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Old 09-11-2017, 06:38 PM   #41
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Heck, I sold my mint 1965 Corvette roadster in 1976 for $2000. Think I left $75 K on the table by today's values.
Mine is very similar. In 2010, I sold a sweet cruiser (boat) for less than half of what I had paid for it ten years earlier. It was in show room condition, everything worked, the gel coat had no scratches or nicks and shined like a mirror, the carpets and canvas looked new, all surfaces and compartments were clean, the engines were shiny and not a spec of dirt or water in the engine compartment, etc. The first person to come see it didn't even need to take it for a sea trial when they told me they'd buy it.

Today I got back from looking at similar used cruisers. They are all beat up pieces of you-know-what and every one of them is asking more than what I sold mine for seven years ago.

New ones are FIVE times what I paid in 2000.

I was kicking myself in the butt all the way home today.
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Old 09-11-2017, 07:33 PM   #42
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Thanks for this discussion. I too was holding the guilt of financial mistakes, now I know I'm not alone and it's time to move on.

My mistake was hiring a financial advisor, who I never really trusted. One week in early 2016 he decided that he needed to "go in a different direction" with our investments during a market correction. He sold virtually all of our holdings and realized losses equal to my last year's gross salary, yet he still got paid 1.3% (mistake #2) of my shrinking portfolio. It was a joy to fire him and move to VG.
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Old 09-11-2017, 07:41 PM   #43
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I've made many mistakes - one of which similar to OP's. My parents passed away in 1986 and 1991. My sister and I inherited the house - a 1440 sf ranch. I bought out my sister and remodeled the house.

Now here's the mistake. I sold it. I wanted to move into it, but DW refused. I should have kept it and rented it out. Now it would make a perfect home to downsize to. I could save a ton by living in that house.
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Old 09-11-2017, 08:22 PM   #44
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Since we're doing "here's how I got my scars..."

In the late 90s I had amassed what to me felt like quite a sum. I was worried I would screw it up...so I hired a financial advisor to REALLY screw it up.

I should have known on day 1 that I had made a mistake. The day before I handed him the keys I looked at the price of Cisco and said "This has got to stop at some point." The last trade I made before he took over was to sell my Cisco position.

The first trade he made was to triple what had been my Cisco position.

But I was young and dumb. I figured "well, this is why I hired him!"

He proceeded to load me up into tech stock h***. He bought into JDSU at about $95/share. The the great implosion hit.

When JDSU broke below $2 per share he told me that it would come back.

The next day I told him that JDSU might come back but he wouldn't. I told him to liquidate everything back to cash and I started over.

Two good things came of that:
1) Enough capital losses to offset pretty much everything for seven years or so
2) I'm now a self managed, index fund junkie

#2 has saved me more in management fees and advisor stupidity than I lost learning the lesson!
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Old 09-11-2017, 08:39 PM   #45
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We are make bad choices in our lifetime. Think about the good side of it; you didn't marry her!

Heck, I sold my mint 1965 Corvette roadster in 1976 for $2000. Think I left $75 K on the table by today's values.

Only worry about what you can control.
A bit off-topic, but related:

A few months before I graduated from high school, a long, long time ago, my Mom's friend found for me a 1952 black and white Ford--knowing that I wanted a car of my own at age 17. My first car! Man, it was so nice! Not a dent! The bench seats were clean and not torn. And it cost me only $25! And the radio worked! I remember hearing Eric Clapton's "Layla" for the first time in that car, cruising Colby in downtown Everett with some high school buddies, and wondering if I was getting some weird radio signal as the song ended with that long odd-sounding coda (with guitar, piano, drums sounding a bit bizarre).

Then, a couple weeks after driving that beauty around, it just died. I had no knowledge whatsoever about auto repair/mechanics. So I left that sweet car in my driveway and went on to college. A bit later a neighbor offered to buy that nice Ford for $50! Twice what I had paid. Sold! I later learned that he blew out the fuel line (it was a clogged fuel line that had stalled the car), and it ran fine thereafter. When I learned that the "repair" of my first car, a so very nice car, had been so simple, I got sad. But then I moved on. And we all shine on...
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Old 09-11-2017, 08:43 PM   #46
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I've made many mistakes. One of them is particularly relevant because it involved real estate.

About 7 years ago we decided to sell our very large, expensive to maintain home. Our kids were starting to go off on their own and would all eventually be gone and we didn't need a large house.

We wanted a home where we could have all 5 of our dogs and our cats. That is not so easy to find. We found a house in the ideal location. It was close to everything and was unrestricted. The house itself was terrible, over 30 years old and had never been updated. But, it had a roughly acceptable layout (it needed a new master bath). I could envision remodeling it into something that would be exactly right for us. We did get an inspection which didn't turn up anything unexpected in a house of that age.

So, we bought it. I even lived in it awhile with the dogs and tow our kids while we were selling our other house (DH and our other son who was a graduating senior stayed in the house we were selling).

And, I loved the location, I love the outbuilding on the property (great for the dogs). We started slowly replacing things in the house (new kitchen appliances, new hot water heater).

