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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-21-2007, 05:28 PM   #41
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Quote:
Originally Posted by brewer12345
Not something that cost me money, but:

- Never throwing caution to the wind and spending a week/month/year/decade doing interesting stuff. I've always chosen the safe, remunerative, societally-approved route. Have to say I am beginning to think I missed out for good.
Not for good unless you are no longer alive to do some of these "wild and crazy" things. Don't discount today as a chance to do what you truly want to do. It is all about choices. You control what you do or don't do.

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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-21-2007, 05:33 PM   #42
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Every choice has consequences. The consequence of just taking off to do something interesting is a permanent delay in my retirement date. At this point, the end is in sight. I think I can gut it out for a few more years and then quit forever.
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-21-2007, 06:33 PM   #43
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

That I didn't retire earlier...
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-21-2007, 06:54 PM   #44
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Quote:
Originally Posted by SecondCor521
Ignoring my intuition shortly before Christmas Day, 1990 and asking my girlfriend to marry me.
Funny, I did the same thing. However, after the divorce, a similar "opportunity" came up and I listened and avoided a second bad marriage.
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-21-2007, 07:34 PM   #45
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

"Like the sig............where were you when I was single?? DW doesn't like to fish, which is hard because I grew up fishing in the Northwoods of Wisconsin, on Lake Michigan and the Mississippi RIver................"

Thank you for the compliment on my sig. My mom was French Canadian and my dad loved to fish. We spent all of our free time fishing, which was not something my friends in Pittsburgh could relate to. It sort of pegged me as an odd girl, and I basically tried to hide it and seldom mentioned it to my peers growing up.

Now, it is cool and chic and has the "je ne sais quoi" quality that I love to Bass fish and I am a professional woman. I guess I was ahead of my time.
<shrugging shoulders> 8)
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-22-2007, 11:02 AM   #46
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Bumper stickers:

I got a fishing boat for my wife. Pretty good trade, huh?

Or, how 'bout:

My wife said if I went fishing one more time, she'd leave me. I'm sure gonna miss her...

As for my fishing ability, let's just say that the fish are safe around me, unless I happen to hit one in the head with a rattle-trap...
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-22-2007, 11:09 AM   #47
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Quote:
Originally Posted by SteveR
Not for good unless you are no longer alive to do some of these "wild and crazy" things. Don't discount today as a chance to do what you truly want to do. It is all about choices. You control what you do or don't do.

*Sigh* That's the hope, anyway. At the moment, its all pie in the sky for a number of years.
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-22-2007, 04:11 PM   #48
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Bought into limited partnerships with all of my savings in the late '70s in Phoenix. Lost it all, then owed taxes on the prior tax deductions.

Passed on non-callable 13.75% zero coupon bonds, waiting for the rate to return to 14%. Was also uncomfortable with knowing i would owe taxes on $65K phantom income just from those bonds in 20 years. I was making almost $30K annually then and assumed that I always would. It didn't cross my mind that i could sell some to pay taxes on the rest.

Hired an advisor in the late '80s who charged 2% and used high expense funds, some were those that give a .25% kickback annually to the seller, not to the fund purchaser. He kept my IRA separate from the taxable account to avoid hitting a breakpoint that would benefit me. He retired at 50.

To diversify, I sold over 3000 shares of ESPP stock after the price did nothing for two years. The IPO schedule was announced shortly after I sold. Missed about $200K there since the IPO was priced at 4 multiples of the previous price. A co-worker with the same career income, bet it all on company stock for 30 years, then retired to Maui. The risk just didn't catch up to him.
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-22-2007, 07:30 PM   #49
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

DH and I bought into two Limited Partnerships, one in Apple Valley, CA and the other in Lake Tapps, WA during the early 90's. Both went belly up. We got some of our money back on the Lake Tapps. Also, bought into a Whole Life Policy that we paid into for several years. We were in our late 20's and I was doing well in sales - we thought we were being prudent investing the extra income from my commission checks rather than spending on a bigger lifestyle. I figure we lost about $25k....ouch! Lucky for us it didn't sour us on LBYM and saving.
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-23-2007, 02:19 AM   #50
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

1. Bought an oriental rug as an "investment". ha ha. Finally got rid of it gifted it as a wedding present to a friend who was a middle eastern dancer but then I had to look at my mistake every time I visited her house. Stupid twice!

