Author Topic: Nobody's perfect... what money mistakes have you made lately?  (Read 28235 times)

Poundwise

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Nobody's perfect... what money mistakes have you made lately?
« on: January 12, 2017, 02:27:00 PM »
It might be a little scary for newbies (like the now-famous Mr. Beatles) to post their mistakes because of the upcoming facepunches.

I thought I'd start a thread to normalize making mistakes a little.  The topic is:
- Made any mistakes lately?
- Why did it happen?
- What did you do to fix it/what did you learn?

 Apologies if there's another thread like this, haven't seen it!


ZiziPB

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #1 on: January 12, 2017, 02:34:16 PM »
My townhouse!
Bought in 2013 and will need to sell next year (moving for FIRE).  Will probably lose at least $40K.  Should have bought one in a different town with a much better school system and reputation.

ETA: The lesson?  In real estate, it's location, location, location.  And don't let anyone tell you otherwise.
« Last Edit: January 12, 2017, 02:40:35 PM by ZiziPB »



Poundwise

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #2 on: January 12, 2017, 02:37:22 PM »
I'll start (oops, ZiziPB, you slipped in before me!)
It was kind of a rough weekend in the Poundwise household. To make a long story short, it began with an overflowing toilet, the fridge/freezer stopped cooling, and the dishwasher wouldn't drain. But to our satisfaction, everything was working on Sunday night, $0 spent. 

Unfortunately, on Monday morning Mr. Poundwise was majorly bummed to find there was no water: we were so tired from a weekend of running back and forth to the garage for tools, that someone left the door open and our pipes froze. He had to leave to catch his train, so I was left to thaw the pipes with a hairdryer and get the kids off to school. The water was running again by the time we left, but when I got back from dropoff, I heard the roar of water in the garage and realized the pipes had split at the main!  Misery. I spent the morning googling, and afterward ran out to Home Depot to buy a Sharkbite (~$11).  Cut the pipe and installed the Sharkbite as best I could, and was pleased to see that the water had stopped shooting out, though the meter was still leaking a bit on the bottom. 

So what was my mistake?  Well, apart from leaving the garage door open, I wasn't strong enough to snap the Sharkbite on one end of the pipe, so I was anxious that it would fly off and cause another garage fountain. Also, I couldn't figure out the issue with the dripping meter.  However, it wasn't an emergency any more since I could turn the water on at the main when we needed to replenish the toilets, cook, etc.  I did more googling and saw a comment that we should call the water company about the meter. Anyway, around 5pm,  I called the plumber, who snapped the Sharkbite on for me, told me that I should call the water company about the meter, and left me with a bill for $150 (his after hours rate).

I made this mistake because I was tired and impatient.  I knew all I had to do is wait two hours for Mr. Poundwise to come home, and then he could have snapped the Sharkbite on, and persuaded me to wait till morning to call the water company. 

The lesson?  If it's not an emergency, wait a bit until I am rested and clearheaded to make the decision to call in hired labor.



Poundwise

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #3 on: January 12, 2017, 02:44:11 PM »
My townhouse!
Bought in 2013 and will need to sell next year (moving for FIRE).  Will probably lose at least $40K.  Should have bought one in a different town with a much better school system and reputation.

That is terrible, but congratulations on being able to FIRE even if expecting a loss of that size!

mies

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #4 on: January 12, 2017, 02:49:00 PM »
Most of my 20's were a big money mistake. I didn't contribute to 401(k)'s my previous employers offered so I paid more in taxes than I should and left any employer contributions on the table.  I missed the best part of the big bull market from 2009-present. I didn't take advantage of rewards credit cards. I've never missed a credit card payment, so I left a lot of cashback rewards on the table over the years. I took out a 30 year mortgage instead of saving up more, doing a larger down payment, and getting a 15 or 10 year mortgage.

Lessons learned:
Always contribute to your 401(k) plan at least up to the the max employer will match.
If you are good with credit, get a rewards card that makes sense for your spending and goals
If you are going to do a mortgage and plan to stay where you are, do a bigger down payment and take out a shorter mortgage.
Less is more.

thesvenster

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #5 on: January 12, 2017, 02:54:29 PM »
I could make a lot of confessions but thankfully they're at least 2 years behind me now.

My most recent mistake was replacing an expensive truck that I wrecked with another expensive leased truck. Just finishing up the hangover from that money drain!