You are probably wondering where the mistake was? Well, I don't like to dwell on it but suffice it to say that underneath it all the house had major problems. The house had had no signs of foundation problem, but one day it started major cracking and shifting. So that was on top of everything else. Ultimately we decided it would be too expensive to try to remodel it and, if we did, it would still be an over 30 year old house if we ever tried to sell it.

Finally, we decided to demolish the house and just build a new house on the land. We loved the location and really wanted to stay there. So, we did that. We started working on a design. And, we eventually worked out that building a new house was going to be very expensive. Far more expensive than it would be to just buy a comparable existing house.

So, we bought the house we are in now (it was a much newer house and in great condition). We sold the land. The land by the way sold instantly for about 50% of what we had paid for the property with the house on it. The value had mostly been in the land which was in a very desirable location.

So, we lost about $100,000 there. But it was really more than that as we had spent probably $20,000 on fencing (1 acre lot) and on appliances.

I really still feel guilty about it because this was all my idea and I made a very bad misjudgment. I realize now that just getting a regular inspection to buy a house was inadequate. I should have had a contractor come in to tell me more about what was involved in remodeling and who maybe would have seen all the potential problems.

And, I sometimes wonder if we shouldn't have just gone ahead and built something there even though it would have more expensive. But, it is easy to second guess myself.

But, I've more or less gotten over it. The thing is that I can't do anything about it. That ship has sailed. I've tried to learn from it. I might buy a house with a plan to remodel in the future. I know that I will never buy a house of that age again and if I plan to remodel I will get a contractor out to talk about it before buying (in fact, we did that when we did buy our next house). I can regret the mistake I made, but I can't be consumed by it because a different outcome is no longer possible. I have to look forward and not backwards.
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Old 09-11-2017, 09:14 PM   #47
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OP,
I'm too embarrassed to share my mistakes. Let's just say they trump yours.
As a parent, I would never want my kids to beat themselves up over a house just because it used to be mine.
Forgive yourself and don't waste any more of your precious time looking back.
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Old 09-11-2017, 10:38 PM   #48
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SDRL stock! (good thing is that I sold almost all when it bubbled up from 2ish to 6ish in one day a few years back, which meant only my hand was amputated, not both arms.)

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Has anyone made a stupid financial mistake?? Hee, hee..... Has anyone never made a stupid financial mistake?
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Old 09-12-2017, 01:20 AM   #49
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Heck, I sold my mint 1965 Corvette roadster in 1976 for $2000. Think I left $75 K on the table by today's values
If you put that $2k in a Roth S&P fund in '76 you wouldn't be too far off from being able to buy it back (of course the Roth wasn't born yet).

Owning nice driver C2 is on my bucket list. I'm targeting the year after my son finishes college. That's 4 years from now and could be my FIRE year.
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Old 09-12-2017, 01:55 AM   #50
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OP,

As a parent, I would never want my kids to beat themselves up over a house just because it used to be mine.

This is what I was going to say! I've never thought about my child keeping my house. I'll be happy that he gets whatever it's worth (which is a lot more than I paid for it).

And every parent wants their child to be a caring adult. You were nice to another person and got nothing in return. That's what every parent teaches their child.

I think your parents would be proud of you on all fronts if they could read what you wrote.
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Old 09-12-2017, 02:18 AM   #51
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"Now, a year later, I can't get this mistake out of my head. First, I feel stupid for doing it, and second, I feel guilty at having given up something my parents worked so hard fo and left to me. "

Think of it as your parents leaving you the money (from the sale of the home) instead.

As for me? Should never have sold my first two homes after moving to this area. (Would have been the worlds easiest rentals, and most profitable).
Should never have sold the 64 Fairlane Grampa left me (8 years old, 20k miles).
Same with my 71 Dodge Charger, and 79 Monte Carlo. Bought WorldCom, Conseco...sold Marvel.

But learned along the way and am no worse off financially because of a lifetime of hitting singles and doubles. Finally took my eye off hitting homers.

Now, when looking at a big financial decision, I spend more time weighing the future costs of doing that now. Like someone said, cheap tuition.
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Old 09-12-2017, 06:15 AM   #52
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DH and I both worked for the same tech company. In ~2001, after wage freezes and decreases and all kinds of other cost-cutting measures, they announced a program where we could borrow up to a year's salary from the company to buy company stock. It was sure to recover! We could stabilize the price right now and make money off of it in the future!

Yeah, right. It went up briefly (one work friend sold at that point and made money - good for him), but it didn't last. When they finally called the loans we sold all of the company stock and wrote an additional check for $40K. I've been leery of company stock ever since.
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Old 09-12-2017, 07:27 AM   #53
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Hello,

I am a brand new member, although I've been reading others' posts on the forum for some time. Single male, 59 yrs old. Worked in public sector for well over 30 years. Inherited a little from parents, but basically lived a frugal lifestyle and, through investing/saving, have a net worth over $2M.