2. Rented a moving truck and declined insurance coverage without verifying that our car insurance would cover it in case of accident (it didn't, and the agent was very helpful in pointing out the specific clause in the contract which exempted vehicles with more than 4 wheels). Over $10,000 out-of-pocket cost to cover the damages. Argh!


My younger colleagues flatter me -- they tell me how smart I am about so many things. What they don't realize is how I obtained that knowledge via the school of semi-hard knocks <ouch>
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-23-2007, 06:24 AM   #51
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Quote:
Originally Posted by brewer12345
Not something that cost me money, but:

- Never throwing caution to the wind and spending a week/month/year/decade doing interesting stuff. I've always chosen the safe, remunerative, societally-approved route. Have to say I am beginning to think I missed out for good.
Brewer, I couldn't agree more.

I started saving for retirement when I was in my early teens. Started researching stocks when I was 12, I started working when I was 12 (because I wanted to, not by my parents choice)

I worked every break, summer, etc. I graduated college on a Saturday and started work on Monday morning. I have not taken more than 8 days off in 9 years.

Now as my 20's come to an end, I'm married, have a new house, and feel like I really missed out on my 20's.

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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-23-2007, 06:55 AM   #52
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Quote:
Originally Posted by saluki9
Now as my 20's come to an end, I'm married, have a new house, and feel like I really missed out on my 20's.
Heh, wait until the kids arrive.

You know, I used to laugh at the guys who bought shiny red sports cars and acted like jackasses ran around having fun when they hit their mid 40s...
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Re: Expensive or just plainly Stupid mistakes you made and wich you didn't
Old 03-23-2007, 08:17 AM   #53
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Re: Expensive or just plainly Stupid mistakes you made and wich you didn't

Quote:
Originally Posted by Rich_in_Tampa
Bought a Lexus once. Great car, cost a fortune. Every routine service was $500 or better. Mileage lousy. Thrills: none. Image boost: none. Didn't feel like a good fit - I stepped out of my own skin on this one. Traded it in for a Prius. The Prius is my favorite car ever.
Ditto for me on this one, except substitute "Mercedes" for "Lexus" and "Honda Accord" for "Prius". Traded the stinkin' money-pit-Mercedes for the Honda in 1994, and I'm still driving the Honda. On the Mercedes, every service was SO expensive (hole in muffler = $1000 replace-the-whole-exhaust-system repair). And the paint job went bad in about 3 years. It was a terror driving in snow. I still love the Honda, and have had NO problems in 13 years.

Second mistake: hiring a "friend" as a financial advisor... buying an Equity-indexed annuity (inside an IRA for crying out loud! :P) on his advice. Fired him soon after, bit the bullet on the surrender fees and dumped the EIA soon after.

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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-23-2007, 09:18 AM   #54
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

A very expensive mistake - I can't say that is was "stupid" 'cause who knew!

I went back to graduate school and switched to working part-time, and as a result lost out on a second round of very lucrative stock options. That ended up being an extremely expensive master's degree that I probably didn't need, but for some reason was important to me at the time. The stock options were definitely "funny money" at the time as well, and the company didn't go public for another 11 years.

But gosh, looking back!

But really, who cares, I got in the first round of stock options and subsequently was able to RE in comfort after only 18 years of working for one company.....

Audrey
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-23-2007, 09:28 AM   #55
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

I lost $10,000 in SUGAR futures in 1986.............. :P :P Thought I knew it all, and got whupped up on..............

