What is your largest loss in investing? Did you learn any lesson?
Thanks for sharing.
In the late 80's I got sucked into a pyramid scheme (where the top guy gets a cut from anyone under him/her and so on until you the last guy get someone under you, then you get a cut too). This cost me over $1000. to learn (a good chunk ofmoney then) that these things are not worth the paper that they are drawn up on. It cost me 3 personal friends, and also helped me to DO my "homework" better before I partook in any more investing. Now I invest little because of fear of recession.
When I first started investing for myself part time, around 99-00. I was doing some research on a stock and jumped into it, sounded good, till i realized it was a pump and dump...about 11000 lost made me sick that people could actually take advantage of others this way.
Thanks for sharing. I lost even more during 2008-2009 about 25k-30k maybe more. But I have recovered all, I learned:
1. Need to diversify your investment
2. Cut loose the loser. Don't double down if you don't like the investment idea anymore.
My largest lost was buying a house because when i bought it i was making good money and ten years later I lost the job and the next job did not pay as much and the note still had to be paid. The Morg. company did not want to work with me; so I did what I thought was right file bankrupcy. Wrong idea. 7 years later all was going well when I got laid off and this time the income went down again. Again no help from the morg. company so I had to let it go. Now what is so wrong to me is they were not willing to work with me they turned it back over to HUD who is selling the home in a few weeks for $4,000 that is $89,000 less than what they sold the house to me. So why not sell the house to me for this price and forgo the balance? No profit in that, so I will be buying my house back at the $4,000 price in two weeks, I wish I did not have to go through all the other mess to get to this
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