What's the biggest financial mistake you've ever made?

[steve5946]

The biggest financial mistake I've done is not trusting bitcoin at first, that made me miss the biggest opportunity that bitcoin has offered, I could have bought bitcoin when its still $1 in value and be able to build riches by now if only I have grab that opportunity.

However, I don't dwell so much on that because with bitcoin, there are no room for regrets. Everyday is a good opportunity to invest or DCA with bitcoin. Just invest on what you can afford to lose. Bitcoin is still a high-risk asset.

I agree with your point about DCA. Many investors spend too much time thinking about the Bitcoin they didn't buy years ago instead of focusing on the Bitcoin they can accumulate now. None of us can change the past, but we can make better decisions going forward.

[Jostern]

The biggest financial mistake I have made is by, Investing in a Ponzi scheme, and I was thinking that this would make me get richer, I’m mostly interested in something that can give me quick money back then, and I invested huge amount of money, first of all it was working out for me, but unfortunately I lost that money and I was depressed, it was a huge and terrible financial mistake, and i didn’t just invest my money in one of them, it was mostly like three(3) Ponzi scheme and everything is absolutely worthless and it was a very huge lost of money and lack of opportunities in this part of the World that we find ourselves.

[I_Anime]

The biggest financial mistake I've done is not trusting bitcoin at first, that made me miss the biggest opportunity that bitcoin has offered, I could have bought bitcoin when its still $1 in value and be able to build riches by now if only I have grab that opportunity.

However, I don't dwell so much on that because with bitcoin, there are no room for regrets. Everyday is a good opportunity to invest or DCA with bitcoin. Just invest on what you can afford to lose. Bitcoin is still a high-risk asset.

I agree with your point about DCA. Many investors spend too much time thinking about the Bitcoin they didn't buy years ago instead of focusing on the Bitcoin they can accumulate now. None of us can change the past, but we can make better decisions going forward.

Many bitcoiners wish they could turn the hands of time , because they didn’t invest early that’s why information and knowledge is one vital tool to wealth . The reason why couldn’t buy and hold bitcoin earlier when it was still around the 4 digits range was because had no knowledge about it and I was not ready to learn then I was only looking for means that will give me money at the moment. Not the one that will take much time before I will make something good which is buying and selling and I’ve learned from my mistake , funny how many will still make this same mistake again due to waiting for the price to drop down before buying .

[DYOR+BTC]

At times there are somethings we do claiming it is the best without knowing that could be the beginning of once downfall. Honestly speaking one of the worst experiences I had was going into farming without proper knowledge about it, I choosed farming as a option because I saw my friends and relatives making life profit from there without knowing there are series of steps i must take to come out successful on the process. But my greatest lesson is never to do something because others are doing it because i received the highest lesson of my life

[pusaka]

The biggest financial mistake I've done is not trusting bitcoin at first, that made me miss the biggest opportunity that bitcoin has offered, I could have bought bitcoin when its still $1 in value and be able to build riches by now if only I have grab that opportunity.

However, I don't dwell so much on that because with bitcoin, there are no room for regrets. Everyday is a good opportunity to invest or DCA with bitcoin. Just invest on what you can afford to lose. Bitcoin is still a high-risk asset.

It's interesting to talk about the beginning of bitcoin, and I don't think it was a financial mistake when we didn't believe in bitcoin when it was first introduced. Because it is a new concept that is introduced and how many people say it is a fraud scheme, and I think only a few people believe bitcoin will be at this point today with a very fantastic price.

But now that we already believe and invest in bitcoin, I think it's very good, because there are still many people who are not as lucky as us, and even they may still be very skeptical of bitcoin. The most important thing now is that we can already feel the benefits of bitcoin and become one of its holders even though it is not in a large amount.

[Wind_FURY]

What was the "trending business" that you started, and I'll ask you the same question as that fellow PLEB who started a "transportation business" which has also failed - Currently after your experience, would you say that HODLing Bitcoin is riskier than starting a business? OR is starting a new business riskier?

Plus if you merely bought Bitcoin during the time you started your trending business, how much more capital would have have today?

I never owned a business in my life, but my wife did. I mean I did help her, and my parents did help her, we were all involved, it was her business, but we helped her with packaging her products and like giving it to the shipping store and what not, so we did help her, it was not just her. But she did the products, which was jewellery basically, and she did the instagram account and she did the marketing on instagram/facebook and so forth, so it was her business.

I can say why it failed, or maybe I am wrong, but it was because no amount of marketing she did, she failed to sell, and while there are I am sure many people who does better marketing, I realized that we needed to stop, because marketing was spending more than the income, and for six months, she lost ten times more than what she earned, so we had to stop.

What year was that, how long did all of you try to keep the business alive, and how much was spent in the business to make the products/how much was spent to keep it running?

Pretend that you used all that money to buy and HODL Bitcoin, how much profit would you have today?

[o48o]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

Not taking care of my mental health pretty much messed up my road to financial independency. Because if i would have been healthier, it would mean i had a better financial situation when i started cryptos, so i wouldn't been in such a hurry to use majority of gains to living expenses. Majority of the bags that i had crashed, but i sold ETH for example in $14 per eth and in $200 per eth purely because i needed money.

