:

Why did you move? For a new job, to be closer (or further) from family? For a better climate? Have those things happened?

Would you prefer to not have experienced all you have in your current location - friends, activities, community etc.?

I don't see this as a financial mistake unless the only reason for selling and moving was a financial one. In any case, it's not something you can do anything about. Focus on the future and don't dwell too much on the past. Focus on the positive things about your current location - there must be things, people etc. that you enjoy there.
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Re: How do you move past old financial mistakes?

Post by gmc4h232 » Fri Jul 26, 2019 6:17 am

Admiral Fun wrote:
Thu Jul 25, 2019 9:00 pm
How do you psychologically move past old financial mistakes?

-Admiral Fun
I just try to learn from them and not keep repeating them.

Think about all the people out there who stay with full service brokerages like EJ for their whole lives and sell the same BS to their family and friends without ever fully realizing how much it's costing them and the ones who follow their advice.

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Re: How do you move past old financial mistakes?

Post by GoldenFinch » Fri Jul 26, 2019 6:37 am

There was no way for you to know that the other house was going to appreciate so much. Focus on the things you have control over like how much you save and your asset allocation.

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Re: How do you move past old financial mistakes?

Post by sjt » Fri Jul 26, 2019 6:49 am

OP - I wouldn't classify this as a "mistake" no more than failing to buy bitcoin at $200 is a "mistake". It only looks like a mistake in retrospect due to how the markets behaved - and you didn't know your new house would be a money pit. You made the right decision at the time and life happened.
"The one who covets is the poorer man, | For he would have that which he never can; | But he who doesn't have and doesn't crave | Is rich, though you may hold him but a knave." - Wife of Bath tale

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wander
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Re: How do you move past old financial mistakes?

Post by wander » Fri Jul 26, 2019 6:50 am

It happened in the past. Something that I never look back.

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Re: How do you move past old financial mistakes?

Post by Smoke » Fri Jul 26, 2019 7:00 am

Shudda wouldda cudda, we've all been there. Part of life, no one wins them all.
It's past and done, just move on feeling a bit wiser.
Arguing for the sake of arguing is something I am not going to engage in.

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Re: How do you move past old financial mistakes?

Post by celia » Fri Jul 26, 2019 7:04 am

Admiral Fun wrote:
Thu Jul 25, 2019 9:00 pm
15 years ago my wife and I sold our house in a vibrant small city and bought a (much nicer) house in a LCOL area in another state.
You are in a much nicer house now, by your own admission, AND now live in a LCOL area. Both of those are pluses. So, what financial mistakes have you made?

A house you live in shouldn’t be thought of as an investment. It is the place where you make memories, return to at the end of each day, store your possessions, gather for meals, and pick up your mail.

What would you think if you now moved back to that old house somehow and, over the next 15 years your current house doubled while that past house dropped a lot in value?

You need to re-frame what is important to you in life and stop looking at one choice you made a long time ago. You have made many more positive financial choices since then.

ER2023
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Re: How do you move past old financial mistakes?

Post by ER2023 » Fri Jul 26, 2019 7:33 am

fortfun wrote:
Thu Jul 25, 2019 10:11 pm
Just be grateful for you and your wife's health. That should keep everything in perspective.
+1. There are many great responses on this thread. Being grateful for what you have and accepting that life will not be perfect are timely reminders for many of us in the same boat as you.

Rus In Urbe
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Re: How do you move past old financial mistakes?

Post by Rus In Urbe » Fri Jul 26, 2019 8:12 am

Read (or re-read) 7 Habits of Highly Effective People....especially Habit #1.
Get inside the circle of what you can affect. And forget the rest of it.

If you can't quite manage the discipline of that, here's a mental game that might help you: realize that what you think of as a "mistake" could have saved you from a lot of other consequences. The Shoulda/Woulda/Coulda game that you are playing with yourself doesn't include all the "Mighta's".....IF you had stayed in that other house in that other city, a whole lot of other things just might have happened: you or a family member might have been killed in a car wreck or been permanently disabled by some accident; neighbors might have turned toxic; you might have lost your job. Get the point? Life is complicated and you don't know what might have happened in that other city---you might be in a worse position. By looking at and regretting only one tiny factor, and beating yourself up about it, you're wasting time and energy. I hope this helps you move past the punishing hurdle you are making for yourself...

