Best & Worse Decisions
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Best & Worse Decisions (by Roy [AL]) Apr 20, 2018 8:29 AM
       Best & Worse Decisions (by S i d [MO]) Apr 20, 2018 8:36 AM
       Best & Worse Decisions (by Jim in O C [CA]) Apr 20, 2018 8:50 AM
       Best & Worse Decisions (by razorback_tim [AR]) Apr 20, 2018 8:56 AM
       Best & Worse Decisions (by RB [MI]) Apr 20, 2018 9:11 AM
       Best & Worse Decisions (by Roy [AL]) Apr 20, 2018 9:30 AM
       Best & Worse Decisions (by Roy [AL]) Apr 20, 2018 9:34 AM
       Best & Worse Decisions (by Jim in O C [CA]) Apr 20, 2018 9:59 AM
       Best & Worse Decisions (by S i d [MO]) Apr 20, 2018 10:32 AM
       Best & Worse Decisions (by fred [CA]) Apr 20, 2018 10:55 AM
       Best & Worse Decisions (by Robert J [CA]) Apr 20, 2018 12:10 PM
       Best & Worse Decisions (by Doogie [KS]) Apr 20, 2018 1:21 PM
       Best & Worse Decisions (by RB [MI]) Apr 20, 2018 2:52 PM
       Best & Worse Decisions (by WMH [NC]) Apr 20, 2018 3:30 PM
       Best & Worse Decisions (by REMAVEN [PA]) Apr 20, 2018 5:12 PM
       Best & Worse Decisions (by 1Gr81 [NC]) Apr 20, 2018 5:24 PM
       Best & Worse Decisions (by AllyM [NJ]) Apr 20, 2018 5:32 PM
       Best & Worse Decisions (by Otis [IL]) Apr 20, 2018 5:35 PM
       Best & Worse Decisions (by Mary [MI]) Apr 20, 2018 5:43 PM
       Best & Worse Decisions (by Roy [AL]) Apr 20, 2018 5:46 PM
       Best & Worse Decisions (by David [NC]) Apr 20, 2018 6:14 PM
       Best & Worse Decisions (by 1Gr81 [NC]) Apr 20, 2018 6:19 PM
       Best & Worse Decisions (by GKARL [PA]) Apr 20, 2018 7:04 PM
       Best & Worse Decisions (by Robin [WI]) Apr 20, 2018 7:23 PM
       Best & Worse Decisions (by Livethedream [AZ]) Apr 20, 2018 8:48 PM
       Best & Worse Decisions (by JB [OR]) Apr 20, 2018 9:56 PM
       Best & Worse Decisions (by Catfish Charlie [MI]) Apr 21, 2018 5:33 AM
       Best & Worse Decisions (by 1Gr81 [NC]) Apr 21, 2018 7:19 AM
       Best & Worse Decisions (by JB [OR]) Apr 21, 2018 8:03 AM
       Best & Worse Decisions (by Annie [IN]) Apr 21, 2018 8:12 AM
       Best & Worse Decisions (by Busy [WI]) Apr 21, 2018 9:48 AM
       Best & Worse Decisions (by gevans [SC]) Apr 21, 2018 5:35 PM
       Best & Worse Decisions (by RockyMtnLL [CO]) Apr 22, 2018 5:10 PM
       Best & Worse Decisions (by BRAD 20,000 [IN]) Apr 22, 2018 8:35 PM
       Best & Worse Decisions (by Shelby [IA]) Apr 23, 2018 9:17 AM
       Best & Worse Decisions (by Pmh [TX]) Apr 23, 2018 1:49 PM
       Best & Worse Decisions (by Mickie [OH]) Apr 23, 2018 7:26 PM
       Best & Worse Decisions (by Eddie [KY]) Apr 24, 2018 10:36 AM
       Best & Worse Decisions (by Mike [PA]) Apr 24, 2018 12:19 PM
       Best & Worse Decisions (by Busy [WI]) Apr 24, 2018 2:39 PM

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Best & Worse Decisions (by Roy [AL]) Posted on: Apr 20, 2018 8:29 AM
Message:

If you are over the age of 40 and have some history to look back on,...what was the best and worse financial decisions you have made in your life?

In 1994, my best decision was to quit being a Tenant and buy my first house. I remember how scared and nervous I was at the closing table of that first house. Now, closings are a breeze and are a welcomed event!

In 1996, my worse decision was to allow a Morgan Stanley stockbroker to convince me to invest in his company's mutual funds. My broker made money,...I lost money.