MsPeacock

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #6 on: January 12, 2017, 08:08:46 PM »
I absolutely couldn't handle arguing with Verizon any more. They sent my account to collections for a router that they told me was free and a service that they never got working. I got the cancellation fee (165) waived by filling a BBB complaint (which never got a response) and FTC complaint, but couldn't deal with yet another phone call with their passive aggressive customer service. I just paid the collections bill ($135) and figured that at least Verizon is probably getting f*ucked out of at least half the money. I have the router. It  Was supposed to be $180 or some bullshit so  I don't even know where that total came from.

I remain bitter.

Laura33

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #7 on: January 12, 2017, 08:27:02 PM »
Recent mistakes have been failures to optimize:

1.  Far too much money in cash.  Call it a hangover from past job losses (psychological) + having our HELOC capped mid-renovation during the meltdown (psychological) + me not knowing that DH got a stock bonus that was paid out as cash (sheer laziness/inattentiveness), but as of last year we had something like $250K in bank/money markets.  Plus I have another $50k I inherited from my stepdad in 2014 in my personal savings, because I feel like I need to do the "right" thing with it to honor him (psychological + laziness).  I need to be more rational about our cash level and put it somewhere useful.

2.  Failing to do backdoor Roth for several years.  Again, sheer laziness -- I had several old tIRAs that I wanted to roll into my current 401(k) first, both for ease of tracking and so I wouldn't have to pay taxes from having existing tIRAs out there.  But of course each company had a separate list of logistical requirements/forms to do the rollover, and I got frustrated/lazy (wtf is a "gold medallion guarantee" and why do I need one to get my own damn money?).  So I missed probably three years of Roth opportunity.

My biggest mistake ever was managing the sale of my house after DH got laid off in the tech crash.  Just don't let emotions get involved in financial decisions!  We had built it from scratch as our forever home, I had just had our first baby (after 2 years of miscarriages and medical hell), but his company announced a shutdown when I was 8 mos pregnant and we had to move to another state for a new job.  We got an offer within a month for my bottom line price, and I negotiated, and the guy refused to give anything, so I got my back up and rejected the offer.  (In my defense, he was putting no money down, and I couldn't believe he was serious or would get a mortgage -- so there were some things that looked like red flags to me, but I guess this was the beginning of the liar loan era, because he ultimately had no problem getting a $500K loan for an even more expensive house).

So anyway, we then spent the next year watching the local housing market crater, because, hello, everyone was shutting down or laying off.  In the meantime, I was so desperate to get settled and nest that we bought a new house in our new town before the old one sold.  Long story short, we ended up paying two mortgages for 13 months and selling the old house for $75K less than that first offer.  From now on I will let DH make sale decisions, and I will neverevereverever buy a new home before the old one closes. [all of which is irrelevant anyway because they're going to drag me out of this one feet first :-)]
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SwordGuy

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #8 on: January 12, 2017, 08:37:02 PM »
Spent too much on Christmas this year.

But it's all paid for, and most of it will provide value to our life for years and years to come.   

jengod

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #9 on: January 13, 2017, 11:20:30 PM »
Took two separate trips to the hardware store, spending $20 and then $10. Didn't remember the $5 off $20 coupon either time!
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Poundwise

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #10 on: January 14, 2017, 07:09:59 AM »
Took two separate trips to the hardware store, spending $20 and then $10. Didn't remember the $5 off $20 coupon either time!

d'oh!  I hate when that happens, too... I did that at Jo-ann last month. Maybe the answer is to make a little generic shopping checklist, i.e. did I remember:
- coupons?
- returns?
- return receipts?
- gift cards?

Laura33

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #11 on: January 14, 2017, 10:00:45 AM »
Took two separate trips to the hardware store, spending $20 and then $10. Didn't remember the $5 off $20 coupon either time!

Hah!  We had a typical Friday-OMG-I-don't-wanna-cook-waaaah evening, and I remembered someone had given us a $100 gift card to a local restaurant.  So I gave DH the gift card, we bundled the whole family over, enjoyed a lovely meal, with fancy entrees and everything. 

So, yeah, when the bill came, DH forgot about the gift card (and I was doing something else and so didn't notice -- found out about it the next day, when he said, "would you believe I forgot the gift card?").