I know this is going to sound whiney, so I apologize in advance. I, like my parents, have always been pretty cautious with money. Yes, I bought a lot of useless crap in my younger years, but for the most part I think I've done pretty well. Anyway, I can now start to see retirement in my sights, although I'm not quite ready yet (I actually like my job.). However, a couple of things have really started to bother me and caused me to lose sleep lately:

(1) And this one goes to the title of my post. I foolishly -- VERY foolishly -- sold my deceased parents' small home (which I owned free and clear and was where I was living), several years ago because I was in a relationship with a woman, moved into her home, and didn't want to be a landlord or have to otherwise worry about my home. Plan was to get married. Well, as you probably guessed, the relationship didn't work out and, the next thing I knew, I'm moving into an apartment at the age of 58. Now, a year later, I can't get this mistake out of my head. First, I feel stupid for doing it, and second, I feel guilty at having given up something my parents worked so hard fo and left to me. Anyway, I can certainly buy a new home but, unlike someone who is downsizing, doing so is going to cost me a lot more than what I got for my old home. Now, with interest rates going up and an apparent shortage of homes on the market, I don't know what to do ... buy or continue to rent, possibly into retirement.

(2) Because of my "mistake," as described above, compounded by another thoroughly stupid mistake of agreeing to help fix-up (financially) my ex-girlfriend's home -- money I'm sure I'm never going to see again, even though she promised to pay me back if we ever broke up -- I am lately feeling extreme caution about spending ANY money. In a nutshell, I guess I feel the need to "make up" what I lost.

So, I guess I'm looking for a little validation. Has anyone ever (a) made a stupid financial mistake that has haunted them, even if only in their own mind, and (b) how did you get past it ?

Thanks very much.
Overall you have done very well!! I would think almost everyone has at least one financial folly in their past (for us it was a BMW convertible). I recommend you forgive yourself and look at all the great things you have accomplished at your age, like $2M.
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Old 09-12-2017, 07:52 AM   #54
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DH and I both worked for the same tech company. In ~2001, after wage freezes and decreases and all kinds of other cost-cutting measures, they announced a program where we could borrow up to a year's salary from the company to buy company stock. It was sure to recover! We could stabilize the price right now and make money off of it in the future!
Ouch. I'd say you guys win the prize for Worst Financial Move. I'm glad you recovered!
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Old 09-12-2017, 01:57 PM   #55
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Just a reminder to keep the dialog friendly and helpful for the OP.
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Old 09-12-2017, 02:02 PM   #56
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Sold most of our AMZN stock in 2015 (bought at $40/share) when it was at 375 and looked to be dropping.

It's now over $1000.

Kept the house my mother so desperately wanted me to have (that belonged to her parents) even though my dad really really wanted to sell it. Thought it would be a retirement home for DH and me. Now DH is gone, I've decided to sell it, and it turns out that there were years and years of ignored repairs. Will probably lose about $40k on that decision, all told.
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Old 09-12-2017, 02:03 PM   #57
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It sounds like the power of nostalgia at work. Very powerful indeed.

One way to look at it. Lets say your parents didn't own that house. If you had the cash and could buy any house in that price range, would it be THAT house?

I guess I'm trying to say, if you remove nostalgia and the guilt that comes with it, would that be the house? I doubt it.

Past is the past. If you desire to own another house, look around and buy another one that fits your needs. Maybe you will find another one that is 5x better and your parents will smile down on your improved house.

My parents lived in their first house for 40 years. Bought it for $10k from my mom's grandma when she had to move to a nursing home. Powerful nostalgia at work. About 5 years ago them moved to a newer (2 years old) house about 5 blocks from their old house (build in 1908). The new one is one floor, much nicer, attached garage.

My dad says over and over "why did we wait so long to move...." :-)

His regret is they didn't move to a better house a long time ago. Can't live in that past either.
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Old 09-12-2017, 05:55 PM   #58
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i seriously considered buying Apple at $16 per share (so about $2.25 adjusted for splits). it seemed like a good buy. Then it rallied north of $20 (so less than $3 split adjusted). I figured it had gotten. away from me. I do regret that.

I am troubled by regrets of all types. it can be paralyzing. I can put things behind me, but fear of regret can be a powerful de-motivator.
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Old 09-12-2017, 06:23 PM   #59
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Regrets? Oh dear - Back in 1979 I read a fascinating article about a feller by the name Warren Buffet and how he had bought this mill by the name of Berkshire Hathaway and was in the process of transforming it into a money making machine and he had the credentials to convince me he could. I called my broker and found out that the stock was then selling for about $175 or so a share and to buy 100 shares would take most of my capital at that time. And I had this thing about paying an extra commission since I would buy an odd lot of maybe 30 shares or so instead of my usual 100 share round lot. Long story short I didn't buy any. So 30 shares would have cost me a little over $5,000 at the time. Value today for 30 shares? $8,037,330.
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Old 09-12-2017, 06:32 PM   #60
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He applied sporadically for jobs, but none suited his exalted credentials and he would demand twice what the job was worth and then tactlessly tell them all the things they were doing wrong. .

OMG, too funny , Im crying.
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