What's your biggest financial mistake ?
- Thread starter joeExpat
- Start date
Those poor people!
I read Navra's name in the article. Guess that's why he is despised on SS. Did the powers to be go after him, and the rest of the goons in this Ponzi scheme?
Are you only talking financial assets?
I feel sorry for the people who heavily invested into the Great Southern loans..
When we were asked by N..ra to contribute to Great Southern and a grape scheme (to cut down tax) , we felt uncomfortable and did not do it...
But we did lose a small fortune on the actual N..ra company itself... that's my greatest mistake right there.
David
When we were asked by N..ra to contribute to Great Southern and a grape scheme (to cut down tax) , we felt uncomfortable and did not do it...
But we did lose a small fortune on the actual N..ra company itself... that's my greatest mistake right there.
David
I think my biggest financial mistake would be accumulating a HECS debt while studying at uni, and then just giving up on that career for something totally different. So there was $$$ and time wasted (which of course as self employed we seem to put a price on - of which would be the tune of a few $100k).
Whilst I paid it off in a healthy lump sum a fair few years back, I often wonder what I would be like a preschool teacher nowadays!
pinkboy
There you go - I said I thought you'd be a good teacher!
As many of you know X 4 for me,and i have still come out alright.Makes me wonder sometimes where i would be with the extra 90%,50%,50%65%.
I need a drink...................................
Nice loss. Good time to buy now.
Went to an industry presentation by the local Professional Investment Services spruiker ie. advisor(how are these guys still in business?) back in 2003 as a bright eyed kid. Bought in to the Timbercorp fiasco and probably dusted $80k or so. They were also selling Westpoint at the time too...what a joke.
Very many lessons learned, and now I actually don't regret it at all...glad it happened while I was young.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill, knowing you have to pay it, no matter what the amount may be. Having learned what folly I was capable of, I closed that particular incident"
From Levfevre's "Reminiscences of a stock operator" way back in 1923
Very many lessons learned, and now I actually don't regret it at all...glad it happened while I was young.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill, knowing you have to pay it, no matter what the amount may be. Having learned what folly I was capable of, I closed that particular incident"
From Levfevre's "Reminiscences of a stock operator" way back in 1923
Getting poor advise re business structure (expensive, high profile advice I might add) and then getting smashed for 90k by the Ato for 5 years worth of tax owing due to them auditing the structure.
Having to find 90k hurts like hell but the lost opportunity of 90k is what really kills me.
Always seek a second opinion...
Having to find 90k hurts like hell but the lost opportunity of 90k is what really kills me.
Always seek a second opinion...
I started property investing later in life than many and have made some costly mistakes along the way. When I started, finance was cheap and easy and I invested with a partner in an IP in Melbourne. I was on a fairly low income and he was self employed, so we ended up with low interest rate Wizard loans. Everything went well until our loans got sold, sold and sold until 3 years ago we ended up with over a million dollars debt at an average of over 9.5%. Also, his PPoR was P&I an got paid off. Two big mistakes right there. I got a mortgage broker who got us a much better deal. Fixed interest is expiring and we are looking at another refinance to 4.63%. From 9.5% to 4.63% in 3 years is insane! Even though the debt is only 800k now, the amount of interest we are saving is phenomenal. Of course, it is now going into an offset account, not on principal and interest
This is why you get professional advice before you sign any documentation. The decisions we made before getting pro advice has cost us tens of thousands and some of those decisions cannot be undone. The upside is very strong capital growth across the portfolio.
This is why you get professional advice before you sign any documentation. The decisions we made before getting pro advice has cost us tens of thousands and some of those decisions cannot be undone. The upside is very strong capital growth across the portfolio.
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