Next time we went, we put the damn card on the table the minute we sat down.
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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #12 on: January 14, 2017, 11:18:27 AM »
I spent $600 at the Nike Employee Store when my budget was only $200. I should've bought cash instead of using my credit card. It's been paid off but still, a moment of weakness with all the shiny clothes. Shame.
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SeaEhm

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #13 on: January 14, 2017, 11:45:20 AM »
I spent $600 at the Nike Employee Store when my budget was only $200. I should've bought cash instead of using my credit card. It's been paid off but still, a moment of weakness with all the shiny clothes. Shame.

Why would you pay cash for a purchase like that?  Only reason to pay cash is if they gave you a discount or are charged a fee in excess of what you would get back in rewards.


Just here to feel guilty about my purchases which are often irrational, wants, and in an atypical budget.

2Birds1Stone

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #14 on: January 14, 2017, 11:53:01 AM »
I'm constantly making big money mistakes.....

1) 2012 I purchased $30k (the vast majority of my net worth at the time) in gold and silver. It has since dropped ~35-40% in value......I hold it to this day.
2) The first 1.5 years in my last career, I did not participate in the 401k leaving the match on the table.
3) The following 2.5 years I only contributed 10-20% and could have done much more.
4) I have attempted to outsmart the market by purchasing sector funds within my Roth IRA over the first 4 years I had one. I tried mining sector and energy, losing substantial amounts of money both times.
5) I held large amounts of cash during run ups in the market, invested right before a large drop. This happened on two notable occasions....in the long term I will come out ahead.
6) I recently did a 401k roll in of a conduit IRA I had from my previous employer. The funds get deposited into a settlement fund within my 401k and are sitting there since mid December. Despite all the math I am too stupid to throw it into stocks/bonds because I have a hunch that we are overdue to a pullback. The amount is 10% of my current net worth.


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Dave1442397

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #15 on: January 14, 2017, 12:06:04 PM »
Spent $157 on an American Airlines ticket for my wife, then remembered a week later that I have $300 in Southwest vouchers sitting in my travel folder. Duh.

human

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #16 on: January 14, 2017, 12:09:49 PM »
Travel, had vowed to lower travel expenses this year. Now already have a one week to 9 day trip planned that involves a flight.

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #17 on: January 14, 2017, 03:17:55 PM »
$40 down the drain, literally.

I rarely drink alcohol, but to celebrate my FIRE I bought two bottles of decent Champagne (Korbel and Kirkland). I discovered that it has been so long since I drank that it tastes like utter crap to me. One drink out of both bottles (on two different nights) and I poured the rest down the kitchen drain. I hope the pipes enjoyed it more than I did!
FIRE'd on January 4, 2017

MsPeacock

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #18 on: January 14, 2017, 03:23:17 PM »
$40 down the drain, literally.

I rarely drink alcohol, but to celebrate my FIRE I bought two bottles of decent Champagne (Korbel and Kirkland). I discovered that it has been so long since I drank that it tastes like utter crap to me. One drink out of both bottles (on two different nights) and I poured the rest down the kitchen drain. I hope the pipes enjoyed it more than I did!

Hopefully the bubbles acted as little drain cleaners. :P

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #19 on: January 14, 2017, 03:26:55 PM »
Took two separate trips to the hardware store, spending $20 and then $10. Didn't remember the $5 off $20 coupon either time!

Hah!  We had a typical Friday-OMG-I-don't-wanna-cook-waaaah evening, and I remembered someone had given us a $100 gift card to a local restaurant.  So I gave DH the gift card, we bundled the whole family over, enjoyed a lovely meal, with fancy entrees and everything. 

So, yeah, when the bill came, DH forgot about the gift card (and I was doing something else and so didn't notice -- found out about it the next day, when he said, "would you believe I forgot the gift card?").

Next time we went, we put the damn card on the table the minute we sat down.

I wonder if they would have refunded your money, if you told them that you had intended to pay by gift card? By that I mean you would have to tell them you forgot the gift card, pay cash (or credit / debit card) for the meal, go home, get the gift card, then return to the restaurant and redo the transaction.
FIRE'd on January 4, 2017

Kimera757

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #20 on: January 14, 2017, 06:29:10 PM »
Two recently:

I take home-cooked meals to work, but once in a blue moon (well, probably once or twice per month!) I'll forget to take the meal out of the fridge in the morning, so I'll have to buy lunch at work. There's a cheapish place there, but I figure a home-cooked meal costs half or less what a cheap restaurant meal costs. That probably costs me about $20 CAD per month. I forgot one earlier this week... literally a day before we had a potluck at work.