Good luck! :beer Rus
I'd like to live as a poor man with lots of money. ~Pablo Picasso

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Re: How do you move past old financial mistakes?

Post by Sandtrap » Fri Jul 26, 2019 8:25 am

I make a huge daily effort to keep, "coulda', shoulda', and woulda'" out of my life.

There was an old carpenter guy I worked with in the old days that called it, "stinkin' thinkin'".

It's tough to move past the past, they have a way of creeping back. :shock:

Focus on proactively going forward, make a boatload of "dough", improve quality of life, whatever it takes.
Just do it.

j
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Re: How do you move past old financial mistakes?

Post by Kenkat » Fri Jul 26, 2019 8:28 am

You would have been financially independent IF you had stayed, then sold the million dollar house and moved to a LCOL area. That’s a lot of ifs.

I am big on letting the past go. It’s done and gone, there’s no way to change it. There’s nothing there for us, we must look forward. Let the past bury its dead. You can’t saw sawdust.

It’s a mindset. As soon as you start thinking about past regrets, stop yourself and say what I am doing to move forward?

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goingup
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Re: How do you move past old financial mistakes?

Post by goingup » Fri Jul 26, 2019 8:32 am

A good friend, who has a keen mind for business, rarely ruminates about past decisions. Her motto: "I made the best decision based on the information I had at the time."

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Admiral Fun
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Re: How do you move past old financial mistakes?

Post by Admiral Fun » Fri Jul 26, 2019 9:08 am

Thanks for your Bogleheadish thoughts everyone! I knew I could count on this group to help put things in perspective.

I know how fortunate we are, and that we have made fewer mistakes than many people thanks to this forum. Because of that I feel particularly guilty when I occasionally dwell on past missteps rather than keeping my mind focused on the present and future.

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Re: How do you move past old financial mistakes?

Post by bluebolt » Fri Jul 26, 2019 9:35 am

Reaching your financial goals is not about not making any mistakes. It's about being able to adjust your plan when you make mistakes or when the market doesn't cooperate with your plan.

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Watty
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Re: How do you move past old financial mistakes?

Post by Watty » Fri Jul 26, 2019 10:12 am

Admiral Fun wrote:
Thu Jul 25, 2019 9:00 pm
How do you psychologically move past old financial mistakes?
That was a missed opportunity and not a real mistake.

That aside from that if you had stayed in the old house then you would have had to lots of expenses that you are not seeing like home remodeling, higher property taxes, higher insurance costs, etc.

If that was in a state with higher state income tax then you would have also been paying higher state taxes for the last 15 years.

If you were still there and sold it today then you would also have real estate commission and capital gains taxes

When you subtract out all those you would not be clearing anywhere near a million dollars if you had stayed in that house for another 15 years and were selling it today.

After living where you are now you can also say "in a vibrant small city and bought a (much nicer) house" so other than the house values it sounds like it was a good move.
Admiral Fun wrote:
Thu Jul 25, 2019 9:00 pm
But the new house needed some renovation and over the years we have put probably $100,000 into repairs and maintenance. It's kind of a money pit.
Unless you totally gutted and remodeled the old house right before your sold it then whoever has owned for the last 15 years it has likely paid to for a new kitchen, bathroom refresh, roof, HVAC systems, water heater twice, carpets, and maybe things like siding, new driveway, new water and sewer lines, septic system, wood decks, windows, etc

In a higher cost of living area they could have also been paying much higher prices for any of the work they needed.

There is a reasonable chance that you have come out ahead as far as the cost of the repairs and home maintenance.

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Re: How do you move past old financial mistakes?

Post by deltaneutral83 » Fri Jul 26, 2019 10:21 am

I wouldn't really worry about it since the move wasn't a money move to begin with. The mistakes that most people hone in on are the ones that were a mistake before they made the decision, while they made the decision, and afterward and it is usually about money. This seems like a lifestyle move where money wasn't a factor.

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Re: How do you move past old financial mistakes?

Post by Kaizen Soze » Fri Jul 26, 2019 2:22 pm

Time.

And remembering that Ronald Wayne was a founder of Apple and sold his share for $800 in 1976. He now lives off of Social Security.

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Re: How do you move past old financial mistakes?

Post by Stinky » Sat Jul 27, 2019 5:52 am

How do I move past financial "mistakes"? By realizing that I can only live in the present. I can't change the past.

