What Is The Largest Amount You Have Lost Trying to Make More Money?

amazonaddict on 08/08/2020 - 16:19
Last edited 29/11/2022 - 13:18 by 1 other user

I bet quite a few folks here must have lost a bit of money trying to make more of it. Still we all keep trying and never give up. With that good spirit I wanted to share my losses.

2012- Stock market $1000
2017 - Primary House (If I sell it now, I am looking at $200,000 in loses, so not planning to sell for next 10 yrs)
2018 - Alt coins: $600 ( Sold my eth and bought those stuff)
2020 - Off the plan Investment property that was signed in 2015 completed just before Corona, It is empty now ( Could not find anyone with good rental history. So far I have paid $5800 in interest. :).

I don’t care about these failures as long as I can feed my family. I just keep trying. :)

What about you guys?

Financial

Comments

    • [Deactivated] on 12/08/2020 - 16:44

      The peak was well over $14, almost $19 actually.

      Also, don't hold BBOZ, volatility will kill you in the long run. For example, if the market goes up 15% and then down 15%, you will be in the red.

      Edit: This isn't financial advice.

      • PurchaseAnxiety on 12/08/2020 - 16:53

        Huh, I obviously wasn't paying attention on the couple of days I could've sold for a gain (or I thought it would keep trending up, can't remember).

        And yeah, I don't plan on investing any more into BBOZ or similar. Like I said, I bought into the hype and learnt my lesson. Luckily it was a relatively cheap lesson.

    • amazonaddict on 12/08/2020 - 17:17
      +1

      I hired a movers at an hourly rate of $140/hr (including GST & Insurance). They sent me two students. Those folks purposely dragged the loading for 1.5hrs (only 5 items), drove 75 kms for 2 hours, and then unloaded within 20 mins as it was getting dark. Then charged me $639 themselves as they already had my card pre authorised. I am still trying to get my money back. Can't compare with your $5000 though.

      • PurchaseAnxiety on 12/08/2020 - 19:11
        +2

        Yeah it is a rort, especially when they pull the "travel time to and from the depot" crap. It's like a cab putting the meter on before they've picked you up.

  • squall3031 on 12/08/2020 - 18:57

    $50,000 for playing penny stocks since 5-6 years ago.
    I haven't sold them all as there's hope for all of them….i hope….
    But most losses were due to shares consolidation and my parcel got smaller and smaller because of that.

    • cloudy on 17/08/2020 - 22:13
      +1

      Share consolidation (Or splits for that matter) does not cause you to lose money (Or gain money).

      For you to say that tells me you probably didn’t learn much from your $50,000 loss

  • Hangryuman on 13/08/2020 - 07:42

    last century I was on my way to Europe to meet my girlfriend who'd travelled there ahead of me while I was still at work

    I was bringing a heap of cash including for my girlfriend - enough for a year's travel in Europe - I think a six digit number in 1982

    ripped off big time by confidence tricksters in Singapore - 'double your money fast' - I wasn't wanting it for myself, just thought it would be nice to be able to bring my girlfriend more cash for her to travel

    I grew up going to Sunday School - and was young and naive

    lost it all - had to ring my sister to wire me the cash for an airfare back to Australia

    that was my biggest lesson about get-rich-quick - it won't be me - it'll be the other guy !

    • amazonaddict on 13/08/2020 - 16:45

      Damn, glad you pulled yourself up together in a foreign land with no mental support. I can't imaging that happening to me. What kind of scam is it? When I went to Singapore in 2006, I loved the place but hated the sales men, so pushy and rude.

  • Trioboy on 13/08/2020 - 10:06
    +1
    1. Not sure if it was a loss, but my Mortgage Broker discouraged me from buying an investment property in Blacktown LGA back in 2012. The Properties were around 300-350K back then.
    2. Sold my Toyota Supra for just 11K back in 2011-2012 (prices have skyrocketed now).
    3. Bought a Jeep Cherokee back in 2011.
    • amazonaddict on 13/08/2020 - 17:12

      Hmmm.. I also missed such opportunity because my uncle was completely against buying in west. He wanted me to buy in Pennant Hills which was about $750K back in 2012. I could not afford a loan for that so I waited. :-/

  • echelon6 on 13/08/2020 - 11:30

    paper loss? maybe 1m+ from covid at around March

    back to square more or less now

    also loss about 400k paper after 2017 property peak

    i care more about cashflow now than asset value

    • amazonaddict on 13/08/2020 - 17:12

      I bet you live in a 6 bedroom house in Strathfield. :)

      • echelon6 on 14/08/2020 - 11:06
        +1

        chaswoo

  • Kamsi on 13/08/2020 - 11:41

    Who like to talk about their losses, guess there is many. Here my losses $5000 and a friend. $3900 on business that were never going live. A lesson learned from this losses.

  • [Deactivated] on 13/08/2020 - 13:17

    How much money do you need to get to win the money game?