But the dumbest move was breaking an expensive insomnia cure. I have tinnitus, and rather than buy a white noise generator (all the ones I saw cost hundreds of dollars) I got a cheap bluetooth headset (a little less than $50 CAD after taxes) to play a white noise file which I got free from Youtube. (It connects to my computer.) Unfortunately it didn't fit my ears all that well and would often fall out. One morning I put it under my pillow and forgot about it, and then, not seeing it put my elbow right on the weakest part of the player. Crunch! It was a maximum damage event. (It was actually playing after that event, but it could not be recharged as I'd smashed something connecting to the power cable, so it would be permanently dead that night.) While I could probably get it replaced it would take at least a few days to get that shipped in, and I didn't want to go even one night without sleep.

I did research and saw one for about the same price, so I would go to that store right after work and get it. While there I saw someone wearing a similar device (listening to music) but would fit my ears far better. I asked this total stranger what it was and went to ask store employees about it. It would cost me $200. I sighed and tried to find the cheaper one, but they had sold out. I ended up getting the more expensive device, which cost me almost $300 with tax and insurance. At least this time I signed up for an account, scanned the receipt and insurance document, and put a cup on the nightstand that the device always goes into when charging (so not under the pillow). It would have been smarter to look for a device with that ear design upon learning of it, which I'm sure I could have found for cheaper. Maybe not $50 cheap but probably not $200+. (I don't have a smartphone so I would have had to go home to research it, and didn't want to skip a night of sleep.) Of course, it would have been even smarter not to have smashed a less than one-year-old device in the first place!

I'm still not sure if that should be treated as a medical or electronic device in my budget.

It felt a bit like that time I went to another country and my shoes fell apart. Of course I didn't have another set (who carries extra shoes on vacation?) and I had to borrow my host's shoes for a couple of days while a shoe repairman who I swear was a pothead fixed my original shoes ... over the course of two or three days.

Dave1442397

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #21 on: January 14, 2017, 06:45:56 PM »
I have tinnitus, and rather than buy a white noise generator (all the ones I saw cost hundreds of dollars)

One thing you could try is an old radio tuned to static on the AM band. We have one in our basement that runs constantly because our dog will bark at just about anything that he hears outside the house. Once I turned the radio on, he started sleeping through the night, and so did we.

Laura33

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #22 on: January 14, 2017, 07:07:50 PM »
Took two separate trips to the hardware store, spending $20 and then $10. Didn't remember the $5 off $20 coupon either time!

Hah!  We had a typical Friday-OMG-I-don't-wanna-cook-waaaah evening, and I remembered someone had given us a $100 gift card to a local restaurant.  So I gave DH the gift card, we bundled the whole family over, enjoyed a lovely meal, with fancy entrees and everything. 

So, yeah, when the bill came, DH forgot about the gift card (and I was doing something else and so didn't notice -- found out about it the next day, when he said, "would you believe I forgot the gift card?").

Next time we went, we put the damn card on the table the minute we sat down.

I wonder if they would have refunded your money, if you told them that you had intended to pay by gift card? By that I mean you would have to tell them you forgot the gift card, pay cash (or credit / debit card) for the meal, go home, get the gift card, then return to the restaurant and redo the transaction.

You know, that never occurred to me.  So maybe my real money mistake was not going back the next day after DH mentioned his little oops.  :-)
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WildJager

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #23 on: January 15, 2017, 09:11:16 AM »
Earlier this month I forgot it was January, and I did my typical autopilot investment deposit into our taxable account.  Totally forgot it was that time of the year to drop money into the IRAs.  Dang!

More seriously, the last two times we've moved from our rentals the process was a whirlwind for one reason or another.  Both times I forgot to contact our landlords and get our deposit back.  By the time things settled down and I remembered about the deposit, months had passed and I felt like it would have been rude (probably not really, but whatever) to come out of the dark and ask for a check.  That was about $1k left on the table for no reason all said and done.  I hate asking people for money... Even if I rightly deserve it.  I should probably get over that.

RedwoodDreams

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #24 on: January 15, 2017, 01:24:07 PM »
The major mistake i'm trying not to kick myself too hard for is not "buying up" in employer-offered long term disability coverage. My employer offers 50% salary replacement at no cost to me, which is fantastic. However, I had the option of buying up to 66 3/4 salary coverage, but thought I'd never get sick or need it, as I'd been exceptionally healthy my entire life (up to my 50s)--so I didn't buy up.

