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Old 09-22-2009, 09:38 AM   #61
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Ha, I was interested that you homeschooled your kids--did they listen back then?

I worked for my dad from the time I was 15 until I was 25, and I learned from him every single day. It was the best and most positive experience I could have had as a first job. He taught me what I know about honesty, integrity, and motivation.

He may not be very swift with money, but my father has always been much-admired by his employees and now, students. I am sorry that your and Ed's kids have not seen the same light.
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Old 09-22-2009, 10:31 AM   #62
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I have made a ton of little mistakes. Believe me, they all add up.
It grieves me that my kids have no interest in learning anything from me. Maybe later. What did Mark Twain say? "When I was 18 I couldn't believe how stupid my father was. When I turned 25, I was amazed at how much he had learned in seven years." <or something like that.>
Ouch, this one has been sticking to my brain for a long time:
Quote:
“When I was a boy of fourteen, my father was so ignorant I could hardly stand to have the old man around. But when I got to be twenty-one, I was astonished by how much he'd learned in seven years.”
I learned a tremendous amount from my father, but I didn't appreciate how much he'd taught me until I became one.

For the last 17 years I've been apologizing approximately monthly, although the rate may be accelerating a little lately.

And of course I've learned a tremendous amount from the examples set by my father-in-law. That's about my most positive summary of that situation.

So I think our kids are always learning from us, even if we don't realize that we're teaching...
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Old 09-22-2009, 11:01 AM   #63
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"It's amazing how much your mother grew up while you were in college, isn't it?" was the version delivered to me.
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Old 09-22-2009, 11:45 AM   #64
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Many mistakes throughout the the years, but two of my biggest recent ones:

1. Did not take an offer for my car deaelrship about 6 months before everything imploded. The would-be buyers were young and I didn't think they could get approved, but if they could have gotten approved that cost me about a million or so. My a** is still sore from kicking myself on that one.
2. Bought our current large house back in early 2007 and took on a big mortgage. Had a nice, cheap little paid off house, but wife wanted to leave the small town due to some school issues with the kids and move 25 miles away to a bigger town with better schools (and bigger houses!). That one is still costing me, but it was probably worth it for the kids.

Now I must log off so I can go kick myself..........
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Old 09-22-2009, 11:57 AM   #65
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And of course I've learned a tremendous amount from the examples set by my father-in-law. That's about my most positive summary of that situation.
No comment!

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So I think our kids are always learning from us, even if we don't realize that we're teaching...
My daughter drove me nuts when she was in high school. Brilliant kid, but wouldn't do her homework, wouldn't clean up her room, completely disrespectful, and more. The summer after high school she left home and moved to an apartment 3 blocks away from us. She proceeded to work 30+ hours a week at a local theater while taking a full load in college. She got straight A's in her classes and promotion to assistant manager at the theater, and the one time when I dropped in without calling first (because I forgot), her apartment was immaculate. She would even ask me for advice from time to time. "Who ARE you and what did you do with my daughter?"

I think she was listening all those years and it really was sinking in, but we just had to get through to the later teen years before it would show.
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Old 09-22-2009, 12:19 PM   #66
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sigh, so many. Latest example. Bot sva 10k @.80. sold .81. Now 8.3
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Old 09-22-2009, 12:55 PM   #67
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sigh, so many. Latest example. Bot sva 10k @.80. sold .81. Now 8.3

That is usually the mistake I make with individual stocks . I sell too soon . I currently have a stock that is up 600% and I'm really itching to sell but my SO has convinced me to hold for awhile . I don't want to reveal the stock because I'm afraid that will jinx it . So I'll post the results in the future of whether it was a winner or a
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Old 09-22-2009, 01:03 PM   #68
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we may hold the same one

Yes, I have one 5 bagger at hand and am expecting a 20 bagger...
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Old 09-22-2009, 02:05 PM   #69
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That is usually the mistake I make with individual stocks . I sell too soon . I currently have a stock that is up 600% and I'm really itching to sell but my SO has convinced me to hold for awhile . I don't want to reveal the stock because I'm afraid that will jinx it . So I'll post the results in the future of whether it was a winner or a
We've handled that by selling part of a position. For example - since you are up 6x (do you mean 6x?) then you could sell 1/6 of the position to recoup your original investment, and let the rest ride, or come up with some other type of staging strategy.

Audrey
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Old 09-22-2009, 02:05 PM   #70
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Another penny stocker here. I was on the right track by investing with T. Rowe Price in index funds, then the high tech market took off. Wow, I didn't know I had such a knack for investing!

I took some play money and put $500 into a penny stock. Within a couple of weeks it was worth $5000. I sold that and bought a new stock. Within a few weeks it was worth $40k!

I was such a believer in this wireless technology company that instead of selling I kept buying.

I lost a lot of money. I'd like to forget about it but I still have write-offs and will for a long time.

I try and console myself by realizing that I began investing right before two major bubbles. It does hurt though. I'm sure I would be farther ahead financially if I had invested only in bonds.

For those of you who bought a home at a high price, at least you get to live in the home. By losing money in stocks you really get nothing but a tax write off that isn't indexed for inflation.
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Old 09-22-2009, 03:20 PM   #71
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We've handled that by selling part of a position. For example - since you are up 6x (do you mean 6x?) then you could sell 1/6 of the position to recoup your original investment, and let the rest ride, or come up with some other type of staging strategy.

Audrey


That is what I am planning on doing . I'm just giving it a little longer to grow before I sell any .
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Old 09-22-2009, 06:37 PM   #72
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I'm not sure that some of these 'bad decisions' are more of a failure to be a successful DMT.

Take my case. ER'd in June 07 partly because of value in in former mega-corp vested options. Excise price ~25, stock price ~75. Had several years worth. Sold one year's worth in Oct.07 for $100+. Good move? Sold another year's worth in June 08 for ~250? Good move? Currently ~$100.

So, in retrospect, I should not have sold at $100 but cleaned house at $250. If I had done that my NW would be higher by a 7 digit number. I was simply following a plan to sell 1 year's worth each year. Dumb plan? Who knows.

Not getting the most out of a stock is not necessarily a bad decision (I forget who, but some famous investor was quoted as "I've never bought at the bottom nor sold at the top".). If you learned how to make a better decision in the future maybe it was. If it was 'luck of the draw', so to speak, why is it bad?

Bad decisions are things like:
  • leasing a Beamer you can't afford
  • taking an ARM on a McMansion you can't afford
  • setting an inappropriate AA
  • letting your DW meet your GF
YMMV of course.
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