And you? --68.63.xxx.xx




Best & Worse Decisions (by S i d [MO]) Posted on: Apr 20, 2018 8:36 AM
Message:

Best decision: take control & responsibility of my finances instead of outsource this to someone else.

Worst decision: paying too much for houses early on. --173.17.xx.xx




Best & Worse Decisions (by Jim in O C [CA]) Posted on: Apr 20, 2018 8:50 AM
Message:

I wanted to buy a house in my track for $58K. My wife thought it was too close to ours. Worth close to $800K today. Worst

Sold my second house when the neighborhood was becoming a crime ridden area. Best --75.22.xx.xxx




Best & Worse Decisions (by razorback_tim [AR]) Posted on: Apr 20, 2018 8:56 AM
Message:

Best decision has easily been investing in real estate. Although some of the decisions within that have been better than others, from a long-term viewpoint there are no bad ones within that.

Worst one was turning over a previous 401K to an advisor in 2004. Even today with all of the recovery, the value there is over 20% less than when I transferred it over. Fortunately itís a relatively small amount. --166.137.xxx.xx




Best & Worse Decisions (by RB [MI]) Posted on: Apr 20, 2018 9:11 AM
Message:

Best,

Opening a Bank Account at age 12.

Along with:

Having a Paper Route. (No bike. Had to walk it)

Push mowing several Neighborhood Lawns,

and Pulling Weeds.

( Lesson, Self-Reliance )

Worst :

First Marriage. --47.35.xx.xx




Best & Worse Decisions (by Roy [AL]) Posted on: Apr 20, 2018 9:30 AM
Message:

Sid,

I thought you were in your early 30's. Have you all of a sudden aged and turned 40? It is all down hill after 40. --68.63.xxx.xx




Best & Worse Decisions (by Roy [AL]) Posted on: Apr 20, 2018 9:34 AM
Message:

Jim in OC - Your reply makes me happy I never got married. If I had, I would either be broke or in a nut house. :) --68.63.xxx.xx




Best & Worse Decisions (by Jim in O C [CA]) Posted on: Apr 20, 2018 9:59 AM
Message:

ROY

My wife has worked on houses with me at 4:00AM before she went to teach school at 7:00AM and on weekends. I'll give her one mistake. We believe that the couple that scrubs floors together stays together. This year will be our 48th anniversary. --75.22.xx.xxx




Best & Worse Decisions (by S i d [MO]) Posted on: Apr 20, 2018 10:32 AM
Message:

Roy...42 but can out run most 20-somethings. I credit consumption of modest amounts of micro-brewed suds and Coors for my svelt figure and youthful good looks. (wink)

Early 40s have been good so far. I'll keep an eye out for that downhill you mention. Don't want my bicycle to run off the road. --173.17.xx.xx




Best & Worse Decisions (by fred [CA]) Posted on: Apr 20, 2018 10:55 AM
Message:

I'm not the kind to look back and say: "what if".

After buying my first rental and getting it rented, I bought a second one...on the same block.

A few years later, a friend of mine said: "you should have bought the whole block", to which I answered: "remember back then, I had no money and I had a negative cash flow". --99.59.x.xxx




Best & Worse Decisions (by Robert J [CA]) Posted on: Apr 20, 2018 12:10 PM
Message:

Best decision, not buying myself a new car at age 16 and instead saving towards a down payment to buy a house. At 18 I did make an accepted offer and purchased my first house.

Worst idea, sell a home to buy two. I should have pulled money out, to buy another home. The load to sell a property cost me 10% of the value and then buying two homes with a higher property tax basis was murder on my finances. --47.156.xx.xx




Best & Worse Decisions (by Doogie [KS]) Posted on: Apr 20, 2018 1:21 PM
Message:

Best - getting involved in rentals. It's a job that I love. Find something you love and you'll never work, well I haven't worked a day at the rentals. Had to fight the first wife to make every purchase, but it's been worth it.

Worst - Marrying said first wife. --98.175.xxx.xxx




Best & Worse Decisions (by RB [MI]) Posted on: Apr 20, 2018 2:52 PM
Message:

No Marriage, No Kids ?

Life should have been a Cake Walk. --47.35.xx.xx




Best & Worse Decisions (by WMH [NC]) Posted on: Apr 20, 2018 3:30 PM
Message:

Best financial decision: marrying my third husband (31+ years ago.) And yes, I mean that financially that was the best thing I've done.

I just asked him. He said marrying me was his best financial decision too, so we are on the same page there.

