After I revealed some of my previous money mistakes, I noticed so did Hazzard and Madame X. Is it bad that I enjoyed reading them? So I’ve decided to hold a Reverse Carnival, where instead of submitting financial tips, everyone submits their own money screwups. Buy Enron at the peak? Bet your net worth on black and lost? Let’s share in the misery. Non-bloggers welcome, just submit them here by next Tuesday. Spread the word – money bloggers reveal bonehead moments!
Reverse Carnival – Submit Your Money Mistakes!
Posted on February 7, 2006 // 10 Comments
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ooh good idea.
I’ve half-written like a few mistakes already.. I’ll be sure to submit one by next week.
I think I can keep ’em coming too.
Great, we all need a Carnival of Schadenfreude!
OK, here’s my worst. I almost didn’t put my name on this post 😛
It’s 1999. I just started my first real job in my career. I don’t know crap about money or investing, but friends are making bookoo $$ in the “different this time” stock market, and I finally have some dough saved up so I want in. “Just get some mutual funds,” they say. “It’s easy.”
Not knowing squat about mutual funds, for further advice I go to (dunce cap velcroed on for this one) my bank.
Arrgh!
Wachovia Securities is more than happy to bend me – er – help me get started in my investing career. It so happens that their “advisor” sells a lot of funds to folks my age from the Evergreen “family” of funds. All with friendly 2%+ ER’s, 1% 12b-1 fees, and 5% back end load. And $50 automatic investment were set up from my savings each month (which I would later find out made calculating my cost basis even more fun!)
I remember the rep’s pitch that “I even have one client who’s told me she’s chosing to finance her car longer just so she can keep more money in these funds, because it’s worth it!”
At least it’s some consolation that I didn’t sell during the lowest part of the bursted bubble.
After giving myself a very needed crash-course in investing just last year, I finally sold these funds after the very day after the six-year anniversary to avoid the load (which really accomplish much in retrospect because of the 12b-1 negated the 1% decrease in load each year).
At least I’ll have a loss to deduct for a couple of years…
OH THE SHAME!
“OH THE SHAME!”
“I think I can keep ’em coming too.”
You guys crack me up, LOL…
I started a brief series about all the mistakes I made in my homebuying process… I sent you what I think was the biggest error.
Crap, that’s what I get for not reading the instructions the whole way through… Just copy/pasted to the page where I was supposed to submit it, sorry.
No worries =)
I’m assuming you’ve got what you need to include mine? 🙂
Thanks Jonathon!!
Hazzard
Hi Jonathan:
Here are my money mistakes:
http://www.canadiancapitalist.com/2006/02/09/my-money-mistakes
Did you get mine? I thought it was going up today?