Wups, illness hit out of the blue.

Thanks to our fairly mustachian way of life all these years, we can live a fine life on 50% of previous salary, but 66 3/4 salary replacement would have been superb, especially as cost of health insurance continues to rise.

Since I became disabled, I've learned that something like 1 in 5 adults in the U.S. will become disabled at some point. Don't be like me, especially if you have kids! You can always drop the higher coverage later as your kids and stash grow...

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #25 on: January 15, 2017, 05:28:58 PM »
I committed the mortal anti Mustachian sin of buying a spanking new car!  With payments!  It was a discounted 2015 model with 0% interest, but I do regret not buying a slightly used 2013 that was available  for $5k less (probably more after negotiations).  26 payments left, then drive it into the ground.

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #26 on: January 15, 2017, 07:02:51 PM »
I had autopay disabled on a credit card if the balance was > $499 and didn't autopay a $2000 bill (travel hacking) for a month despite numerous reminders. $54 in late fees / interest when I had easily more than that in checking. Sigh.
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Chill99

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #27 on: January 15, 2017, 07:33:17 PM »
The major mistake i'm trying not to kick myself too hard for is not "buying up" in employer-offered long term disability coverage. My employer offers 50% salary replacement at no cost to me, which is fantastic. However, I had the option of buying up to 66 3/4 salary coverage, but thought I'd never get sick or need it, as I'd been exceptionally healthy my entire life (up to my 50s)--so I didn't buy up.

Wups, illness hit out of the blue.

Thanks to our fairly mustachian way of life all these years, we can live a fine life on 50% of previous salary, but 66 3/4 salary replacement would have been superb, especially as cost of health insurance continues to rise.

Since I became disabled, I've learned that something like 1 in 5 adults in the U.S. will become disabled at some point. Don't be like me, especially if you have kids! You can always drop the higher coverage later as your kids and stash grow...

Sorry, but I don't think this was a mistake.  You only see it as a mistake in hindsight, given how life played out.  Just like, when I played roulette, it was a mistake to bet on black when it turned up red instead. 

Since you are fine on 50% of your salary, then why waste money to buy up to a higher amount?  Especially since you have no idea what the future holds.  In essence, you are buying more insurance than you needed. 

Kimera757

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #28 on: January 15, 2017, 08:19:00 PM »
I have tinnitus, and rather than buy a white noise generator (all the ones I saw cost hundreds of dollars)

One thing you could try is an old radio tuned to static on the AM band. We have one in our basement that runs constantly because our dog will bark at just about anything that he hears outside the house. Once I turned the radio on, he started sleeping through the night, and so did we.

That actually worked for a while. The tinnitus isn't loud, but it literally sounds like it's coming from inside my head. The AM radio made it seem like it was coming from outside, so it worked well... for about a week. Then the frequency shifted (low-quality radio) and I could never get it back.

For a while I just used an old computer with a really loud fan. However, the computer had reached a decade in age and I had to switch. I was unpleasantly surprised to find my newer computer (now two and a half years old) was much quieter.

Chill99

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #29 on: January 15, 2017, 08:50:06 PM »
More seriously, the last two times we've moved from our rentals the process was a whirlwind for one reason or another.  Both times I forgot to contact our landlords and get our deposit back.  By the time things settled down and I remembered about the deposit, months had passed and I felt like it would have been rude (probably not really, but whatever) to come out of the dark and ask for a check.  That was about $1k left on the table for no reason all said and done.  I hate asking people for money... Even if I rightly deserve it.  I should probably get over that.

Ouch, this one made me cringe a bit. 
Some states have penalties for landlords for not notifying you within a month of your security deposit, that you can sue for 2 or 3x the amount of the wrongly withheld amount.  The perspective of a lot of states is that it's the landlord's responsibility to return your security deposit and not the tenant responsibility to ask for it.  If I were you, if it's within the statute of limitations, I would ask for the deposit back and then sue for the state maximum if the landlord won't (it's an automatic win).  But then again, I have no issues asking people for money.

