What's your biggest financial mistake ?

[JennD]

Bit too green to have any major mistakes yet. After reading this though, I'm actually looking forward to making some.

Probably one: flogging myself to death working full time hours while at uni and then spending all the money on useless rubbish to make myself feel better about it. Ha. Not much to show for that now (other than the degree and work ethic, I guess).

 

[buzzlightyear]

Owning 2 expensive cars in my 20's before I purchased property. This would have been between 1990 & 1996.

 

[Truly Exotic]

Ex Girfriend #1
Ex Girfriend #2
Ex Girfriend #3
....
....
....
....
....

Actually, all of them

 

[Rixter]

Ex Girfriend #1
Ex Girfriend #2
Ex Girfriend #3
....
....
....
....
....

Actually, all of them

Actually you may be able to claim them as a depreciable item - the older they get the increasing maintenance required.

 

[geoffw]

Actually you may be able to claim them as a depreciable item - the older they get the maintenance required.

Then the girlfriends were producing income for Truly Exotic? What does that make him?

 

[Rixter]

Then the girlfriends were producing income for Truly Exotic? What does that make him?

Truly Exotic!

 

[starter]

Lost 30ks trading stocks and options, like to think that many lessons to come from that though.
- Need to take profit when available.
- Don't be too greedy.
- Never invest in something you don't 100% understand, even if you think you do understand it, check again.

 

[locko24]

Going into business with Vodafone - and paying for the privilege nearly 10 years ago. Still paying for that one!

 

[ScottyB]

Oh dear it looks like there are a few of us................

Porsche 997 Turbo
BMW M3 CSL
Nissan R35 GTR
Ducati's x far too many (Some the wife didn't even know about, kept in a mates garage!!!)

The list goes on!!!!!!!

I could have retired if but for the money i spent on expensive metal!

I lived my dream for a few years racing in the UK, i took part in the Nissan Race Academy racing the new R35's coming second overall (Do a search for Nissan Race Academy in You Tube, my channel name is SC07GTR)

Met some amazing people on the way, most of them funding their dreams through property investing and got the bug from there.

I have promised myself either a Ferrari 458 Italia or Lambo Superleggera when i retire all paid for by my property investments, i might even race it.

My car now......A Nabira Station Wagon worth 2k oh the sacrifices we make

 

[Truly Exotic]

Actually you may be able to claim them as a depreciable item - the older they get the increasing maintenance required.

hmm...
They seem to be costing more and more every year,

whilst the yield seems to be decreasing

are we talking about IPs here?

 

[pinkboy]

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

 

[devank]

May be not you but I'm sure the kids missed out!

 

[Aaron_C]

I don't really use my 'degree' that much (5 years to obtain) but I don't regret it for one second. Made good friends and learned a lot of other stuff through it even though the predetermined 'end goal' (being a lawyer) was not for me.

 

[Peter 14.7]

I don't really use my 'degree' that much (5 years to obtain) but I don't regret it for one second. Made good friends and learned a lot of other stuff through it even though the predetermined 'end goal' (being a lawyer) was not for me.

Lawyer hey.... makes me remember:

What is the difference between a Cat fish and a Lawyer?

One is a scum sucking, bottom feeder....the other is a fish.

AND

Did you hear that scientists are now using lawyers for scientific experiments. Why?, they found there are some things, even a rat won't do.

Boom, Boom Peter

 

[willair]

OneTel shares in 1998 on the advice of a broker. How could you lose when the Murdocks and Packers were into it?

The only problem with that is by the time you buy in ,the others have already sold with their seed money safe,or study this simple quote from
Mr-Packer,just about says it all..

[FONT=Arial, Helvetica, sans-serif]I don't want to be left behind. In fact, I want to be here before the action starts. ..
[/FONT]

 

[grantwhit]

Bought FMJ at 2.00 ....went to about 3.20 the next day back to 1.00 the following day...In a trading halt atm

Also

Bought some baby furniture online. Received item was faulty. Took 10+weeks to get it replaced. Mrs wrote a buyer beware on the companies fb page (nothing harsh just the truth about their service). Received an email from the owner saying they would sue for 10k + damages as per the return policy. Had a read of the return policy and there was the clause...."if you bag us on any social media you will pay us 10k bla bla bla"....we we're sop at this stage. Did a quick google search and found that he pretty much says this to any one that makes complaints....never heard from him again!
Didn't lose out but made our hearts sink very quickly!
Ps If you are buying baby furniture you would be smart to avoid........like the plague (pm for real name if you like)

 

[Peter 14.7]

Bought FMJ at 2.00 ....went to about 3.20 the next day back to 1.00 the following day...In a trading halt atm

Also

Bought some baby furniture online. Received item was faulty. Took 10+weeks to get it replaced. Mrs wrote a buyer beware on the companies fb page (nothing harsh just the truth about their service). Received an email from the owner saying they would sue for 10k + damages as per the return policy. Had a read of the return policy and there was the clause...."if you bag us on any social media you will pay us 10k bla bla bla"....we we're sop at this stage. Did a quick google search and found that he pretty much says this to any one that makes complaints....never heard from him again!
Didn't lose out but made our hearts sink very quickly!
Ps If you are buying baby furniture you would be smart to avoid........like the plague (pm for real name if you like)

Would not consumer law means he has no right to do this? However, consumer law also would be you should first call us and let him remedy. Highlights the issue in dealing over the net for complex items. Who you gunna call?

Peter

 

[grantwhit]

Would not consumer law means he has no right to do this? However, consumer law also would be you should first call us and let him remedy. Highlights the issue in dealing over the net for complex items. Who you gunna call?

Peter

Well we had a chat to one of our lawyer friends about what is deemed "defamatory" and what was written on their fb page was just the truth. We felt pretty safe after that and didn't bother contacting them again. I wish we checked out productreview.com.au first, the amount of bagging on their would have been more than enough to keep us from buying from this place

 

[Peter 14.7]

Well we had a chat to one of our lawyer friends about what is deemed "defamatory" and what was written on their fb page was just the truth. We felt pretty safe after that and didn't bother contacting them again. I wish we checked out productreview.com.au first, the amount of bagging on their would have been more than enough to keep us from buying from this place

agree www.productview.com.au is very good.

Peter

 

[Aaron_C]

Unfair provisions in contracts like that are rendered void anyway. Plus the absolute defence to defamation is truth, like indicated.