Your biggest financial mistakes?

FRV4

Professional
I heavily invested in crypto during the stock market boom about a year ago I think. Then sold all of my crypto right before the crypto boom. Seeing that I make 11k a year, and missed out on about a 100k, this has kind of put a damper on my mood. Now I know (actually knew this before, but now I'm looking to practice it), to be more patient and not move money around too much.
 

cha cha

Professional
I bought my first 3 BTC at 100 dollars. Sold them at 1000. You can imagine when. The second time around, I made a lot of money. We all learn as we go. Persist, control your anxiety, and you will get your chance again.
But the largest financial mistakes in my life have always been women. If you can count those as mistakes. I call it well paid experience.
 
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GBplayer

Hall of Fame
You made a lot of money out of nothing, there are soon going to be a lot of people crying because they lost a lot on crypto currency. But they never actually existed and had no purpose. They are virtual.
 

Soul

Semi-Pro
With the stock market I made many mistakes when I was younger.

Now I have a better feel for how things work and thankfully have done better in the market. Fingers crossed that remains the case in the future. I'm sure though i'll still make errors on the future.
 

Mongolmike

Hall of Fame
Biggest mistake? Selling assets when l was younger because l wasn't controlling my spending or my wants vs needs.

Fortunately l learned before it was too late. Couple savings/investing with a rare job that still gave a pension and paying off debt...yeah, it worked for the long play.

Now if you are the type that wants to retire by 30 or 40....good luck. It rarely works out, but for the few that it does work out, they are the Pied Piper for the many others who get too aggressive and just chase the markets. Those that anticipate a trend get paid by those chasing a trend. Big big difference.
 

Federer and Del Potro

Talk Tennis Guru
Technically had millions worth of BTC because I was into Crypto in its infancy. Like 2010 level infancy. When a bitcoin couldn't even get you a pizza.

I built a website for a guy that ran his own business selling currencies on highly popular MMO's. One of the biggest problems he had was with people charging back on Paypal and scamming him.

So BTC became a big thing for gold sellers of MMO gold. I got paid in BTC for my work. At one stage I had probably 5 million dollars worth of BTC by today's prices. Suffice to say I cashed out 90 percent of it long before then.

I don't view it as a mistake because I made a lot of profit still. But it's hard not to look back on that and think 'wow I'd have been set for life if I held it'.

Money comes and goes though, best not to dwell on it too much.

It's not the only hindsight is 20/20 thing I can point to with money, just the biggest example.
 

Federer and Del Potro

Talk Tennis Guru
Another fun fact since the site has long since been shut down: It once housed tens of thousands of customers sensitive information such as payment details, usernames and passwords, addresses, and other real life information.

"Wow he probably had really good security set up before you worked on his website Fedpo"

No, it was all protected by one single password: goldfish123

:laughing:
 

Federer and Del Potro

Talk Tennis Guru
Always great to read crypto guys's fails
Nah I respect OP admitting he lost money on crypto. Most of the time you don't read the fails because people don't admit they failed with it. Everyone that says they're into cryptos in 2021 swear they're making money hand over fist yet most seem to still live with their parents.

Trying to get casuals to buy in so they can artificially inflate whatever coin they're 'invested in' so the value to shoots up the moon and then they can cash out while they can. You see it on Twitch, Twitter, etc all the time.

Dogecoin the latest one I see being shilled.

Ultimately there are people that make money and people that lose money. It's a lot like gambling in the sense that with 99 percent of people you only ever hear about the wins and never the losses.
 
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Sudacafan

Talk Tennis Guru
Held a stock for 6 years.
Sold it in July last year after it gained 45% of the value it had fallen to in the March 2020 crack.
It went up 60% since I sold, it can’t stop rising every day. Constantly. I can’t help to calculate my loss of profit every day.
 

Federer and Del Potro

Talk Tennis Guru
what tech did you use to build the website ?
Oh man, it's been a minute but I believe we used Wix or a website very similar to build it. He was quite successful with it until the MMO companies started sending him cease and desist letters :oops: . I wasn't the only one who helped him do things with the website.

It wasn't a very advanced website, pretty basic with a live-chat, checkout, small message board, etc etc. It was more that he would rather pay someone to do it rather than being unable to do it himself.

For anyone unaware, MMO's are online multiplayer games with their own items, gold, economies, etc. There is a 'black market' of sorts for buying and selling these things. But usually this is against these games terms of service (though obviously not actually illegal).

One of the gaming companies was actually successful in shutting the website down (more so they just scared him enough to ostensibly shut it down while going to a new domain lol). But I'm sure he simply moved to a new domain name after that and continued on with what he was doing. The business was way too lucrative for him to stop. And there's not much, if any, legal recourse for selling video game currency.

I ultimately got out of that community because it harbored quite an unsavory bunch. Lots of scamming, doxxing, and other nefarious activity going on. Ultimately, the practice itself started innocently enough. But when you attach money to anything, you're going to get scammers and fraud to shortly follow suit.
 
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mmk

Hall of Fame
What were you expecting to get in return?
Not so much what I was expecting to get in return, more like the total cost. College alone was $300K between one at a public university and the other at MIT. At least the MIT daughter is now a millionaire. But if we had never had kids we could have retired at least 5 years earlier.
 

sovertennis

Professional
I heavily invested in crypto during the stock market boom about a year ago I think. Then sold all of my crypto right before the crypto boom. Seeing that I make 11k a year, and missed out on about a 100k, this has kind of put a damper on my mood. Now I know (actually knew this before, but now I'm looking to practice it), to be more patient and not move money around too much.
You did not "invest". You gambled. Big difference.
 

