Bad investing decisions, expensive learning process

I hope that you've cut your ties with people like that because they are toxic and life is too precious to waste on people that don't warrant your time.

For me I am in the stage of culling people that add no value to my life and have that negativity in their lives because it's like a plague. In the process of cutting my ties with some of my CBA accounts which I've had since the dollarmint days and it's like a bad relationship which has been ongoing for way too long and happy that I moved over to ING Direct with the no fees attached.

 

Oh, yes, I certainly cut my ties there! I'm the same, I've cut crappy people from my life and I'm much happier for it.

 

I read his post assuming the friend pressured him into buying those shares out of good intentions because they felt it was a good purchase and it just turned out not to be.
Seems you are assuming it was the opposite.
I wonder which of us is right?

 

Bought a Porsche gt3 rs Lego set for 500, it's dropped in price to 400.
20% loss in a few months. Lessons learned, I bought in to early, Timing is important.... Always.

 

Her post lol

Yes, he did think it was a good investment. I believe he lost about $150k himself.

 

How was her post right to assume it was done maliciously when he himself thought it was a good investment. 0_0

 

this:

Thats not something a nice person does...

 

Oh right.

My thought is that think they were doing it with the best intentions wanting their friend not miss out on a great opportunity. A bit like a parent pressuring their young adult child to purchase a property (that happens to be in a ****** location), thinking they are doing something good for there kid's future, when in fact it turns out to be worse than if they never bought it.

 

My story:

19 - scraped together ever cent I had as a 18/19yo - Invested in a lot of stocks around the GFC, mostly blue chips on the advice of my father, and when the market recovered, so did they. Doubled my money.

21 - Thought I was a investment genius and started to dabble in mining stocks. invested very heavily in small cap shares, lost everything I'd invested.

25 - Trusted a 'real estate guru' and invested in a 'premium' location in FNQ, at a price higher than the median average, which in hindsight probably won't grow much without a lot of luck (very naïve decision at the time)

Time in on my side now being 26, but my key take on my journey so far, is:
"If it looks too good to be true, it probably is"

 

Hi @tommo c, you are one of those individuals that I think should go and see Peter Thornhill.

Disclaimer: I make some money from running the Melbourne event (nothing in the ballpark of leaving the day job), but my honest opinion is, I think attending could really help you know how to invest in the stock market safely. So far you have been working off luck and hope only. Its better to working off the accumulated knowledge of someone who had been doing this professionally 45 odd years.

You are still young and you have time on your side. But much better to get it right from the start....

 

I'll have a look into it Gockie, thanks for the tip!

 

Great. Let me say if you go you'll be going from throwing random darts on a board (and missing half the time) to actually having a coach with top training... great that you'll get the education early on.

 

Biggest mistakes for me were:

1) poor structuring. Probably limited me from borrowing another 1-2m

2) overly negative thinking. Back when rates were 9%...what if interest rates double? What if there's a world war? Planning for unlikely events instead of likely ones. One should always plan for a safety net but mine was just too damn big.

3) not quite grasping the concept of leverage, buying too much with cash

4) planning for 1-2 years in the future, not looking at 5-10-20 year time frames

5) allowing small decisions to influence big decisions. E.g. Yes that property could double but what if the tenants didn't pay their rents on time?!!

6) trying to day trade on the stock market

There's probably more but these ones come to mind.

 

recently turned 37, loving life

Currently selling japanese whiskies as a side business through Dan Murphys, good little earner, stock is almost flying off the shelf, im struggling to keep up with the demand,
not sure how long it will go for, the biggest problem will be supply and not demand

trying to work out how to expand , I think I need to go down a different route to just stocking more products, eg a vinmofo type model