What's the worst financial decision you've ever made?

[Anmufo]

Biggest mistakes first

- Married the wrong girl from a financial perspective
- Bought warrants on Apple shares just before the first iPhone got released and sold after a couple of weeks with 30% gain - instead of just going for the shares and keeping them...
- Just bought a 5 series diesel (535xd, 2012) and didnt look up spare parts prices upfront (EDC, Active Drive etc)

[Kolyan2k]

Seating on cash all my life. Never had money issues (at least not yet), but I would be a millionaire by now if only I invested, wouldn't have to work either. And guess what, I am still not investing much.....just afraid

[Clark_Kent]

Originally Posted by Kolyan2k

Seating on cash all my life. Never had money issues (at least not yet), but I would be a millionaire by now if only I invested, wouldn't have to work either. And guess what, I am still not investing much.....just afraid

Don't beat yourself up too much. You're also assuming you would've made sound investments with all that cash. Make a no risk investment in a cash like equivalent like a CD. The best rates in the country are near 5% APY.

[Donut Lord]

Currently doing it.

I have an asset worth about $20-30k just sitting and doing nothing in my garage that gets driven once a month if I am lucky. (my E92 M3)

I could likely buy $20-30k in a dividend-paying stock and just be set for the future instead.

But race car I suppose........

[Kolyan2k]

Originally Posted by Clark_Kent

Don't beat yourself up too much. You're also assuming you would've made sound investments with all that cash. Make a no risk investment in a cash like equivalent like a CD. The best rates in the country are near 5% APY.

Yeah I am in brokerage cds and some I bonds now, but that's pennies unless you invest millions

Even if I did SP500 set it and forget it, could make easy half a mil

[brettcp]

Signed a personal guarantee on a business line of credit.. all was great for nearly two decades, long story short my business partner went insane (literally), drained the bank accounts, stole from the line of credit and left me on the hook to pay it off (or file for bankruptcy which I wasn't going to do).. he was soon diagnosed with primary progressive aphasia and has been living in a mental care facility for the last 3 years.

I did consult with multiple attorneys who all said the same thing.. I could either take him to court, it'd be drug out for 1-2 years and would likely cost 80% of what the debt was in legal fees, or I could cut the check to the bank and move on with my life. I chose the latter.

Joint PG's are no joke, lesson learned.

[kscarrol]

Originally Posted by Donut Lord

Currently doing it.

I have an asset worth about $20-30k just sitting and doing nothing in my garage that gets driven once a month if I am lucky. (my E92 M3)

I could likely buy $20-30k in a dividend-paying stock and just be set for the future instead.

But race car I suppose........

Similar here. Have a 1974 2002 Tii sitting in the garage drive once or twice a month.

Edit: Had a 2011 E90 M3 for 11 years, sold it and still regret that decision.

[antgenn]

Buying a car as a high school graduation gift for my son.
Not buying shares of the company I was watching and having small investment in. They went up 12x over a month. Could make 1.2M easily.

[Clark_Kent]

I've read several posts, "I could have made millions if only I...". Has anyone followed their gut on a decision and actually made millions or a substantial sum of money? I'm asking an honest question here. I would love to hear the story. Just seems retrospective regrets may not be "real" regrets.

[kscarrol]

Nope, been slow and steady, not trading or trying to time the market. Started investing in my early 20’s and maxed out 401k etc, retired last year at 58.

[Kolyan2k]

Originally Posted by Clark_Kent

I've read several posts, "I could have made millions if only I...". Has anyone followed their gut on a decision and actually made millions or a substantial sum of money? I'm asking an honest question here. I would love to hear the story. Just seems retrospective regrets may not be "real" regrets.

Buddy I know got into crypto and made millions as I was told. Was ready to retire at 40 but didn't cash out and lost most of it. But I hear he is still doing pretty good.

I know alot of people who made a ton of money in real estate. One guy was broke like 5 years ago with zero education, now building 5 million dollar houses and bought land for 100+ unit apartment complex. In my area it seems that only an idiot didn't make money on real estate......

As they say, if you don't risk you will not be drinking champagne or fools always get lucky

Many of my friends work from 9 to 5, with high education and high salaries. It's people that didn't even make it to colleges lol that make millions and ready to retire at 40. At least that's what I noticed.