Worst: a particular house which was just a nightmare, I guess. And selling anotherone that we had to bring money to the table to get rid of it! But that's all water wellunder the bridge. We've made lots of major and more major mistakes but all in all, doing okay. --50.82.xxx.xx




Best & Worse Decisions (by REMAVEN [PA]) Posted on: Apr 20, 2018 5:12 PM
Message:

Best: maxing out my husbands 401k and forgetting about it. There have been many years where we could have used that money, which is a significant amount for us. Heís coming on 30 years of working and it gives us comfort that if the real estate market crashed we will still be ok.

Worst: investing in a personal vacation home. I think we liked the idea or fantasy of it much more than we enjoyed it. It was a lot of work, we lost money on it after holding it 7 years, and spent $7k a year in holding it, we could have taken some kickass vacations every year for $7k without having to do any work. --96.245.xx.xxx




Best & Worse Decisions (by 1Gr81 [NC]) Posted on: Apr 20, 2018 5:24 PM
Message:

Best and worst, all rolled up into one. My rental homes.

They cost me a wife that I loved, a 'home', and sleepily read, nighttime literature, w my amazing kids. Then again, here I am, after 20-ish years of practicing this craft, and they've finally begun to deliver the late night promises that Carleton H. Sheets, said they would. ;)

--74.124.xxx.xxx




Best & Worse Decisions (by AllyM [NJ]) Posted on: Apr 20, 2018 5:32 PM
Message:

Best was stepping up to save my dad's rental business after he passed and mom couldn't handle it.

Worst was not putting a lot more money into my 401K back in the nineties. --69.141.xxx.xxx




Best & Worse Decisions (by Otis [IL]) Posted on: Apr 20, 2018 5:35 PM
Message:

Well only 37 but been on my own since the week after I graduated high school so almost 20 years hope thatís good enough.

Best: Getting into the rental business. Wish I would have done it at 18 when I had a chance to buy a duplex to live in.

Worst: Married the wrong person. Cost me half of everything I had plus alimony and only having my kids 50% of the time now. --45.18.xxx.xxx




Best & Worse Decisions (by Mary [MI]) Posted on: Apr 20, 2018 5:43 PM
Message:

Worst-- buying a SFH from a frail grandmother with an 'honest face ' that was hiding a 7K sewer problem for 4 years and the City offered to pay for the plumbing and they would get paid when she sold the house. She refused and lived with the problem until she sold it to me.She was the sweetest old lady but lied like a rug. I sued her for 7k and got 12K for my legal expensed. A few months ago I exchanged my house for a 1950 house in better condition and an increase in rent of 500. So a big mistake worked out for me. --68.32.xxx.xxx




Best & Worse Decisions (by Roy [AL]) Posted on: Apr 20, 2018 5:46 PM
Message:

I find it interesting that the best or worse financial decisions seem to revolve around who you chose to marry.

When you all get married, how do know if your spouse is going to be an asset or liability? Do you all marry for love or lust? I happen know the difference! --68.63.xxx.xx




Best & Worse Decisions (by David [NC]) Posted on: Apr 20, 2018 6:14 PM
Message:

@REMAVEN [PA]) - same here for the worst - sold it at a loss of 90K after 10 years

@Roy - Marriage is the riskiest financial decision you will ever make. Its just that no one tells you that up front.

--216.136.xx.xxx




Best & Worse Decisions (by 1Gr81 [NC]) Posted on: Apr 20, 2018 6:19 PM
Message:

To answer your question....

I married the most beautiful woman that I had ever seen. The line was easily blurred between the two choices that you provide. I honestly don't remember which it was but I do remember what peace and pride felt like. If we are being completily honest.....I remember more pride than passion. I also remember vividly, the day that my eyes were finally opened and I saw her for what she truly was. (Sure....it took me 22 years.) "Some humans ain't human",(John Prine) but I do miss pride and purpose. My kids deserved better. --74.124.xxx.xxx




Best & Worse Decisions (by GKARL [PA]) Posted on: Apr 20, 2018 7:04 PM
Message:

I had to really think about this one. My best decision was taking a bookkeeping course when I was in high school which led me to decide I wanted to be CPA which in turn led me into my own accounting practice years later. Being an insider watching what others do and understanding finance, taxes and etc. has been extremely helpful. My downfall is related to not using that knowledge earlier in my life to forego a lot of needless spending and consumption. Had I done that, I would have been much further along. --207.172.xx.xxx




Best & Worse Decisions (by Robin [WI]) Posted on: Apr 20, 2018 7:23 PM
Message:

Worst decision: listening to DH and investing with a "good friend" of his who was a financial planner. When the market dropped 50% in 2008-2009, our investments dropped 65%. At least I had only agreed to let him invest half of our savings.

