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What would you say the best financial decision you ever made was?
Posted on 7/13/17 at 12:40 am
Posted on 7/13/17 at 12:40 am
I'd prefer to leave specific individual stock picks and wives out of this.
Prenupts acceptable.
I'd say mine was was my rent house. Has paid both mortgages when tough times hit and been an easily manageable asset that pays for itself (knock on wood).
I'm hunting another one.
I'm curious what moves you guys have made that are theoretically capable of duplication.
Prenupts acceptable.
I'd say mine was was my rent house. Has paid both mortgages when tough times hit and been an easily manageable asset that pays for itself (knock on wood).
I'm hunting another one.
I'm curious what moves you guys have made that are theoretically capable of duplication.
32
Posted on 7/13/17 at 1:29 am to Slevin7
I was halfway through college earning my engineering degree when 9-11 happened. I decided I wanted to go lifetime military infantry. Hated my next two years of ChE when I knew I'd never use it again... but stuck it out. Paid off greatly when I left the military a few years later... so I'd say get an actual meaningful degree even if you hate the subject. I still rarely use the learnings from the degree but just having that degree has opened many doors and gives me tremendous credibility in the company.
Posted on 7/13/17 at 3:24 am to C
Buying a house and paying off a 30 year mortgage way early...its easy if you don't buy all the stuff that you really don't need....
Posted on 7/13/17 at 5:23 am to Slevin7
I know you said to leave wives out of this but I broke up with my shopping addicted girlfriend from college and married a girl in my medical school class who was/is more frugal than me.
First girl had no desire to work outside the home and current one is (like me) a high income earner.
25 years of marriage x that value= profit.
First girl had no desire to work outside the home and current one is (like me) a high income earner.
25 years of marriage x that value= profit.
Posted on 7/13/17 at 6:47 am to Slevin7
Best decision: Buying a condo in 2002 with 5% down. I still have it, with a 3.25% note. The interest rate deduction makes this basically free money.
Worst decision: In 1992 I came very close to buying a substantial amount of AOL stock but got cold feet.
Worst decision: In 1992 I came very close to buying a substantial amount of AOL stock but got cold feet.
Posted on 7/13/17 at 7:08 am to foshizzle
quote:
Worst decision: In 1992 I came very close to buying a substantial amount of AOL stock but got cold feet.
I have the same story...every time I was ready to buy, the price doubled again and I got cold feet
ETA: exact same situation on Bitcoin a few years back...opened an account got ready to buy, price doubled and got cold feet...was trading at less than $100
This post was edited on 7/13/17 at 7:11 am
Posted on 7/13/17 at 7:32 am to Slevin7
Moving to Nashville. Built house here for 168k in 2003, sold it for 260k in 2008. We owed 150ish and walked with 100k despite the downturn. Light went off that if our market could shake this off, odds were it could shake off anything. Immediately got my real estate license. Haven't looked back since.
Posted on 7/13/17 at 7:50 am to ItNeverRains
Getting into the Airbnb game in New Orleans. Warehouse condo is grossing 100k+ A year in rentals. Probably walk away with 50k- 60k/year after operating cost and taxes. Just hoping NOLA crime dosent frick it up.
This post was edited on 7/13/17 at 7:51 am
Posted on 7/13/17 at 7:56 am to Slevin7
I'm a simpleton:
Getting out of significant personal debt.
Once done, staying out of that debt.
Having a no debt lifestyle of consequence.
To sum it up...Learning from some pretty dumb financial decisions
Getting out of significant personal debt.
Once done, staying out of that debt.
Having a no debt lifestyle of consequence.
To sum it up...Learning from some pretty dumb financial decisions
Posted on 7/13/17 at 8:10 am to wfallstiger
Up to this point, changing jobs allowed significant financial benefits.
Posted on 7/13/17 at 8:40 am to Slevin7
quote:I started buying stocks when I was in my mid 20's.
What would you say the best financial decision you ever made was?
Posted on 7/13/17 at 8:58 am to Slevin7
(no message)
This post was edited on 4/11/21 at 9:53 am
Posted on 7/13/17 at 9:00 am to wfallstiger
quote:
Learning from some pretty dumb financial decisions
Learning from mistakes is paramount. Not buying stuff that you really don't need.
Best decision(s) though-all real estate.
1. Bought a live-in fixer upper house in 2005. Bought for 60k, invested a ton of sweat equity and $8,000 cash. Sold for $112,500 two years later.
2. Rented out our 2nd house (the one I'm currently whining about the closing of in the other thread) instead of selling at a loss. Friends and neighbors all around were writing $10,000 checks just to move. We rented ours out, let the market recover, built a little more equity, and once this current headache is worked out, we'll walk away with some cash.
3. Being very careful and thoughtful about choosing the location, size of house, materials, and total budget of the house we built that we currently live in. We didn't splurge on a bunch of extra details that we could add relatively easily as the years go on. We kept the price per square foot to 117 three years ago, land and all. At re-fi last year, appraisal came back at 145/ft.
Posted on 7/13/17 at 9:28 am to Slevin7
1) Taking a job with a lower starting salary than other offers that had much higher future earning potential. Started out making about 2/3rds of what I was worth at 22. Now at 25, I'm making about 150% more than when I started.
2) Buying a condo when I did. Saved about $100-200 per month on what my rent would've been elsewhere and ended up selling for a 25% profit. Basically lived for free the last three years (including taxes, insurance, utilities, etc.).
3) Going to Alabama on a full ride instead of going to Tulane on a 50% scholarship.
2) Buying a condo when I did. Saved about $100-200 per month on what my rent would've been elsewhere and ended up selling for a 25% profit. Basically lived for free the last three years (including taxes, insurance, utilities, etc.).
3) Going to Alabama on a full ride instead of going to Tulane on a 50% scholarship.
Posted on 7/13/17 at 9:50 am to Slevin7
Side gig as an online ticket re-seller 10 years ago.
Posted on 7/13/17 at 10:00 am to Slevin7
Investing in myself through grad school. Has returned 2x in excess of what my alternative path would have been. And I am much happier. Money well invested
This post was edited on 7/13/17 at 10:00 am
Posted on 7/13/17 at 10:02 am to Vandyrone
Rent houses!
I have a key rack in my closet that holds eight keys. At some point in time it filled up. It was a visual for me that I had eight and needed another key rack. The number kind of crept up on me.
In hind sight, apartments or commercial may have been better. But I'm somewhat conservative.
And knew that when the economy tanked people still needed a place to live.
I have a key rack in my closet that holds eight keys. At some point in time it filled up. It was a visual for me that I had eight and needed another key rack. The number kind of crept up on me.
In hind sight, apartments or commercial may have been better. But I'm somewhat conservative.
And knew that when the economy tanked people still needed a place to live.
This post was edited on 7/13/17 at 10:10 am
Posted on 7/13/17 at 10:57 am to Slevin7
Choosing to work for a small team of private entrepreneurs instead of working for a big dumb corporation
I'll add that marrying a smart, driven girl with a great job enabled me to take the risk above.
I'll add that marrying a smart, driven girl with a great job enabled me to take the risk above.
This post was edited on 7/13/17 at 11:02 am
Posted on 7/13/17 at 11:09 am to Slevin7
Getting out from owning a small business with limited upside to pursue a graduate degree/professional career.
Followed closely by attending a very strong school despite moving my family three states and having cheaper options at home.
Followed closely by attending a very strong school despite moving my family three states and having cheaper options at home.
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