During the financial crisis, I bought a stock whose stock price had declined sharply for $3 per share. I felt pretty good when I sold it two years later for $20 per share, as it became too large a part of my portfolio.

But - if I had held the stock for a few more years, I could have sold it for $70 per share.

I choose to not regret past "mistakes". I don't believe that selling the stock at $20 was a mistake, as it was a good decision at the time that I made it.
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Re: How do you move past old financial mistakes?

Post by Helo80 » Sat Jul 27, 2019 8:26 am

1. In economic terms, I believe that it's called a "sunk cost".
2. It's not like you took out a HELOC loan to buy bitcoin or pay off a Vegas debt
3. Homes generally go up in value, but that's not always the case.


Sure, hindsight is 20/20, but I assume you're using and are happy with the new home.

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Re: How do you move past old financial mistakes?

Post by Helo80 » Sat Jul 27, 2019 8:28 am

Admiral Fun wrote:
Fri Jul 26, 2019 9:08 am
I know how fortunate we are, and that we have made fewer mistakes than many people thanks to this forum. Because of that I feel particularly guilty when I occasionally dwell on past missteps rather than keeping my mind focused on the present and future.


And if we all just dumped every single dollar we had into AAPL way back in the 90's when they were 90 days out from bankruptcy, we would be sitting high and pretty now.

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Re: How do you move past old financial mistakes?

Post by Nowizard » Sat Jul 27, 2019 8:43 am

Basically, forgive yourself for things you cannot change and focus on asking why you made the choice so a similar "mistake" won't be repeated. Was the mistake one that clearly could have been avoided with knowledge you had at the time or only with retrospect and new knowledge since the occurrence?
We recently had to deal with a somewhat similar issue. Over the years, we have owned several homes and felt pretty cocky about how we had sold each prior one when we moved, occasionally figuring the profits and additional appreciation over the years from the additional assets which were invested. In 2008, we sold our home and bought a much larger one. A year later, the home we sold was again sold for slightly more than $100,000 less than we sold it, again confirming our marvelous real estate knowledge! Eleven years later, we have just moved and sold a home we purchased for $625,000 for $585,000. Whoa! How could that happen? Well, we have figured out a combination of fact and rationalization, but it still hurts. We have moved on, partially from saying it is only a reversion to the mean regarding prior sales, partially due to things beyond our control, partially because we thought we were bullet-proof from financial mistakes. We still have some beans on the table to eat, and we have forgiven ourselves for being human. Best of luck doing the same.

Tim

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Toons
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Re: How do you move past old financial mistakes?

Post by Toons » Sat Jul 27, 2019 8:52 am

Mistakes are necessary to learn
Life would be boring if everything worked out the way we wanted it to,
It is only money
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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Re: How do you move past old financial mistakes?

Post by camden » Sat Jul 27, 2019 9:49 am

When I was little, my family moved from the Northeast to Houston, in 1960. My father almost purchased some land near our home (then at the fringes of the city) which was on the market for $500 an acre, but decided against it. By the late 1980s, there were high rise office buildings on that land.

Let it go. Appreciating what you DO have is perhaps the greatest secret of happiness in life. My work in the medical field brings me daily into contact with people who would dearly love to buy what you may be taking for granted.

just1question
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Re: How do you move past old financial mistakes?

Post by just1question » Sat Jul 27, 2019 5:55 pm

If I ever come up with an answer, I'll revive this thread and let you know. As for now, still working on it. So you're not alone.

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Re: How do you move past old financial mistakes?

Post by MotoTrojan » Sat Jul 27, 2019 11:20 pm

I hear you. I would’ve been financially independent too, if I’d just have bought $10 of bitcoin in 2010 instead of that cheeseburger.

I’d be bummed too but you can’t change the past.

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Re: How do you move past old financial mistakes?

Post by MotoTrojan » Sat Jul 27, 2019 11:28 pm

sjt wrote:
Fri Jul 26, 2019 6:49 am
OP - I wouldn't classify this as a "mistake" no more than failing to buy bitcoin at $200 is a "mistake". It only looks like a mistake in retrospect due to how the markets behaved - and you didn't know your new house would be a money pit. You made the right decision at the time and life happened.
$200 sure but could you imagine having just $200 worth at $0.003 (correct number of decimals) in 2010? Or the individual who paid 10K BTC for 2 slices of pizza a couple months later.