Best decision: choosing to walk away from a promising career to be a stay-at-home mom. No matter how my kids turn out, I know that I couldn't have done anything more to help them succeed. Money is worthless in comparison. --204.210.xxx.xxx




Best & Worse Decisions (by Livethedream [AZ]) Posted on: Apr 20, 2018 8:48 PM
Message:

I have two bests and a worst.

Best: Buying my beach house on what became one of the most expensive residential blocks in the world. And selling after 15 years with enough equity to never have to work again.

2nd best: Switching my apts to 62 plus senior living. Went from constant headaches to nearly hands off. And a tenant cooked us dinner tonight!

Worst: Trying to build an empire in the desert. Epic fail. But one we are in the process of correcting. Didn't fully realize we were moving into Methlandia until too late. I mean we've done ok, and I haven't had to shoot anybody, yet... but in retrospect I should of stayed in CA and kept flipping higher end houses. But between my mom getting sick, taxes taking half my income, traffic, crime, nutty CA laws. I wanted a more rural, quiet life. --47.216.xx.xxx




Best & Worse Decisions (by JB [OR]) Posted on: Apr 20, 2018 9:56 PM
Message:

@ 1Gr81/NC, just curious how your rental business cost you your first marriage (your first response above)...if it's not too personal?

@ Otis/IL, keep it up...your still on track. Nice work.

There seems to be a great disparity for sure: Either your marriage (or a previous marriage) was the worst choice you ever made...or your spouse may have been an inspiration and helper along the way. Luckily for me it was the latter.

Best decision: learning all I could about investing and real estate when I was young.

Worst: can't think of one. --50.45.xxx.xxx




Best & Worse Decisions (by Catfish Charlie [MI]) Posted on: Apr 21, 2018 5:33 AM
Message:

Worst Financial Decision: thinking my education gave me the ability to be a stock picker during the dot.com era. My naivety lead me into buying/selling options, shorting, and other things best left to Goldman Sachs. I lost probably $200K at a time when I was in my 30's, and needing to establish a foundation for our economic future

Best Financial Decision: besides the above, taking a good general approach of always living beneath our means and being savings oriented. That means both of us maxing out the 401Ks and having a couple of rentals. On the stock market front, I swallowed my pride and put investments into diversified funds (ETFs). I've spent the last 20 years sharing (especially with my kids) the story of my foolish arrogance, and explaining the power of compound interest with an analogy about a snowball at the top of the hill that you push and what it grow to immense proportions - emphasizing that consistent savings and investments paying 5-6% are all you need to become wealthy. --23.28.xx.xx




Best & Worse Decisions (by 1Gr81 [NC]) Posted on: Apr 21, 2018 7:19 AM
Message:

JB, As you can imagine, that very long conversation, with it's many nuances, would take many nights of darts and beers in a garage of a good friend, to unpack. Even longer to spend w the thoughts that stay with you, long past when the conversation is no longer appropriate. Trust me.

That being said, the short version....She hated the homes, they triggered her always present anxiety, she was a pathological liar, who regrettably was in charge of the Post office, books, and the deposits. She had this funny quirk of not telling me when a tenant had stopped paying....for months. So yeah...problems. I, in no way am blameless, but that conversation will need to be in your garage. :)

Side note...She didn't hate the homes enough not to take half of them on the way out. Good times. :/ --74.124.xxx.xxx




Best & Worse Decisions (by JB [OR]) Posted on: Apr 21, 2018 8:03 AM
Message:

1Gr81, that is amazing. You precisely described my brother's x-. Except for the earlier comment about her being beautiful (if you meant to say fat) I'd swear it was her. --50.45.xxx.xxx




Best & Worse Decisions (by Annie [IN]) Posted on: Apr 21, 2018 8:12 AM
Message:

Best decision - multi family housing.

worst decision - not getting into multi's when we first started out -- started with SF. --104.152.xx.xx




Best & Worse Decisions (by Busy [WI]) Posted on: Apr 21, 2018 9:48 AM
Message:

I noticed that some of the worst decisions are missed opportunities.

I'm turning that around: my best financial decision is I never buy lottery tickets, or help out a Nigerian prince on the internet.

