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Not making a downpayment of 90k to buy a brownstone on the upper west side of Manhattan in the 1980's. Now worth more than 6M. Oh well....
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Not sure exactly how to define "biggest" when it comes to financial mistakes.
Not marrying a billionaire heiress would be a big one I suppose.
But I've bought loaded funds, hired a bad advisor, bought whole life insurance, paid too much for a house, trusted a financial pro too much, added REITs to a portfolio just before a massive crash, signed on with the military thinking it would work out better financially, bought a boat, bought another boat...Helping those who wear the white coat get a fair shake on Wall Street since 2011Comment
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Not marrying a billionaire heiress would be a big one I suppose.
This is only a blunder if you had the opportunity to marry a billionaire heiress and chose not do so.
So this begs the followup question -- did you have this opportunity? Inquiring readers want to know.An alt-brown look at medicine, money, faith, & family
www.RogueDadMD.comComment
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Everyone has the opportunity.Helping those who wear the white coat get a fair shake on Wall Street since 2011Comment
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Everyone has the opportunity.
Well that's just false and you know it! However I won't belabor the many reasons why that is false, and instead take it to mean you just didn't make it a goal of yours to marry a billionaire.An alt-brown look at medicine, money, faith, & family
www.RogueDadMD.comComment
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Everyone has the opportunity.
Well that’s just false and you know it! However I won’t belabor the many reasons why that is false, and instead take it to mean you just didn’t make it a goal of yours to marry a billionaire.
I can't recall even one billionaire who offered to marry me (the 1st or the 2nd time).My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clientsComment
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I can honestly say that I have never met a billionaire.Comment
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i hope my kids don't marry billionaires. there are always tradeoffs. pretty sure they would think i'm a shmuck. i plan on living with the kids anyways so i need to get along with the wives (i have two boys).Comment
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I can honestly say that I have never met a billionaire.
Once. Self-made. He used to bring his trash from his home to his office as he saw no reason to pay for trash at both places. He was rather old when I met him and his memory was unbelievable.Comment
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i hope my kids don’t marry billionaires. there are always tradeoffs.
I've heard bodyguards are a real drag.My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clientsComment
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Enjoyed this. Thanks for sharing, guys.
I suppose our mistake was going to an expensive private medical school financed on student loans. Didn't really have less costly options at the time. Still painful for each of us to owe >400k initially after residency.
On the plus side, I wouldn't have met my wonderful wife if we had gone to different medical schools. Priceless.Comment
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On the plus side, I wouldn’t have met my wonderful wife if we had gone to different medical schools. Priceless.
My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clientsComment
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i hope my kids don’t marry billionaires. there are always tradeoffs. pretty sure they would think i’m a shmuck. i plan on living with the kids anyways so i need to get along with the wives (i have two boys).
Well, if you going to live in their home, you may as well picks your sons spouses also. That is my wife's plan with our children though live in separate homes on the same block.
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i hope my kids don’t marry billionaires. there are always tradeoffs. pretty sure they would think i’m a shmuck. i plan on living with the kids anyways so i need to get along with the wives (i have two boys).
Well, if you going to live in their home, you may as well picks your sons spouses also. That is my wife’s plan with our children though live in separate homes on the same block.
it's always good to have a plan!Comment
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My boss is a billionaire, but I think marriage is off the table.
Lots of interesting "blunders" in here. As many point out, the good news is that if you are a high earner, you can recover from blunders because of your future earnings and still retire wealthy, but only if you learn from said blunders! Late stage blunders are clearly more costly, somewhat analogous to sequence of return risk.
In this thread and others lately, carrying cash has been called a blunder because the market has been on fire. Some say maybe it wouldn't be a blunder if the market went down while a high cash balance was held. This type of results-oriented thinking is intuitively attractive, but completely wrong. We should be trying to make the best decisions knowing that no outcome is certain. We can then be comfortable with our decision no matter the results if we know we made the right decision based on the information we had at the time. If you hold cash because you feel like valuations are "high" or we are "due" for a recession, you are making an emotional decision that is almost certainly negative EV.Comment
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