FRV4

Professional
You did not "invest". You gambled. Big difference.
I do agree with this, but it started out as an investment. I was planning to hold onto it forever. Both stocks and crypto. But when I hear about something new I lose control and end up spending my old investments when I run out of cash. I do have a bit of a gambling addiction.
 

socallefty

Legend
If you ever got divorced, it’s always the worst financial decision you can ever make even if it is a good life decision.
 

Turbo-87

Legend
If you ever got divorced, it’s always the worst financial decision you can ever make even if it is a good life decision.
The same can be said of getting married. That in itself leads to a lot of financial woes for some, especially if you aren't on the same page as your spouse. Plus, you still have a 50% chance of getting divorced to compound the problem in the first place. :)
 

3virgul14

Rookie
I think it was about 8 years ago, was in Baku for a business trip but it ended early so we decided to stay and make a trip till the return flight. There was the WTA tournament then, 125 level I guess. Svitolina was still no one, Schiavone was the favourite I think.. No interest in matches from local public so I was watching them almost alone for free. I had a betting account so I thought why not to try some pocket money for the night fun, if I can read some momentum watching live..

Some of the ladies were promising to watch , Vekic, Elina , Linette for instance ;)
So I went to see the game against Ons Jabeur, never heard of her before. She was sweeping the floor with Linette, but somewhere after she took the 2nd break in the second set , she started limping between the points when she collected balls for serving.. Leading sets 1-0. and 4-1 and 30-0 maybe ? I went online to see the odds and Linette was 70 to 1 , Jabeur only 1.001 to win the match. I put 300 on Linette in case sth happens with Jabeur..Call it an instinct or sheer luck , cant explain.

2 points later it was thirty all and suddenly she walked to the umpire and said she retires. Everyone was surprised since she could still win the match easily.

At first, I thought they would call the physio or sth cause she was still walking well, hitting well etc. But no she refused help, packed and left. With a very excited astonished face, logged again to my account and I saw 21k gbp winnings. Happened in 5-6 minutes interval :love::alien:


Anyways, clearly this was not my biggest financial mistake, what happened later was..

We had a fun time, Svitolina won the tournament, I believe her first ever.

Got back home. I put the money in my investment bank account and my banker called me to sit down, discuss some options.

He believed the dollar would gain value or biotech companies( after Sars and swine flu pandemics) , suggested me some funds.. I was more interested in Tesla stock reading a lot about the electric cars, he said I cant invest in US stocks unless I have an account of 100k. Mine was about 90k that time.. Tesla stock was about 35usd as I remember.

So I went for the Franklin Templeton Biodiscoveryfund, bought a lot from100ish price.. Waited years and years, it went down, up.. I roughly made anything..
Meanwhile, Tesla became a legend. Could make a million with it. Rather I made zero because didn't have that 10k extra, probably :)

Thats life. Cant always be lucky :cool:

(PS: Jabeur now a top 30 and Svitolina Top 5 ) At least I was there !
 

Crocodile

Legend
Are you under the impression the value of renewable energy stocks and companies in its infrastructure and rollout has peaked?
If you look at all the asset classes at present and you want protect yourself from risk and downside then I would be looking at assets that are under priced as opposed to ones that have already had recent substantial growth.
For example let’s say you want to buy a house in a prime suburb that has just experienced high growth compared to the one next to it that hasn’t yet started its growth cycle. If you invest in the suburb that is about to start its growth cycle you will capture all of its growth. The prime superb may still grow but it’s rate of growth shall slow down as buyers think it’s now too expensive and there is better value and yield to be found elsewhere.
Many of the good investors are contrarian in their approach. When everyone is selling, they are buying.
 
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stockboy

New User
lots of coulda woulda shoulda.. blah blah blah. the biggest financial mistake you made wasn't because you sold btc in 2015, or didn't get tsla at 180 presplit. the mistake you made was not investing the time to better yourself, doing the work that would've gave you the confidence to hold on to a winner. and besides, bitcoin was a fad anyway, just like NFT's are right now. and tesla almost went out of business several times. as someone mentioned, hindsight is always 20/20. don't beat yourself up because you missed on some opportunity. there's always another one around the corner if you're looking for it, patient enough to wait for the right moments, and are prepared to capitalize.

as for me, I've made many, still making them almost on a daily basis. But there are no real losses if you learn something from each one so you can play the next one better. that's what separates winners from losers.
 
If you look at all the asset classes at present and you want protect yourself from risk and downside then I would be looking at assets that are under priced as opposed to ones that have already had recent substantial growth.
For example let’s say you want to buy a house in a prime suburb that has just experienced high growth compared to the one next to it that hasn’t yet started its growth cycle. If you invest in the suburb that is about to start its growth cycle you will capture all of its growth. The prime superb may still grow but it’s rate of growth shall slow down as buyers think it’s now too expensive and there is better value and yield to be found elsewhere.
Many of the good investors are contrarian in their approach. When everyone is selling, they are buying.
You arent answering my specific question.
Are you under the impression the value of renewable energy stocks and companies in its infrastructure and rollout has peaked?
 

Crocodile

Legend
You arent answering my specific question.
Are you under the impression the value of renewable energy stocks and companies in its infrastructure and rollout has peaked?
I’m not giving you an impression, just telling you how it is right now, and why I would buy commodities right now.
 
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