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #30 on: January 15, 2017, 08:53:47 PM »
I have tinnitus, and rather than buy a white noise generator (all the ones I saw cost hundreds of dollars)

One thing you could try is an old radio tuned to static on the AM band. We have one in our basement that runs constantly because our dog will bark at just about anything that he hears outside the house. Once I turned the radio on, he started sleeping through the night, and so did we.

That actually worked for a while. The tinnitus isn't loud, but it literally sounds like it's coming from inside my head. The AM radio made it seem like it was coming from outside, so it worked well... for about a week. Then the frequency shifted (low-quality radio) and I could never get it back.

For a while I just used an old computer with a really loud fan. However, the computer had reached a decade in age and I had to switch. I was unpleasantly surprised to find my newer computer (now two and a half years old) was much quieter.

Have you tried a standard fan?  That is what DBF uses for his tinnitus.  We had a cheap desk fan that we used for a while, until it developed a squeak*, so now we use a big window fan that gets propped up to sit on a pillow.  The airflow also seems to help.

*Yes, I did take the fan apart, cleaned it, and oiled it, but the squeak remains!  It takes half an hour to show up, too, so it drives me nuts.
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Bracken_Joy

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #31 on: January 15, 2017, 08:58:45 PM »
I committed the mortal anti Mustachian sin of buying a spanking new car!  With payments!  It was a discounted 2015 model with 0% interest, but I do regret not buying a slightly used 2013 that was available  for $5k less (probably more after negotiations).  26 payments left, then drive it into the ground.

Count me as another 'ultimate mustachian sin'. We bought new, AND with payment. We could have paid cash, but we got $$ off for financing, and it's at 1.9%. So IMO the "new car" is the only sin there. My excuse for that part is that DH drives a LOT for work. Like, 27k miles last year. Still, we should have done what we did last time- buy a slightly used car, our last one was 2 model years "behind" and had like 30k miles on it.
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Gondolin

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #32 on: January 16, 2017, 08:13:23 AM »
Quote
1) 2012 I purchased $30k (the vast majority of my net worth at the time) in gold and silver. It has since dropped ~35-40% in value......I hold it to this day.

Not a mistake if you haven't sold yet and locked in the loss!


For my own mistake, I messed up while booking Xmas travel, didn't notice until 2 days before leaving and had to rebook last minute at Xmas prices. Lost about $500 sheerly through my own negligence.
"There cannot be two skies"

Bracken_Joy

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #33 on: January 16, 2017, 08:25:48 AM »
Quote
1) 2012 I purchased $30k (the vast majority of my net worth at the time) in gold and silver. It has since dropped ~35-40% in value......I hold it to this day.

Not a mistake if you haven't sold yet and locked in the loss!

But he's missing out on better returns in the meantime. Holding it no matter what until it isn't at a loss can be a perfect example of the sunk cost fallacy: https://en.wikipedia.org/wiki/Sunk_cost In this case, rather than 'throw good money at the bad', he's throwing 'good time' at the bad.
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NicoleO

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #34 on: January 16, 2017, 10:39:33 AM »
I committed the mortal anti Mustachian sin of buying a spanking new car!  With payments!  It was a discounted 2015 model with 0% interest, but I do regret not buying a slightly used 2013 that was available  for $5k less (probably more after negotiations).  26 payments left, then drive it into the ground.

I just bought (Dec 2016) a 2017 Nissan Leaf!  I completely over analyzed the purchase price and got the car for $10k off of MSRP but I also completely under calculated the cost of taxes and tags, along with the cost of a charger that will charge quick enough for me to actually use it as a commuter car.  It "replaced" a 10-year old Prius with 300k miles on it so I know it will get my money out of it but I am really annoyed with myself for not doing math correctly.  The Prius is still in the driveway for beyond range trips.

2Birds1Stone

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #35 on: January 16, 2017, 10:47:44 AM »
Quote
1) 2012 I purchased $30k (the vast majority of my net worth at the time) in gold and silver. It has since dropped ~35-40% in value......I hold it to this day.

Not a mistake if you haven't sold yet and locked in the loss!

But he's missing out on better returns in the meantime. Holding it no matter what until it isn't at a loss can be a perfect example of the sunk cost fallacy: https://en.wikipedia.org/wiki/Sunk_cost In this case, rather than 'throw good money at the bad', he's throwing 'good time' at the bad.

^Truth, it's a reminder to me about my foolishness, and I understand that mathematically it's disadvantageous to hold long term. It now represents less than 10% of my overall net worth and will continue to shrink as time goes on.

