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  • #31
    My first ~18 months of contributing to a Roth I could not figure out why I was making no money. Well I was just leaving it in the money market and not actually allocating it. Of course most of that time was 2019.

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    • #32
      I’ve written about it once before on here but I have the trifecta:
      Took out a 401k loan
      to buy a timeshare I didn’t even want
      with a boyfriend I knew I didn’t want to stay with longterm.

      Sometimes the best financial lesson is how to say NO

      Consistent investing and starting early will make up for a lot of mistakes. Also some mistakes, in addition to being great teachers, add color and funny-in-retrospect stories to your life, they’re not all bad

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      • #33
        Most recently, I took out the Chase Sapphire Preferred this year and stopped using it when I was less than $100 short of qualifying for the 80k bonus because I suck at math.

        Paid off my low-interest mortgage over the course of 18 months, then sold the house in summer 2020.

        I did a lot of tax gain harvesting of stuff (Vanguard growth ETFs) I shouldn’t have bought and didn’t want to keep when I was a resident. If I would have held on to them later I probably could have at least flushed the gains with losses.

        I wish I had just started with a three fund portfolio. And invested ibonds a lot sooner. When it comes to factor investing, I don’t think the juice is worth the squeeze, but now I’m trying to resist bailing on it.

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        • #34
          Originally posted by uksho View Post

          I also pay for pvt schools. I don't consider that a mistake( I know many on forum would disagree!)
          Investing in education is never a mistake.
          It may not have been value investment and it may have had a poor return. Investing involves risk. Money well spent.

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          • #35
            1. Should never have purchased a fixed index annuity with IRA money. From this experience I really learned the valuable lesson of not purchasing anything you really don't understand.
            2. Spent too many years with a financial advisor when we should have investing in Vanguard index funds.
            3. Missed some early years of contributing to a Roth IRA.

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            • #36
              Personally, I believe a mistake is knowing better and choosing otherwise. For example, not buying more TSLA earlier is a choice not to gamble that didn’t turn out the way you would have wished. Same for selling stock at $1/share to double when it later skyrocketed. Those are timing choices and we can all find a thousand things we didn’t spend money on that we could have profited from - in hindsight.

              A mistake is buying whole life insurance because you fell for a sales pitch. A mistake is marrying someone that your family is warning you about for good reason and ending up with a doctor divorce. Borrowing $$ for an expensive car when you still have med school debt. Being swept up in the dot.com craze of the early 2000’s (a mistake I made that I have written about in other posts).

              A mistake is not losing early years of contributing to a Roth when you were uneducated. A mistake is knowing the benefits of a Roth and not contributing because you spend too much.

              Mistakes often result from letting emotion overrule logic.

              Again, this is jmpo.
              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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              • #37
                Originally posted by Lithium View Post
                Most recently, I took out the Chase Sapphire Preferred this year and stopped using it when I was less than $100 short of qualifying for the 80k bonus because I suck at math.

                Paid off my low-interest mortgage over the course of 18 months, then sold the house in summer 2020.

                I did a lot of tax gain harvesting of stuff (Vanguard growth ETFs) I shouldn’t have bought and didn’t want to keep when I was a resident. If I would have held on to them later I probably could have at least flushed the gains with losses.

                I wish I had just started with a three fund portfolio. And invested ibonds a lot sooner. When it comes to factor investing, I don’t think the juice is worth the squeeze, but now I’m trying to resist bailing on it.
                Hang on boss! I am on the small value train too! We just gotta stick it out! (I think/hope)

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                • #38
                  As a senior resident, I dumped 30k into my high interest federal student loans thinking it would jump start our progress and that there was no way I would work for a PSLF eligible academic employer or 501c3 (no interest in traditional academics and >95% of grads in my field work for private employers). We had very few assets at the time and we were trying to do the right thing.

                  After fellowship, I ended up looking around and ultimately did take a job with a qualifying employer. If PSLF does come through, then I effectively lit that money on fire.

                  Really hard to complain though, given this payment pause and how everything else has worked out for us.

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                  • #39
                    Originally posted by jfoxcpacfp View Post
                    Personally, I believe a mistake is knowing better and choosing otherwise. For example, not buying more TSLA earlier is a choice not to gamble that didn’t turn out the way you would have wished. Same for selling stock at $1/share to double when it later skyrocketed. Those are timing choices and we can all find a thousand things we didn’t spend money on that we could have profited from - in hindsight.

                    A mistake is buying whole life insurance because you fell for a sales pitch. A mistake is marrying someone that your family is warning you about for good reason and ending up with a doctor divorce. Borrowing $$ for an expensive car when you still have med school debt. Being swept up in the dot.com craze of the early 2000’s (a mistake I made that I have written about in other posts).

                    A mistake is not losing early years of contributing to a Roth when you were uneducated. A mistake is knowing the benefits of a Roth and not contributing because you spend too much.

                    Mistakes often result from letting emotion overrule logic.

                    Again, this is jmpo.
                    I agree with your logic but I feel staying financially uneducated a mistake. If I knew what I know now I would have done things differently but I was resistant to learn. I had the opportunity but I had my head in the sand or I thought I knew better. It is hard to remember how little I knew about this stuff in my pre-awakening time. But I should at least have known that money is important and made an effort to learn more.

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                    • #40
                      I put money in a Roth IRA (good!) but then claimed it as retirement deduction in my taxes (bad!). My state DOR found me and I paid the tax back + small penalty.
                      I wasn't trying to cheat, I was 24 and dumb.

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                      • #41
                        1) Buying house during residency. It worked out great financials because of the housing boom in 2020, otherwise it would have been a dumpster fire.
                        2) Not funding Roth with money from Taxable. I always kept a large balance in my taxable but should have just put it in my Roth in the early days.
                        3) Being unprepared during residency when I wrecked both cars within the same week.
                        4) Naked option selling

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                        • #42
                          Originally posted by jfoxcpacfp View Post
                          Personally, I believe a mistake is knowing better and choosing otherwise. For example, not buying more TSLA earlier is a choice not to gamble that didn’t turn out the way you would have wished. Same for selling stock at $1/share to double when it later skyrocketed. Those are timing choices and we can all find a thousand things we didn’t spend money on that we could have profited from - in hindsight.

                          A mistake is buying whole life insurance because you fell for a sales pitch. A mistake is marrying someone that your family is warning you about for good reason and ending up with a doctor divorce. Borrowing $$ for an expensive car when you still have med school debt. Being swept up in the dot.com craze of the early 2000’s (a mistake I made that I have written about in other posts).

                          A mistake is not losing early years of contributing to a Roth when you were uneducated. A mistake is knowing the benefits of a Roth and not contributing because you spend too much.

                          Mistakes often result from letting emotion overrule logic.

                          Again, this is jmpo.
                          Well said . The biggest mistake of your life could be marrying the wrong person

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                          • #43
                            I hate the stories of people losing their digital wallet or USB with their old bitcoin on it...

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                            • #44
                              Originally posted by Lordosis View Post

                              I agree with your logic but I feel staying financially uneducated a mistake. If I knew what I know now I would have done things differently but I was resistant to learn. I had the opportunity but I had my head in the sand or I thought I knew better. It is hard to remember how little I knew about this stuff in my pre-awakening time. But I should at least have known that money is important and made an effort to learn more.
                              That’s definitely a mistake - you knew better but chose otherwise. Probably for emotional reasons, too.
                              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                              • #45
                                I will add another one for me:
                                wasting time posting in the "Rationale and Methods for Diversity Efforts in Medicine" thread rather than working on something more productive.

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