I am just an average guy, with education, but not a high salary )) so I don't make shit and I am just not comfortable risking what I already have. That's the problem

[Patrick303]

Originally Posted by Clark_Kent

I've read several posts, "I could have made millions if only I...". Has anyone followed their gut on a decision and actually made millions or a substantial sum of money? I'm asking an honest question here. I would love to hear the story. Just seems retrospective regrets may not be "real" regrets.

I kinda have one of those stories too. In 2013 I had a boss from a prior job call me and ask if I wanted to come join an IT start-up she just started working for. At the time the company was sub-100 people. I decided to take the risk even though I'd been burned once before by going to a small company only to be laid off less than a year later when business slowed.

For the next 4 years I collected stock options, then the company IPO'd. The next 4 years I got annual RSU grants as the company rocketed to 10x valuation and my holdings grew to a few million (pre-tax of course )

I will forever be grateful that my old boss reached out and that I decided to take that chance!

[JMcLellan]

I didn't care at all about saving money for retirement (and also for rainy-day funds) until I was 30 years old. Granted the jobs I had between high school and age 30 didn't pay too well I still never thought of saving anything.

For the last few years I have been maxing out my 401K, and buying company stock at a discount. Between the 401K match, employer contributions, and stock purchases I figure I am saving/investing about $50K a year. Assuming normal appreciation, no crazy tax changes, I can run with that approach for the next 15 to 20 years which should end in a pretty big pile of money on top of what I already have saved. I know it's a risk to buy up stock, but at a 15% discount and the company has a great history of growth it could be/should be easy money.

Hopefully I'm not posting on this thread in 15 to 20 years saying my current approach was a bad financial decision

[JP10]

Originally Posted by Donut Lord

Currently doing it.

I have an asset worth about $20-30k just sitting and doing nothing in my garage that gets driven once a month if I am lucky. (my E92 M3)

I could likely buy $20-30k in a dividend-paying stock and just be set for the future instead.

But race car I suppose........

We are in the same boat. Can't get myself to sell it. Mine was my first "big purchase" as an adult (post graduation). Made a poor financial decision there with a 7.2% loan to buy it lol, paid it off in less then 3yrs after realizing the bad decision.

Now I am coming up on 6yrs of ownership & barely touch the dang thing. At least I'm not paying interest on it at least.

Other than that I think my plan is solid. Max out 401k w/ employer match, contribute an additional 5% of my pay to ETFs. Still able to save about 40% of my pay. 50% of the wife's pay goes to savings as well. Really need to get off my a$s and dump the cash we have saved up into the market, but reluctant to for some reason. Maybe it's the thought of the market dropping, but these investments would be for the long term anyway. Reading all the comments of "what could've been" really should steer me in the right direction though lol.

[MunkyTool]

Going into business with a close friend. Lost the friend and the business.

[UncleWede]

Powerball/Cali Scratchers
Pechanga (although I did win $1000 last time there)

[jmg]

Only buying a few shares of APPL years ago when it was $90. It's split 4-for-1 and 7-for-1 since and I made 5 figures on it, but if I had just gotten more I'd be in the 6 figure range.

[jmg]

Originally Posted by MunkyTool

Going into business with a close friend. Lost the friend and the business.

Opposite for me, had the opportunity to buy in as partner but I was too young and too broke to come up with $20k. Friend is literally a millionaire now. No hard feelings, but I should have borrowed some money lol.

[MunkyTool]

Originally Posted by jmg

Opposite for me, had the opportunity to buy in as partner but I was too young and too broke to come up with $20k. Friend is literally a millionaire now. No hard feelings, but I should have borrowed some money lol.

You are assuming everything would have gone the same way with you involved.

[jmg]

Originally Posted by MunkyTool

You are assuming everything would have gone the same way with you involved.

My involvement would strictly been as a silent part owner, but you're right maybe I would have objected to some decision down the line. That's partially why I didn't do it, it would be putting a lot of faith in a person, who I did trust, but you never know.

[Nachbar]

Not buying Bitcoin in 2014, when a friend told me about.
Did first in 2017.

[eluded]

Marriage