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talltexan

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #36 on: January 16, 2017, 11:09:16 AM »
I'm still trying to figure out how to recover from the crass materialism of the Christmas season (which is compounded by both of my children having birthdays in the last seven weeks).

Bracken_Joy

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #37 on: January 16, 2017, 01:09:08 PM »
Quote
1) 2012 I purchased $30k (the vast majority of my net worth at the time) in gold and silver. It has since dropped ~35-40% in value......I hold it to this day.

Not a mistake if you haven't sold yet and locked in the loss!

But he's missing out on better returns in the meantime. Holding it no matter what until it isn't at a loss can be a perfect example of the sunk cost fallacy: https://en.wikipedia.org/wiki/Sunk_cost In this case, rather than 'throw good money at the bad', he's throwing 'good time' at the bad.

^Truth, it's a reminder to me about my foolishness, and I understand that mathematically it's disadvantageous to hold long term. It now represents less than 10% of my overall net worth and will continue to shrink as time goes on.

I don't blame you for holding it (I think holding *some* as gold is reasonable for certain risk profiles- the mistake was going in at such a high % of your portfolio when you bought), I was just addressing Gondolin's fallacy there. =)
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alewpanda

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #38 on: January 16, 2017, 01:23:11 PM »
I was enrolled in insurance through the Healthcare Marketplace website last year.  My plan was being discontinued, and I received suggested replacement plans, but never read anything besides "please sign up -- if you don't, you won't have coverage!".  I tossed those letters because I had secured insurance from an outside source starting in January.  14 days into this month and I receive a letter from the Healthcare Marketplace: apparently I was automatically enrolled into the new "suggested" plan.  Only then did I call to cancel the plan.  Apparently I will owe for the 14 days of coverage......I should have called beforehand I guess. 

aceyou

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #39 on: January 17, 2017, 10:32:10 AM »
My net worth would probably be double if I could transfer my current knowledge into that stupid kid's head!!! ...

2000 - My senior year of high school I invested 5k in Ford Motor, because a relative said it would be a company that was going places.  My dad helped me set up a scott trade account.  It went from $16 down to about $0.50, and I held onto it.  Eventually forgot I had it, then a year ago found it in the Michigan unclaimed property division.  Apparently they liquidated it after it had risen back to $16.50, so I very luckily didn't lose the whole thing.  I got the check for about 5k back a few months ago.

2007 - When I got married my wife had 3k in an IRA that her parents set up.  I didn't know what that was and told my wife "we can do better than that on our own", without knowing having a clue what I was talking about.  We pulled the money out at my request and it sat in cash.  Real smart, huh!  Her parents never said anything negative to me, but I'm sure they were like, "man, this new son-in-law is an idiot".

2011 - My wife and I had been married for 4 years.  Because we didn't buy that much, about 100k had accumulated into our checking account (right before the stock market was ready to EXPLODE).  I thought to myself, hmm, I should probably invest.  Instead of doing 403B's/Roth IRA's/low cost Vanguard funds, which I still knew nothing about, I went to some salemen.  One of them sold me on gold (15k) and TIPS (15k) and an annunity (25K) that paid 2% and has a huge penalty for withdrawal.  They proceeded to lose money and accrue fees as the stock market made it's meteoric rise.  I still hold these positions to this day.

Early 2014 - Got PISSED, PISSED, PISSED, as I realized through my investments that I was the world's dumbest investor.  Did a bit of research and read up on these crazy things called Roth IRA's and 403B's.  Set up a meeting with two advisors.  The Roth guy go me investing into something with 2.25% fees.  The 403B guy but contributing a tiny amount to an account with 5% front loads and a 2.25% fees.  Thought I was finally learning...OOPS!!!

Late 2014 - Got PISSED, PISSED, PISSED, because I had a gut feeling that these advisors perhaps didn't have my best interests at heart, and I started researching.  Found MMM, devoured, mind was blown.

2015 - Got most of these accounts sorted out and made an sound investment/savings strategy.

2016 - Got the money flowing into all the accounts that I set up in 2015.

2017 - The good times are rolling in, just gotta keep saving till FI.   

lizzzi

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #40 on: January 17, 2017, 02:24:57 PM »
Forgot to cancel my Barnes and Noble membership--I never shop there anymore. Got charged the $25 for another year's membership. Doh!