  • timps on 13/08/2020 - 16:12

    Dude, it really sounds like you should let someone else make your financial decisions from now on.

    • amazonaddict on 13/08/2020 - 17:13

      Nah, I am bit wise now. Would not make such mistakes again. :)

  • FareEvader on 13/08/2020 - 21:11

    The only time I've lost money trying to make money is gambling. Yes, I should have known better…

    All up (casino, punting and other bets), I'm down ~ $1,500. Yes, it hurts but I've accepted my losses and won't be trying to win it back.

  • Jimothy Wongingtons on 14/08/2020 - 20:10

    Threw a fotnights pay at PRPL..cept bought at ATH. Feels bad.

    Also threw a fotnights pay at bitcoin cash at the ATH.. Feels bad.

    Its not a loss till you sell, right? :(

  • beesider on 18/08/2020 - 00:24

    Lost 150 000 AUD on the stock market. Bought at the peak right before Covid hit, sold at the bottom, then market started recovering, bought again, then it crashed again, sold at the bottom again. Never invested in the stock market before so made all the basic mistakes. I knew I'd never afford a house in Sydney anyway so makes no sense to save, hence went on gambling.

    One thing I regret of is that for the last 5 years I lived a frugal life instead of just splashing this money on travelling, fancy car, MacBook etc. This taught me a lesson to spend more and not count every penny. I can't save money anyway.

    • SF3 on 18/08/2020 - 09:34
      +3

      last 5 years I lived a frugal life

      I reckon you did the right thing there, but somehow got caught with the wave FOMO "easy" money… To me, your "defensive" approach of saving, etc… actually worked otherwise how did you manage to have gotten to a $150K milestone. The quick way seem to have failed for you. Yes we see all the winners in the stockmarket, etc… but I'll say they are the lucky ones (probably subsidised by the $$$ you lost) :-(.

    • nightqueen on 18/08/2020 - 12:55
      +2

      I recommend slowly dollar cost average into a passive index fund. Put in 5% parcels at a time each month to minimise the 'timing risk'.

      • beesider on 18/08/2020 - 20:13

        Thanks but now I'm just on a spending spree. For my whole life I've been against taking up any debt but now I've changed my mind. When money just sits idle it provokes me to do something stupid with it. I lended money to friends and never got it back, exchanged money to USD at the worst rate possible, etc. I wish I just took out loans and payed something back like a nice BMW car etc. I would've lost less on interest than I've already lost due to my financial illiteratecy.

        • nightqueen on 20/08/2020 - 15:43
          +2

          In that case, buying your own owner occupier house/family house is a good idea. You can take up 'good debt', enjoy living in your own place for 'self consumption' and if the house in a location with growth driver can appreciate in value over the years. Any inflation in the future will also reduce the size of your loan. When you live in your own house, there is no sign at the front that tells you the day to day price movements like shares.

    • Miata9 on 18/08/2020 - 22:51

      Don't take it so hard. I transfered my super from balanced to cash when the markets were at bottom this year, then it bounced back while I had to take the loss. Although the loss was only 2 grand but still was an unwise decision

    • amazonaddict on 18/08/2020 - 22:59
      +3

      You lost $150K and your mind is cooking up stories for you. And, that's what lead to depression and stuff. Don't let the bloody mind come up with stories mate. I am telling from my personal experience.

      You know what?, we all will make that money back. This $150K will be nothing in 20 years time. As someone said earlier in this thread, just don't give up investing in relationships. That's the real one to look for. And that's what I am doing. :)

  • Miata9 on 18/08/2020 - 22:48
    +1

    Lost $6k just a week ago in day trading silver. Market crush 20% hit my stop loss and closed my position. Now its back to high value again, well.

    Decided to quit and cut my loss.

  • thatonethere on 22/08/2020 - 17:23

    $20k on agribusiness investment Timbercorp… :(

    Got a little back on the liquidation but not much.

  • TheG1000 on 30/08/2020 - 09:08

    Overall share losses from Covid: 280k
    Dick Smith shares 2 weeks before they went bust: 8k
    Brexit vote losses: 12k
    Crypto trading: 6k (wasn't my thing)
    Almost buying commercial property: costs 4k

    Children: limitless losses - if I have enough, one might become a billionaire right?

    End result: I'm semi-retired (saves money on childcare 😂 as you can't expect the SO to handle them all)

  • [Deactivated] on 17/09/2020 - 15:25

    Thousands in buying unused goodscough

    I use to buy/sell eBay, 5k lost when my Chinese wholesaler disappeared.

    It really depends, 5k to me at the time was alot but some people earn 150k a year so it's much less.

    Definitely lost a few thousands between eBay, PayPal, Gumtree scams when I was younger aka mobile phone off Gumtree etc

    20k on 370Z from Melbourne, was a repairable write off and my Credit Union said they'd do the Revs check and failed to mention it.

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