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Your worst mistakes you've ever made by making money.

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    Your worst mistakes you've ever made by making money.

    Yes, sometimes it happens. Guys, I know you're smart and already experienced and of course, won't let me do the same mistakes.

    #2
    I invested about $3,000 in Frontline, LTD. A tanker company. I bought 100 shares at roughly $34.0 dollars a share...and sold at $1.5. I pretty much lost the entire investment.
    james.c.hendrickson@gmail.com
    202.468.6043

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      #3
      While making money I forgot to put two zeros on the bill, so all my $100s ended up being $1 bills.
      Gunga galunga...gunga -- gunga galunga.

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        #4
        Biggest mistake was when we were young and stupid and bought whole life insurance policies. I wised up after a couple of years and learned what a rip off they are and cancelled them and chalked it up to an expensive life lesson.

        Fast forward a couple of years and there was a huge class action lawsuit against the industry for misrepresenting whole life as being an investment, which it is not, and the suit was successful. The insurance companies were forced to pay out millions in retribution to customers who had been misled. We got a settlement that basically refunded everything we had paid in premiums.

        The only sad part of the story is that despite that lawsuit, nothing at all has changed. Whole life salespeople continue to misrepresent it as an investment and show ridiculous projections of future growth which are all total fantasy. There's also zero transparency about the outrageous fees they charge. The lawsuit helped those of us who fell victim to it back then but did nothing to stop everyone else from getting scammed.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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          #5
          The worst mistakes Iíve made have to do with keeping poor performing employees for too long. Itís extremely costly in terms of missed opportunities as well as the negative impact on the morale of the top performers. Iíve learned a lot from those earlier mistakes. Employee decisions are some of the hardest you make in business, and the stakes are high. Nothing is more important than hiring the right people to be on your team, and determining who should not be on your team.

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            #6
            I've seen some people making these mistakes in investing in residential real estate, and was lucky enough not to make them:
            * invest in property that needed much restore work - and not discounting that work well enough in the price being paid initially
            * invest in property too far away from where you are - and having no friend or relative living nearby to keep an eye on it (kudos you prefer to invest in your hometown!)
            * believe that the real estate prices will always go up - when you invest, be sure you want to keep that property for 20 years at least
            * lending too much to invest - there may come a day that your leverage is not good, and selling your property to pay the interest on your loan is a sure way to lose a lot of worth
            * believe that you can get away with being a lousy landlord who can just neglect the interests of his renters - you will have a lot of pain in the ass, and feel bad about yourself unnecessarily: also as a landlord you must understand there are people you have to serve, not only your own damned financial interest
            Good luck with finding a good deal and being a responsible landlord!

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