So what is the worst Financial Mistake you have ever made?

Discussion in 'The Locker Room Bar & Grill' started by Chrisinmd, Nov 24, 2019.

  1. Chrisinmd

    Chrisinmd Orange Belt

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    So what is the worst Financial Mistake you have ever made? I have certainly made some big money mistakes in my past that I regret. Like running up credit cards that I could only make the min. payment on. Also bought a car that was way to expensive and could not make the payments and it got repossessed. Not good choices.

    Doing pretty good now money wise so hopefully I have learned from these mistakes. So what is the worst Financial Mistake you have ever made? Hopefully people can learn from your mistakes and avoid them for themselves
     
  2. dvcochran

    dvcochran Senior Master

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    Paying $30k up front for a timeshare we only used 3 times. Still gives me hear burn thinking about that one.
     
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  3. Chrisinmd

    Chrisinmd Orange Belt

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    Here you on that mistake
     
    Last edited: Nov 24, 2019
  4. Chrisinmd

    Chrisinmd Orange Belt

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    I hear you there. I attended one of those high pressure timeshare presentations. They make it sound real good at the time. Luckily I was able to resist and just take the free hotel room for 3 nights they were handing out. Where was your timeshare at? Were you finally able to get out of it?
     
  5. kempodisciple

    kempodisciple MT Moderator Staff Member

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    When i was in college, i spent probably 50-100 bucks on bitcoin, before it got big. Figured what the hell. When i heard about it getting big, i found out all my information for it was on an external harddrive that had been lost for a couple years, couldn't find it. I'm not sure how much i could have cashed out for, but probably a lot considering it was dirt cheap when i bought it. Pains me when I think about it.
     
  6. dvcochran

    dvcochran Senior Master

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    Jamaica man. We were able to sell but still lost around $5k.
     
  7. Chrisinmd

    Chrisinmd Orange Belt

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    That's a tough one. Is there no record anywhere or any way you can track down the information so you can sell it? I would think you could look up the info somewhere. No email confirmation of your purchase or anything like that?
     
  8. Chrisinmd

    Chrisinmd Orange Belt

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    Never been to jamacia. Bet it was nice but 30k seems quite expensive for 3 vacations. I think a lot of people fall for the timeshare thing. Hear ads's all the time on radio advertising to get you out of your timeshare so a lot of people not happy with them.
     
  9. Rat

    Rat 2nd Black Belt

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    At least you didn't go through the pain of when it crashed. :p
     
  10. kempodisciple

    kempodisciple MT Moderator Staff Member

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    1 bitcoin is still worth around 7k.
     
  11. Flying Crane

    Flying Crane Sr. Grandmaster

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    Yeah, but isn’t that down from about $16k? It depends on when you buy and when you sell.
     
  12. kempodisciple

    kempodisciple MT Moderator Staff Member

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    Still cheaper than when I bought in. FWIW, I think I bought half a bitcoin, so it's not like it would have been lifechanging. i just got reminded of it a few days ago, then saw this thread.
     
  13. Flying Crane

    Flying Crane Sr. Grandmaster

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    Yeah, I sat and watched a stock trade at about a dollar per share for a couple years, and wondered what might happen if I bought a thousand shares. I never did. Over a couple more years it climbed briefly to about $40 per share, before dropping again. Shoulda woulda coulda.
     
  14. dvcochran

    dvcochran Senior Master

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    This was around 15 years ago. Spectacular location but life changed for us and could not use it like we had originally planned. Something I feel happens to a lot of timeshare owners. It was a hard learned lesson.
    The last time I looked the same timeshares were going for around $45k.
     
  15. Rat

    Rat 2nd Black Belt

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    Whats the game you play with investing. Plenty of people have gone under through it and plenty have gotten good money out of it.
     
  16. Yokozuna514

    Yokozuna514 Purple Belt

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    Financing my first car loan through a dealership at 16.75% interest.
     
  17. Buka

    Buka Grandmaster

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    I bought Amazon when it only sold books. Paid 22 bucks a share. A year later, when it still just sold books I sold it for 212 a share. Nice little score, had to pay 75 grand tax on the gain.

    If I had kept it, and sold it today, after taxes I would have fourteen million and change.

    I wish I could say this was the only financial mistake I’ve ever made over the years.
    But it ain’t.
     
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  18. Xue Sheng

    Xue Sheng All weight is underside

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    My biggest financial mistake.......marrying my first wife
     
  19. JowGaWolf

    JowGaWolf Grandmaster

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    School loan is probably my biggest mistake.
     
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  20. kempodisciple

    kempodisciple MT Moderator Staff Member

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    Going to have to change my previous answer. Going to private school was my biggest financial mistake. And one that I was against.
     

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