I wrote last month about my bad decisions I’ve made investing, and the more I think about it, the more I have. So let’s pick up where I left off:
7. “Investing in Life Insurance” is officially a bad decision. I’ve basically had a savings account with my Universal Life Policy for the past 5 years that I’m CERTAIN could have turned better than 0% over 5 years. I’m working on canceling the policy and taking the $ out and putting it towards a different investment, more on this to come later…
8. My Edward Jones ROTH IRA has been taking a few extra $ from me by sticking me in “B” shares – I’ve turned off the juice to that account since then. I was just trying to get BACK in the ROTH IRA game after bad investing decision #4 (undercutting my ROTH by taking a loan).
9. I don’t know if ‘d call this a bad decision necessarily, but in the realm of my blog, spending $12,000+ on a month long trip to Australia for my wife and I probably wasn’t the best financial decision, but it was a lot of fun. I wouldn’t recommend it if you’re looking to save money; but we had a few extra $ when we sold our condo in 2005; which leads to bad investment decision #10.
10. Sold my condo after living in it for only 13 months. Capital gains ate up about $10,000 worth of $ I could have put in my pocket. It was small, and we had the second kid on the way so we needed more space, but really we could have stayed there for another year to maximize our profits.
11. Spent $1000-ish dollars on an invention I had in about 2002; I’ll tell you the name of the 2 companies I went through if you contact me. I don’t care to slander them publicly but if you’re truly interested, I’m more than willing to let you know. They’re easy to find, search google for “invention help” and you’re sure to see them both in the top 5. It’s funny, I had a paper route when I was 12 and I can still remember ads during the 4am paper route saying (verbatim, no kidding I still remember this): “…even if you only have an idea for improving an existing product, and don’t know where to go with it, you’ll want this FREE inventors kit. It shows you how your idea can be packaged and submitted to industry through a databank…” blah blah blah… bad idea.
Here is my one blurb on inventions (well, for now anyway). If you’ve got a good invention idea, BUILD it, make a prototype, write the schematics, do the work, put in the time, don’t tell anyone you can’t trust 100% (THIS INCLUDES THE ONLINE INVENTION “HELP” SITES). Blogging has been able to help out on that front this millenium. There are a few decent Inventor blogs out there nowadays, check out InventorSpot, NewScientist, or InventBlog.
I’m sure there’ll be follies on my way and I’ll be sure to post them here for everyone to take a gander at, but hopefully you don’t fall for the same… Fool me once, shame on me. Fool everyone else that I warned about the traps I’ve fallen in, well, shame on you… 🙂