Compared to what?.Money is money,doesn't matter how much,and now its 4k your Mum cannot spend on herself.
What's your biggest financial mistake ?
- Thread starter joeExpat
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Compared to what?.Money is money,doesn't matter how much,and now its 4k your Mum cannot spend on herself.
Compared to $100k lost cold when younger.
Yes, mum is sad but she has us to help and it not in bad position.
Thankfully when her husband died there was lot more in Banksia but wife as executor got the estate part out applying the rule of clean up and "lots of little accounts only cause issues".
Regards Peter
10 years ago bought a decorative concrete resurfacing franchise for over 20k in my late 20's.
I did not research it enough and was drawn into the potential income earnings of 100k/pa.
It was hard work and very weather dependant.
I could handle the hard work, as I was previously a labourer, but the weather part was out of control.
Also, getting enough work was a problem for me, marketing was just too expensive.
I'm a perfectionist and honest too, so my personality did not suit this business either.
Lessons learnt, time and money lost, moved on, no regrets.
Settle on a 3 mil PPOR next week, hoping it won't be a contender for this thread in future.......
I did not research it enough and was drawn into the potential income earnings of 100k/pa.
It was hard work and very weather dependant.
I could handle the hard work, as I was previously a labourer, but the weather part was out of control.
Also, getting enough work was a problem for me, marketing was just too expensive.
I'm a perfectionist and honest too, so my personality did not suit this business either.
Lessons learnt, time and money lost, moved on, no regrets.
Settle on a 3 mil PPOR next week, hoping it won't be a contender for this thread in future.......
You were..
and you are now
wow... your life story must be out of ordinary!
and you are now
Settle on a 3 mil PPOR next week, hoping it won't be a contender for this thread in future.......
wow... your life story must be out of ordinary!
10 years ago bought a decorative concrete resurfacing franchise for over 20k in my late 20's.
I did not research it enough and was drawn into the potential income earnings of 100k/pa.
It was hard work and very weather dependant.
I could handle the hard work, as I was previously a labourer, but the weather part was out of control.
Also, getting enough work was a problem for me, marketing was just too expensive.
I'm a perfectionist and honest too, so my personality did not suit this business either.
Lessons learnt, time and money lost, moved on, no regrets.
Settle on a 3 mil PPOR next week, hoping it won't be a contender for this thread in future.......
You must have made great strides in the past ten years to be able to buy a 3mil PPOR in your late 30s. Full ownership automatically puts you in the top 20% of Aussies in terms of net worth/wealth.
Thanks.
Just a persistent, hard worker, always have been, even when working for the man on low wages, always gave my absolute best efforts beyond expectations.
My wife is too, so together we have done pretty well in the past 10 years.
Can put it all down to work ethic/attitude, applied effort, attention to detail and spotting opportunities when they arise.
And, the topic of this thread, learning from mistakes, the more they hurt, the more you learn.
Just a persistent, hard worker, always have been, even when working for the man on low wages, always gave my absolute best efforts beyond expectations.
My wife is too, so together we have done pretty well in the past 10 years.
Can put it all down to work ethic/attitude, applied effort, attention to detail and spotting opportunities when they arise.
And, the topic of this thread, learning from mistakes, the more they hurt, the more you learn.
LOL, you are consistent.
Not this old chestnut .. anyone with 3 million net worth would be in the top 2%, not 20%.
The top end is highly skewed by ultra high net worth individuals. The average wealth is way higher than the median and subsequent percentiles which is probably where you have got confused..
moving out of home, getting married, kids.
wouldn't change any of it though...
wouldn't change any of it though...
In the same vein, staying 3 years in Spain for love, unable to work, then returning to Oz only to fall pregnant. Then having to sell IPs to support hubby and I while I take time off to have the baby and he starts a new career in Australia. I feel like when I left for Spain I had just gotten past the painful first 5-6 years of investing where things move slowly, and things were just starting to get to the snowball point, but now we're having to start over from scratch and without the benefit of salaries that you'd expect at our ages. But we'll get there
Care to elaborate?
1. Didn't buy a place with my gf at the time for $40k straight out of school. Sold it for $140k two years later.
2. Came back from Iraq with some extra cash, didn't buy IP's like my mate, who now has five, instead gambled in the stock market.
3. Decided to get educated in trading to avoid mistakes in 2., stuffed up an order and lost $5k!! But after spending $25k on education, made $45k in six weeks trading futures.
So, the biggest mistake was not starting sooner and missing the boom. Then not having the capital to clean up shorting during the GFC.
Now I've hit 30, it's all about to change. Settle first PPOR next week and then looking into first IP within six months. And going to continue with futures trading for some CF on top of my wage.
2. Came back from Iraq with some extra cash, didn't buy IP's like my mate, who now has five, instead gambled in the stock market.
3. Decided to get educated in trading to avoid mistakes in 2., stuffed up an order and lost $5k!! But after spending $25k on education, made $45k in six weeks trading futures.
So, the biggest mistake was not starting sooner and missing the boom. Then not having the capital to clean up shorting during the GFC.
Now I've hit 30, it's all about to change. Settle first PPOR next week and then looking into first IP within six months. And going to continue with futures trading for some CF on top of my wage.
Interesting to work out how many 'biggest mistakes' are classified as sins of commission rather than sins of omission! In a country of opportunity and extraordinary wealth like Australia it's likely that not taking enough risks is one of the bigger financial 'risks' you can take, there's not so much that you can't recover from in a financial sense and the negative experience can help you in the future.
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