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Re: How do you move past old financial mistakes?

Post by chevca » Sat Jul 27, 2019 11:37 pm

Admiral Fun wrote:
Thu Jul 25, 2019 9:00 pm
15 years ago my wife and I sold our house in a vibrant small city and bought a (much nicer) house in a LCOL area in another state.

At the time it was an even exchange. Both houses were worth $300,000.

But the new house needed some renovation and over the years we have put probably $100,000 into repairs and maintenance. It's kind of a money pit. The real estate market here is less than robust and the house is probably worth less than we bought it for even with the improvements.

Our old house is now worth over one million dollars. If we hung onto it we would be financially independent. It just drives me crazy!

How do you psychologically move past old financial mistakes?

-Admiral Fun
The only mistake I see in your post is that it seems you have been tracking the value of your old house for 15 years. Seems like a lot of wasted time and energy to me. Live in the now. Control what you can. Don't be crazy. :happy

You didn't make a mistake by moving. What happened after that, no one could have known.

What could be a mistake is hanging onto a money pit, if that's the case now. Might have to cut your losses there and get out.

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Re: How do you move past old financial mistakes?

Post by RL1013 » Sat Jul 27, 2019 11:46 pm

I don't consider that as a mistake. With the information available to you at that time, you took the decision that you thought was best. There is no good to come out of tracking old assets. Just like you sold 10000 shares of a stock and next day it appreciated by $100. Gone is gone. Learn from history and move on.

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Re: How do you move past old financial mistakes?

Post by willthrill81 » Sun Jul 28, 2019 12:04 am

Watty wrote:
Fri Jul 26, 2019 10:12 am
Admiral Fun wrote:
Thu Jul 25, 2019 9:00 pm
How do you psychologically move past old financial mistakes?
That was a missed opportunity and not a real mistake.

That aside from that if you had stayed in the old house then you would have had to lots of expenses that you are not seeing like home remodeling, higher property taxes, higher insurance costs, etc.

If that was in a state with higher state income tax then you would have also been paying higher state taxes for the last 15 years.

If you were still there and sold it today then you would also have real estate commission and capital gains taxes

When you subtract out all those you would not be clearing anywhere near a million dollars if you had stayed in that house for another 15 years and were selling it today.
:thumbsup

My thoughts echo yours. It's entirely possible that the OP would actually have fewer post-tax assets today than had they remained in their prior home for all of the reasons you cogently laid out. $700k over 15 years is $46.7k annually pre-tax, pre-commission, pre-maintenance, etc., and there are many areas where the COL, including higher state income taxes, alone would wipe that out.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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Re: How do you move past old financial mistakes?

Post by willthrill81 » Sun Jul 28, 2019 12:05 am

MotoTrojan wrote:
Sat Jul 27, 2019 11:28 pm
sjt wrote:
Fri Jul 26, 2019 6:49 am
OP - I wouldn't classify this as a "mistake" no more than failing to buy bitcoin at $200 is a "mistake". It only looks like a mistake in retrospect due to how the markets behaved - and you didn't know your new house would be a money pit. You made the right decision at the time and life happened.
$200 sure but could you imagine having just $200 worth at $0.003 (correct number of decimals) in 2010? Or the individual who paid 10K BTC for 2 slices of pizza a couple months later.
I very nearly bought about $4k of BTC when it was about $600 back in 2015. :oops:

But there's no point in looking in the rear view mirror of our financial lives unless it's to learn how to improve our movement forward.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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Re: How do you move past old financial mistakes?

Post by MotoTrojan » Sun Jul 28, 2019 9:01 am

willthrill81 wrote:
Sun Jul 28, 2019 12:05 am
MotoTrojan wrote:
Sat Jul 27, 2019 11:28 pm
sjt wrote:
Fri Jul 26, 2019 6:49 am
OP - I wouldn't classify this as a "mistake" no more than failing to buy bitcoin at $200 is a "mistake". It only looks like a mistake in retrospect due to how the markets behaved - and you didn't know your new house would be a money pit. You made the right decision at the time and life happened.
$200 sure but could you imagine having just $200 worth at $0.003 (correct number of decimals) in 2010? Or the individual who paid 10K BTC for 2 slices of pizza a couple months later.
I very nearly bought about $4k of BTC when it was about $600 back in 2015. :oops:

But there's no point in looking in the rear view mirror of our financial lives unless it's to learn how to improve our movement forward.
And often you'll just double down and make an even bigger mistake rather than actually learn :twisted: .

averagedude
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Re: How do you move past old financial mistakes?

