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A Bigger Money Mistake

September 16th, 2006 at 07:18 am

I just remembered our biggest money mistake. Eh, give me time and maybe I will remember more. I Admit I am really good at pushing negative things out of my mind so I forget.

But I Was up with the baby at 3am and watching Suze Orman when her show reminded me.

Now I have to preface this with it wasn't "my" mistake - it was my hubby's. but well, we're a team and I could have told him hell no I guess - so I bear some responsibility.

Just out of college and saving a lot he decided to invest in the stock market. Well, he told me one day, "Don't worry - there is NO risk." I remember laughing in his face. We were both business majors in college - what is this no risk crap? - he should know better. My hubby is a very smart man, but don't ask me where his brain went in this idea.

So we invested maybe $10k. We watched it plummet to $5k pretty quickly and just left it in there in the hopes someday we would get some return. To our benefit we were in it for the long haul, not that day trading stuff. BUT even so, when stock plummets to nothing, most likely it will not bounce back in the least. IT was a BIG mistake.

On the plus side we lost it when we had more money than we knew what to do with and so I don't think I had too many sleepless nights over it. All the same it sucks to lose $5k like that. Today we could really use it! We had pretty much forgotten about it until recently and put the remainder towards a new car. IT was like found money so in the end I guess it worked out. IT was there when we needed it.

We still have $1200 in pepsi. IT was the only one that had done well, so we keep it for the long run. I buy enough pepsi I figure I need to own stock in it - LOL.

Overall I Think it was a good lesson to learn young.



1 Responses to “A Bigger Money Mistake”

  1. yummy64 Says:

    I'd call it a learning experience rather than a mistake. Dave Ramsey calls this "stupid tax" which I do find amusing. I think that's a neat name for it.

    BTW - I have the same t-shirt from the same lesson.

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