Plenty of people on Ozbargin and im sure a number of you guys are investors, gamblers etc
So weather it be great moments of financial success or failure examples FOREX, Shares, Managed funds, robbing a bank, a loop hole in the tax system, won the lotto i want to hear to stories and more importantly if you learnt anything from it things you did well and things you'd never do again…
I'm too poor to buy, so I actually rent my women…
Ah but they speak highly of you.
You would get maximum value in the medium term, short term is way too expensive, long term will cost you half of your assets
A bad women the greatest expense of all!
Buying a metro house in a great area before prices went up. For the record, prices were already high at the time with warnings that the bubble would burst. Our home has at least doubled in value.
Choosing the right partner, with compatible values and motivation
Learning what happens in retrenchment. It sounds scary, but I heard that a collegue was holding out for it rather than be forced into another job. She walked away with a lot of money. I followed in her footsteps a few months later. Got a significant payout. Sure being unemployed was scary and it took a while to get a job - but that payout for a younger person can set you up significantly in your other asset/debt goals.
I also learned a lot about salary negotiation, as that 2 minute conversation adds up to thousands. You need to plan for it and get it right. Ramit Sethi is a great resource.
Work in an office? Have a general knowledge of Excel, Photoshop and HTML/CSS. You don't need to be an expert - you just need to know enough about how to make a slight edit. By knowing this info you can be much more efficient, while understanding the possibilities and limitations of tasks. This will allow you to complete a task in 15 mins, rather than having to wait 2 hours for someone's help.
Ride a bike or a motorcycle instead of a car. It's fun. It's very cheap. It's faster.
I attended some wealth seminars. This gave me a good understanding of the 'options' available. I would recommend that you listen to these people, but don't sign up to their courses - go elsewhere to put it into practice. The price of financial security is eternal vigilance. I paid for a few courses. I eventually learned that naive people can't beat the market. I was up a lot of money one day - the next day I lost it all and more.
European cars. They are expensive to maintain. Stick to a Toyota.
Don't agree or forget about the small things after you have a big win. Often you are elated at winning something. This euphoria can be taken advantage of by people asking for smaller items. Keep your emotions in check. This point is also linked to negotiation. Get a higher offer? Don't just agree - you also want the other things too.
I almost lost money in a non-bank deposit offering. They were advertising high interest rates. Fortunately my deposit matured and my money came out. A few months later the whole thing collapsed. It made me wary of chasing an extra few % for increased risk.
Don't accept work from people who talk down to their employees. They will penny and dime you all the time. Then they will abuse you and stress you out. Life is too short.
Great post.
100% agree i listened to a bunch of experts on beating the market i've made and lost a killing on the share market but this year in particular has been bad decided im done stocks going to just stick with property and holding money in an offset account from here on in.
My gut tells me that the share market will go ok in the next few years. Mainly because everyone's talking about property and not about shares. Go the Contrarian.
Biggest win. Property
Biggest loss. Woman
Lessons
Buy low and sell high.
Watch out for Gold diggers