Post by averagedude » Sun Jul 28, 2019 9:18 am

I don't classify this as a mistake, just like i don't classify that i made a mistake that i didn't purchase $10,000 worth of Apple stock in 2003. If i had, i would have 2 million dollars right now. We both didn't have no way of knowing.

TLL24
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Re: How do you move past old financial mistakes?

Post by TLL24 » Sun Jul 28, 2019 8:45 pm

Thanks for sharing your situation with us. This one really hit home with me because I fee like I'm in the exact same situation, only I'm on year 2 of 15.

My wife and I moved and essentially swapped $450K houses. We now have a larger and not necessarily better quality, but more functional house. Two years in and the old one has grown to over $500K while the current one is about $475K and we have put $30K into maintenance with another $20K likely to be spent over the next couple of years.

It's unsettling to me to think about where the two homes will be in comparison in a few more years, I don't even want to guess what it'll be in 10+ years. But, I do know that none of these thoughts every crossed my mind when we made the decision to move. Other things (my income, my wife's income, proximity to family and friends) have all improved since the move too. I'm grateful for those things and try to focus on that if a negative "what could have been" thought seeps in.

I'm certain I'll feel like I made another type of financial mistake in the future. But, learning from this also excites me that there is probably going to be other scenarios in life where we unexpectedly come out more ahead than we could have predicted. :happy

ncbill
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Re: How do you move past old financial mistakes?

Post by ncbill » Mon Jul 29, 2019 10:21 am

I blame others.

They are the cause of all of my financial woes.

Any financial successes are due to my innate intelligence & Solomon-like wisdom.

It is an effective coping mechanism. :)

JBeck
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Re: How do you move past old financial mistakes?

Post by JBeck » Mon Jul 29, 2019 10:29 am

I almost bought 15K of Ford for a buck, I paid off a car loan and student loans instead

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Stinky
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Re: How do you move past old financial mistakes?

Post by Stinky » Mon Jul 29, 2019 10:38 am

ncbill wrote:
Mon Jul 29, 2019 10:21 am
I blame others.

They are the cause of all of my financial woes.

Any financial successes are due to my innate intelligence & Solomon-like wisdom.

It is an effective coping mechanism. :)
This could be applied to all aspects of your life ..... :D
It's a GREAT day to be alive - Travis Tritt

Vanguard Fan 1367
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Re: How do you move past old financial mistakes?

Post by Vanguard Fan 1367 » Mon Jul 29, 2019 10:42 am

My parents bought a house in a HCOL area for 20K in 1960 and sold it later for 250k. My mother was like you and not happy because not too many years later it was worth 500k.

My dad suggested stocks in the early 1980s. I was fearful of investing in stocks until 1994.

Thankfully a few years ago I discovered John Bogle and have done well with investing since 2014. I like a pastor and others who suggest learning from your mistakes and not living in the past. Hopefully those of us reading this forum can do well with investing with whatever time we have left.

LiterallyIronic
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Re: How do you move past old financial mistakes?

Post by LiterallyIronic » Mon Jul 29, 2019 11:35 am

MotoTrojan wrote:
Sat Jul 27, 2019 11:28 pm
sjt wrote:
Fri Jul 26, 2019 6:49 am
OP - I wouldn't classify this as a "mistake" no more than failing to buy bitcoin at $200 is a "mistake". It only looks like a mistake in retrospect due to how the markets behaved - and you didn't know your new house would be a money pit. You made the right decision at the time and life happened.
$200 sure but could you imagine having just $200 worth at $0.003 (correct number of decimals) in 2010? Or the individual who paid 10K BTC for 2 slices of pizza a couple months later.
In 2009, I had a high-end gaming rig (like I always do). I thought it might be interesting to mine some bitcoin. But I couldn't figure out how to do it. I got one of the wallet things, but couldn't figure out how it was supposed to work. So I didn't mine any. Bummer.

Mr.BB
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Re: How do you move past old financial mistakes?

Post by Mr.BB » Mon Jul 29, 2019 12:13 pm

Be happy with what you have, because it is reality; not what you might of had because it is fantasy.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

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