If I would have put that $10K into a boring balanced fund then, I would have about $70-80K now...............
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-23-2007, 09:36 AM   #56
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Quote:
Originally Posted by saluki9
I worked every break, summer, etc. I graduated college on a Saturday and started work on Monday morning. I have not taken more than 8 days off in 9 years.

Now as my 20's come to an end, I'm married, have a new house, and feel like I really missed out on my 20's.
I feel the same way. Not really that I "wasted" my 20's but that I could have taken a few years off to kick back and relax. Everything I've done in my 20's I could have done in my 30's. House, career, kids, etc.

With the exception of one 6-week trip to Mexico during my 2nd summer of college, I've worked and/or been in school pretty much without breaks longer than a week. Finished school, left the next day for 1 week honeymoon cruise to bahamas. Flew back to Raleigh on Saturday. Graduated law school on Sunday. Started the job I'm in now on Monday.

In some stroke of prescient wisdom, I persuaded my girlfriend at the time (now DW) to take 6 weeks off from her part-time college job and hop a bus to mexico. We lived on the cheap for the whole time (only spent $700 each), but had a great time - very relaxing, interesting, and life-changing. The prescient wisdom was this: at the time, I knew that it was the last time I'd have the opportunity to do something like that for a long, long time if I were to follow my goals I had set (career, money, family, etc).

Luckily, we are on the path to very early ER in our 30's (knock on wood), so the days of adventuring aren't gone forever. Just a little while longer... Like Brewer, 2 young kids change your priorities and limit the "backpacking across Europe" type trips.
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-23-2007, 11:19 AM   #57
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Quote:
Originally Posted by brewer12345
Heh, wait until the kids arrive.

You know, I used to laugh at the guys who bought shiny red sports cars and acted like jackasses ran around having fun when they hit their mid 40s...
It DEFINITELY sounds like you need a vacation, bro! We've found that pairing up with another family works really well, as the husbands/wives can take turns watching the kids and going off for a day or half day to have fun. Did a trip to Hawaii and a spa that way, works wonderfully.

My biggest financial mistake was LEASING a #@%@$ VW Passat with a warranty that covered almost nothing that broke (and just about everything did). Couldn't turn it in at the end of the lease, had to buy it, eventually sold it in disgust to CARMAX. In total, it cost me about 20k to have the privilege of driving it for 5 years. :P
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-23-2007, 12:00 PM   #58
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

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In total, it cost me about 20k to have the privilege of driving it for 5 years. :P
We bought our car new almost 5 years ago. If we end up selling it when we move to Japan (highly likely since it would be a pain to keep it) it will have cost us that much or more. In hindsight we should have bought used!
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-24-2007, 05:29 AM   #59
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

Biggest financial mistake: investing in ATT and it spin-offs. I invested in TT and Lucent. Plus a few other 2000 bubble era stocks. Lost some money . Plus not taking Cisco off the table at the right time. However I Invested in some other equities that did well. The net turned out not so painful. I have sworn off buying individual stocks. Found I do not have the time and discipline to track it close enough.

Other than that.

Purchased a couple of extended warranties (I think it is a bad idea in most cases)...

Bought more house than we need and then proceeded to finish the walkout basement. Oh well, someday we will recoup some of the investment when we sell.

Traded cars too often during a certain period in life (different priorities).


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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't
Old 03-24-2007, 11:59 AM   #60
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Re: Expensive or just plainly Stupid mistakes you made and wish you didn't

You know, other than the financial mistake that marrying a person who 15 years later divorced me has turned into, I really don't think I've made any very big mistakes. That worries me, because I doubt I've done as well as that first sentence would imply. In general, though, my net worth and income (like most here, I think) is statistically in the top 5-15% somewhere, so I can't be doing that bad.

I do have to give a ton of props to my parents who both set a good example, gave me a good financial education, and gave me a good financial start but not enough to rise to economic outpatient care. Without that I don't know where I would be.

2Cor521
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