Worst Investment You've Ever Made?

[jeffrey]

I'm looking for examples of the worst investments people have ever made - the more detail, the better. Everyone always talks about the supposedly great investments, but rarely do we hear about those investments where people went wrong (not something that most people want to brag about). I think highlighting the bad investment decisions is just as important as the good investments to help others from making the same mistakes you did.

If you have made a bad investment in the past, please share with an explanation why you thought it was going to be a good investment at the time. Thanks.

[Ima saver]

Re: Worst Investment You've Ever Made?

I bought shares in a stock, called JDSUniphase. I read an article in Money magazine that said this was a great stock to buy. It was $120 a share when I bought it in 1999, in the year 2000 it dropped when the bottom fell out of tech stocks. It now goes for about $3 a share!!

[SuzeOFan]

Re: Worst Investment You've Ever Made?

I hate to admit it, but when I was about 18 I was talked into investing in a 'Pyramid Scheme' by my brother and lost about $1000.

In honest retrospect, I see it was my own greed which deceived me and not the wiles of others.

[JBinKC]

Re: Worst Investment You've Ever Made?

Spending the money for a college education.

[Ima saver]

Re: Worst Investment You've Ever Made?

Whatever my first marriage license cost!! [Automated by GetSmile]

[CJsoccerchic]

Re: Worst Investment You've Ever Made?

Buying a brand new car instead of a used one - It kills me everytime I think about how much money I lost taking that first drive out of the parking lot... ahhhh...

[abowers]

Re: Worst Investment You've Ever Made?

JBinkC - Just curious why your college education was not worth it?

[JBinKC]

Re: Worst Investment You've Ever Made?

I work in the gaming industry. My degree was a waste of money.

[gavinmccallister]

Re: Worst Investment You've Ever Made?

JBinKc, what is your degree in? Have you ever used your degree, if not how come? I went to community college but pulled out after two semesters, I had wanted to go into law enforcement, now I am a sales associate selling shoes, I enjoy what I do but sometimes the pressure put on me seems overwhelming sometimes.

[Haku]

Re: Worst Investment You've Ever Made?

gavin, why didn't you go into law enforcement?

This isn't an investment in the classic sense, but I sometimes go to expensive restraunts when I have a really bad day. A terrible waste of money.

[Fern]

Re: Worst Investment You've Ever Made?

My degree is in anthropology but i don't consider it a waste of money at all.

Because college not just taught me 'book smarts,' but also taught me how to think, how to reason, it introduced me to a wide range of different perspectives and truly expanded my universe coming from a small NJ town. College also allowed me to meet a whole lot of people from all different walks of life, something that may not have been possible if i just went straight to work.

Unless you're talking about a community college that is just an extension of high school, i don't think college is ever a waste of time.

[Ima saver]

Re: Worst Investment You've Ever Made?

Twleve years of my life, married to the wrong person! [Automated by GetSmile]

[gavinmccallister]

Re: Worst Investment You've Ever Made?

gavin, why didn't you go into law enforcement?

Back then I made some decisions that weren't really the best.

[Haku]

Re: Worst Investment You've Ever Made?

gavin:

I see. Please understand that if it's not a felony, and depending on the nature of the crime, you can still try out for many law enforcement departments out there. You may have to do some serious explaining, but I would not dismiss such a route if that's what you want out of life.

[jmjj215]

Re: Worst Investment You've Ever Made?

I was 14 and was convinced that this "method" of making money on the internet would certainly work. It involved sending out SPAM (I had no idea what that was) and asking people to send you $5. You then put your name on the list and it would grow and grow with more people sending you $5. I had visions of going to the ATM and depositing thousands of dollars from my earnings.

I spent $90 on a bulk emailer and $25 sending out a $5 bill to each of the five people on the email. I sent out an email with my name now at the #1 spot. Well, a few hours later I got a call from the ISP and they said I was spamming and I wondered what they heck they were talking about. They realized I was legitimately stupid and didn't cancel the service. I also was contacted by a guy on the internet that found ponzi schemes to try and stop them. He was nice in explaining how illegal, stupid, and wrong the system was.

Ponzi schemes are still out there (12dailypro come to mind?), just more sophisticated. I was out $115 and some pride. I never received any money from the thousands of people I emailed.