Some of those sells really hurt at the time, but i got over them. Some of them paid out that i managed to sell early.

To me honest, i it's still hard for me to see early choices as mistakes, because i was only using tools had and i did a good work considering that. I would be way worse of financially choosing something i considered at the time, and i think that i made ton of right choices that i need to remember instead of kicking myself for wrong ones.

[Wind_FURY]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

Not taking care of my mental health pretty much messed up my road to financial independency. Because if i would have been healthier, it would mean i had a better financial situation when i started cryptos, so i wouldn't been in such a hurry to use majority of gains to living expenses. Majority of the bags that i had crashed, but i sold ETH for example in $14 per eth and in $200 per eth purely because i needed money.

Ser, I'm very curious how/why your mental health would have stopped you from selling your coins early if you truly needed to sell them for living expenses?

If a person is in a situation that makes him/her sell some of his/her investments for living expenses, then that person probably has over-invested in my opinion.

Some of those sells really hurt at the time, but i got over them. Some of them paid out that i managed to sell early.

To me honest, i it's still hard for me to see early choices as mistakes, because i was only using tools had and i did a good work considering that. I would be way worse of financially choosing something i considered at the time, and i think that i made ton of right choices that i need to remember instead of kicking myself for wrong ones.

There will always be opportunities, ser. Keep learning, saving.

 

[Cgrexp]

In my case, the most common financial mistake   is overspending. Whenever I go to the market, I spend more than I need. I love shopping but most of the time I buy unnecessary products like home decoration products which I don't really need but I buy them just because I like them. A few days ago I went to the market and there I saw a very beautiful glass bowl and I bought it even though I have many glass bowls in my house. I didn't need it but I can't stop myself from buying it. It happens many times that when I go to buy necessary things, if I like something which I don't need, I still buy it. And because of this problem, sometimes I   face minor financial problems but it is not a very serious problem. It is not that it creates a shortage on my basic needs, only later after buying I think that if I had saved the money instead of buying these unnecessary things, I would have saved a lot of money. But later I buy it again  when I like something.

[Cheema02]

In my case, the most common financial mistake   is overspending. Whenever I go to the market, I spend more than I need. I love shopping but most of the time I buy unnecessary products like home decoration products which I don't really need but I buy them just because I like them. A few days ago I went to the market and there I saw a very beautiful glass bowl and I bought it even though I have many glass bowls in my house. I didn't need it but I can't stop myself from buying it. It happens many times that when I go to buy necessary things, if I like something which I don't need, I still buy it. And because of this problem, sometimes I   face minor financial problems but it is not a very serious problem. It is not that it creates a shortage on my basic needs, only later after buying I think that if I had saved the money instead of buying these unnecessary things, I would have saved a lot of money. But later I buy it again  when I like something.

Many individuals have the same mentality and have same habits like when they saw tempting stuff they attracted towards it and this step leads them to impulse buying which is the main issues for mainly individuals. So we should recognized our habits and don't take it negative although we should labeled them as a positive habits. To buy a beautiful item from make as itself not bad but when it becomes the habit then main issues is created. And if we don't waste income on impulse in investing then we invest it for future business. For instance a glass bowl looking very catchy and you purchase it then it's not bad if the individuals don't have habits because new and attractive articles easily trape the humans. So if you mentally strong you ask yourself why I purchased that thing.

[Youngrebel]

Many individuals have the same mentality and have same habits like when they saw tempting stuff they attracted towards it and this step leads them to impulse buying which is the main issues for mainly individuals. So we should recognized our habits and don't take it negative although we should labeled them as a positive habits. To buy a beautiful item from make as itself not bad but when it becomes the habit then main issues is created. And if we don't waste income on impulse in investing then we invest it for future business. For instance a glass bowl looking very catchy and you purchase it then it's not bad if the individuals don't have habits because new and attractive articles easily trape the humans. So if you mentally strong you ask yourself why I purchased that thing.

You are actually talking about something real biut then I think it’s not really about checking habits as positive or negative but looking at it in a proper way and it is basically more about awareness and control for example a habit like buying something you like is not really bad bad on but then it only becomes a bad when you over do it and it overpowers your responsibilities and your priorities like making it hard for you to save so invest or making it hard for you to provide your basic needs.

[Ryu_Ar1]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I felt this for the first time a few years ago but I never sold my bitcoin because there are tons of people who still believe in bitcoin and I do the same.
The excessive fear of losing the money we have sometimes makes us not think logically and that I have also felt but fortunately my closest person (who introduced me to bitcoin) always reminds me that bearish and bullish conditions are normal in bitcoin so I just have to keep holding it.

The peak was when bitcoin reversed direction again at the halving and I was grateful when I didn't sell the assets I had because with that I now have a house from the bitcoin that I have collected since 2021.

Now I am used to the market when there are ups and downs so I am not too excited and want to sell when it is bullish and do not feel excessive panic when the market reverses. Because I know my purpose is in bitcoin and I still believe the increase will continue to occur.