LadyMuMu

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #41 on: January 17, 2017, 03:16:23 PM »
In the past three months:

-Forgot to hit the "Pay" button and resulted in a late fee on credit card for first time in five years. Damn! $12

-Didn't set a budget for son's birthday celebration--spent a ton in anxiety purchases at the last minute to make sure there was "enough." ~$50 too much

-Didn't fix storm door in a timely manner. It swung out with the wind and broke completely. Now need to replace. $250


Poundwise

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #42 on: January 17, 2017, 04:09:12 PM »
Forgot to cancel my Barnes and Noble membership--I never shop there anymore. Got charged the $25 for another year's membership. Doh!

I think you can still email or call them up to cancel if it's within 30 days?

lizzzi

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #43 on: January 17, 2017, 04:46:44 PM »
Forgot to cancel my Barnes and Noble membership--I never shop there anymore. Got charged the $25 for another year's membership. Doh!

I think you can still email or call them up to cancel if it's within 30 days?

Too late now--it was in November. I'll make sure they don't hit me again this year though.

Gondolin

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #44 on: January 17, 2017, 07:14:20 PM »
Quote
I was just addressing Gondolin's fallacy there

Yeah, I responded too quickly out of an excess of optimism.
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Bracken_Joy

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #45 on: January 17, 2017, 07:20:52 PM »
Quote
I was just addressing Gondolin's fallacy there

Yeah, I responded too quickly out of an excess of optimism.

Hey, like the thread says... Nobody's perfect! =D
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VladTheImpaler

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #46 on: January 17, 2017, 07:46:15 PM »
I committed the mortal anti Mustachian sin of buying a spanking new car!  With payments!  It was a discounted 2015 model with 0% interest, but I do regret not buying a slightly used 2013 that was available  for $5k less (probably more after negotiations).  26 payments left, then drive it into the ground.

I just bought (Dec 2016) a 2017 Nissan Leaf!  I completely over analyzed the purchase price and got the car for $10k off of MSRP but I also completely under calculated the cost of taxes and tags, along with the cost of a charger that will charge quick enough for me to actually use it as a commuter car.  It "replaced" a 10-year old Prius with 300k miles on it so I know it will get my money out of it but I am really annoyed with myself for not doing math correctly.  The Prius is still in the driveway for beyond range trips.

Think on the bright side, you bought one of the most cost efficient cars on the road, so it's not a bad investment over the long term.
btw, I keep reading reviews on the new Chevy Volt...drool.
Glad I read your post to remind me NOT to buy a new car.
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VladTheImpaler

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #47 on: January 17, 2017, 07:51:41 PM »
Quote
- Made any mistakes lately?
- Why did it happen?
- What did you do to fix it/what did you learn?

Yes, I have one that I am very embarrassed about, but I need to come clean so I can get over it and move on.
I did a bunch of online sports betting last year and lost over $1k.
It started out kinda fun but I quickly realized that no matter how much you know about sports...you still can't predict the future.
I learned that gambling is dumb.
No one can predict the future.
Ugh. There I'm done with it. LOL
"Everyone has different tastes and desires. These differences make the world orderly. If everyone wanted the same things, we would all be struggling against each other to acquire what little was available. Diversity is the source of harmony in human relationships."

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Better Late

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #48 on: January 18, 2017, 05:39:50 PM »
We live in an area with energy-choice. I just realized that after we sold our house, and moved into a rental, I never chose my electric and gas supplier--I started the process and then got distracted. NO WONDER my energy bills are as high as they were in the old house that was 2x the size of the rental, I'm getting the default rates.  And even though I just signed up with new gas/electric, the new rates won't take effect until after my next meter reading.  I am mad mad mad at myself.

Thank you for starting this thread.

Retire-Canada

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Re: Nobody's perfect... what money mistakes have you made lately?
« Reply #49 on: January 18, 2017, 05:46:43 PM »
My income jumped in 2016 [self-employed] and I pay taxes in instalments. I suspect looking back on my 2016 remittances that I did not pay enough and will have a tax bill to pay later this year. I'm not particularly concerned about it though. The owed tax money was invested and has earned a nice return for me. There will be no penalties and my 2017 cash flow is sufficient to pay the extra taxes without any issue.

I also joined a professional organisation [~$250USD] in 2016 that I thought I would use to get an additional certification, but then the business opportunity didn't materialise so it was a waste of $$. I didn't renew for 2017.