Worst decision? Well, my philosophy is, there are no mistakes, just Learning Opportunities. So, if I learned something, its all good. (Sometimes the price of education is high *grins*) --208.54.xx.xxx




Best & Worse Decisions (by gevans [SC]) Posted on: Apr 21, 2018 5:35 PM
Message:

Best decision: marrying sweetie. 38 wonderful years together this week.

Oh, you meant financial...

Choosing the right spouse IS a financial decision. And one of the best I've ever made.

Best strictly financial decision: listening to my father's financial advice. It was very simple: 1. Give the first 10 percent to God. 2. Invest the second 10 in long term savings. 3. Live on LESS than the remaining 80 percent. 4. Never use credit for anything that loses value (car, vacation, furniture, etc.)

Worse financial decision: waiting until I was 21 to follow his advice. --98.122.x.xx




Best & Worse Decisions (by RockyMtnLL [CO]) Posted on: Apr 22, 2018 5:10 PM
Message:

Hmmm. Best was the very risky decision to promise an old lady that we could buy the tri-plex she bought for her dead son and have her back to Oregon by Christmas. We did that on December 19 - with no bank loans, no $$ and the knowledge of about 40 library books on how not to be broke. That led to me making about 20 phone calls to banks - whose loan officers were already on Christmas vacation, and so, all 20 said "no." Ended up putting the $45,000 triplex on a deck of credit cards (all with credit limits of around $1,500-$2,000) at a local bank. Added another $8,000 on credit cards to have a foundation poured beneath the building in the next 2 weeks. Closed on the tri-plex December 23, and then made an astonishing number of phone calls to bankers who laughed - yes, laughed - when I explained what I did. I continued to make calls, and finally got to speak to a bank president who listened patiently, believed in us, and agreed to loan on the tri-plex on the condition that I NEVER do that again. (This was back before cash-advance fees, by the way.) With a new foundation, the place was completely lend-able, and we made a lot of money on it.

Worst decision? Hmmm...I've learned from every mistake, but renting to family members comes to mind. And I did it multiple times, so I guess I'm a slow learner. The champion of those was an unemployed uncle who was old, bored, a complete demanding nuisance and fell in love with the 20-year-old tenant of ours next door to him. He was married and his wife was out of state. The student teacher took him for everything and somehow the entire family felt this was our fault. Yep, I definitely wouldn't do THAT again. --69.130.xxx.xxx




Best & Worse Decisions (by BRAD 20,000 [IN]) Posted on: Apr 22, 2018 8:35 PM
Message:

Roy,

Best: getting myself to Convention

Worst: waiting so long to go there.

Best: building like a crazy person on fire because Inhad a burn for FREEDOM!!!

Worst: letting years slip away, just piddling with the biz before I got the burn.

BRAD --68.50.xxx.xxx




Best & Worse Decisions (by Shelby [IA]) Posted on: Apr 23, 2018 9:17 AM
Message:

Well Iím not 40 but hubby is 53 so Iíll answer for him. WORST decision was not wanting another house payment so we stopped paying credit card to have the cash and still canít ďcatch upĒ talk about STUPID. But you live , you learn right? (We acquired unexpected properties too quickly).

BEST is doing what hubby can do himself. Now that Iíve hired out a few things (new doors, caulking while hubby was gone) I realize that labor is NOT cheap! Itís a rip off, especially the plumber that charged me a bunch for a really bad caulking job that hubs just had to fix! So glad he can roof houses, install showers, build decks and all that. --173.26.xx.xxx




Best & Worse Decisions (by Pmh [TX]) Posted on: Apr 23, 2018 1:49 PM
Message:

But Robin, didnít your investments recover ? that was a great buying time for me. --104.218.xxx.xx




Best & Worse Decisions (by Mickie [OH]) Posted on: Apr 23, 2018 7:26 PM
Message:

Best decision: investing in real estate

Worst decision: Waiting so long to start. If Iíd known what I know now in 2008/2009 I would have had a blast! --71.213.xx.xxx




Best & Worse Decisions (by Eddie [KY]) Posted on: Apr 24, 2018 10:36 AM
Message:

Best: marrying my wife

Worst:loaning a friend money (should have known better) --66.117.xxx.xx




Best & Worse Decisions (by Mike [PA]) Posted on: Apr 24, 2018 12:19 PM
Message:

Best decision was to become a landlord.

Worst decision was to become a landlord. --174.201.xx.xxx




Best & Worse Decisions (by Busy [WI]) Posted on: Apr 24, 2018 2:39 PM
Message:

Ain't that the truth, Mike (PA).

(My apologies for the grammar. It just seemed right.) --172.58.xxx.xxx



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