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Whats been your biggest financial blunder
bigfreddiel
Posts: 4,263 Forumite
What's your biggest financial blunder been?
Was it a result of advice from a professional, bank, friend?
Just a fun survey that may teach us all about things to be wary of in that financial jungle out there full of predators and the like
fj
Was it a result of advice from a professional, bank, friend?
Just a fun survey that may teach us all about things to be wary of in that financial jungle out there full of predators and the like
fj
0
Comments
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Buying split capital shares just before 2007.
Not advised by anyone, totally my decision so I can't blame anyone else for being a predator.
Sorry it wasn't a bad IFA story
Remember the saying: if it looks too good to be true it almost certainly is.0 -
Buying a new car. I did get about 6k knocked off it but the depreciation was still a killer.0
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With a hindsight and not really that much of a financial blunder was not to set up a pension scheme few years so I can take advantage of more tax credits. Ah well, at least I finally got around to it!
Cheers,
Joe0 -
Not switching on to value, investment and proper financial management 20 years ago.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0
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Buying a £6000 pep in Morgen Grenfell Euro fund many years ago when every newspaper under the sun were recommending it as star performer. Value went up nicely, then bombed when the manager was found to have fictitious trades on his books. Fund was wound up, renamed, never got back to original levels, I eventually sold out at 20% loss. Scandal was so big the fund house was taken over, I think by Deutsche? fund house name disappeared into oblivion, and the manager eventually turned up in court years later in women's clothes with a nervous breakdown defence!!
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Not selling HBOS shares after ploughing years of bonuses in to them!0
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Not getting into shares much earlier. For too long I was happy with cash; even during the heady pre-collapse days of 5% and more interest on cash savings, I should have been much deeper into the stock market.0
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not divesting appropriately from my very lucrative tech company share scheme in the 90's - did quite well out of it, but managed with today's knoweldge would have done so much betterI think I saw you in an ice cream parlour
Drinking milk shakes, cold and long
Smiling and waving and looking so fine0 -
The old classic of buying high, selling low.
The most recent example was buying JPM Natural Resources fund for my SIPP at the top of the market a year or so ago. Currently 33% down. :eek:
I've not sold so technically not lost anything however expect to wait a long time for recovery.
Jabba0
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