[slapper]

In my case, the most common financial mistake   is overspending. Whenever I go to the market, I spend more than I need. I love shopping but most of the time I buy unnecessary products like home decoration products which I don't really need but I buy them just because I like them. A few days ago I went to the market and there I saw a very beautiful glass bowl and I bought it even though I have many glass bowls in my house. I didn't need it but I can't stop myself from buying it. It happens many times that when I go to buy necessary things, if I like something which I don't need, I still buy it. And because of this problem, sometimes I   face minor financial problems but it is not a very serious problem. It is not that it creates a shortage on my basic needs, only later after buying I think that if I had saved the money instead of buying these unnecessary things, I would have saved a lot of money. But later I buy it again  when I like something.

That glass bowl did not end up in your line of sight by accident. Retail Design is a science. Literal science. Some people make their livelihood out of discovering what products to put in the line of sight. What lights up glass, how to lay out a market to get people to walk around things they did not go there to look at before they go for things they did. Impulse purchases are the shopping experience. That is where margins come from.

I am not saying you have zero responsibility. The bowl was picked up by your hand and you paid for it, right? But when you realize that the world is set up against your self-control, that alters the context quite a bit. You no longer think "what is going on with me", you start to think "how do I go through a system that is set up to do exactly this?

You came here and openly wrote about it. Very few people realize their patterns, let alone express them like this. You described the exact cycle: see, want, buy, regret, repeat. That is more self-awareness than most personal finance advice assumes its audience has. Any way your basic is covered, you said that. Hold onto that. More than most people do and just because you are reflecting is half the battle to where you are trying to go with this.

[Youngrebel]

The biggest finincial mistake I have made is going into gambling without understanding how it works when I say gambling I mean to bet online with online apps. I asked a friend that faithful day how he makes his money and he said it’s form bet he gambles with a small amount and win big then I was so curious and to make money as easy as that for home then I asked got the name of the app I downloaded it check it when I saw big odds I was so excited and I did not ask him any further questions I deposited huge amount of money and picked all the whole big odds without having and understanding about football as at then I play and lost and when even I remember this it’s fully but am pained.

[JoyMarsha]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

Your type of mistake is the mistake many people in this crypto space have made in the early beginnings of investing in Bitcoin. They didn't have a strategy as you mentioned. They invested with a short term targets of making profits. The moment the market turned bearish, they had to sell out of fear of not believing that the market could make a price recovery.

My own mistake was investing in an altcoin as a newbie, more than I have done in Bitcoin. That annoys me each time I remember it because I miss the chance of changing my financial status for good

[passwordnow]

My own mistake was investing in an altcoin as a newbie, more than I have done in Bitcoin. That annoys me each time I remember it because I miss the chance of changing my financial status for good

Even I was no longer a newbie at that time, it was a huge financial mistake that I invested into some altcoins that lost me a lot of money. I always remember that so that it will remind me to be no longer a fool into investing into hype projects. If I've just spent that money on bitcoin, I should be sitting in good profits right now to be honest. Investing in the wrong assets are clearly the majority's mistake.

[Wind_FURY]

The biggest finincial mistake I have made is going into gambling without understanding how it works when I say gambling I mean to bet online with online apps. I asked a friend that faithful day how he makes his money and he said it’s form bet he gambles with a small amount and win big then I was so curious and to make money as easy as that for home then I asked got the name of the app I downloaded it check it when I saw big odds I was so excited and I did not ask him any further questions I deposited huge amount of money and picked all the whole big odds without having and understanding about football as at then I play and lost and when even I remember this it’s fully but am pained.

You want to "gamble" with your savings, and have a higher probability of to make your savings grow? BUY AND HODL Bitcoin.

Although Bitcoin could still crash lower from the current price, I believe it's a good time to start accumulating because it's already touching its 200-Weekly SMA line. It's the "BUY every DIP" phase of the cycle.

[TinkerWatson]

This is not a mistake; it is a matter of investment return.

[Somegory]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

Exit strategy is the biggest and most popular problem that people found themselves in with crypto investment, you are not the only one mate, many people are struggling with the same thing.

It's easy to say that you want to invest in crypto, to find bottoms in a bear Market is also that easy, because buying cheap is the goal, and holding through the highs turned into a drug addict kind of feeling immediately.

You won't know when to take the profit and some have already created a ATH target in mind, this will never happen and they will be stuck with worthless coins later, I've learned the hard way too and I've vowed to never have target in mind for anything, taking profits is the goal.

[Wind_FURY]

As for me, one of my biggest financial mistakes was not having an exit strategy. I bought Bitcoin during a bull market and watched my investment grow far beyond what I initially expected. Instead of taking some profits along the way, I kept holding because I believed the price would continue rising. Then the market turned. Bitcoin fell sharply, and fear took over. Rather than sticking to a plan, I sold after a major drop and locked in a significant loss. Months later, the market recovered and continued climbing, but I was already out.

I learned that investing without a clear strategy can be just as dangerous as not investing at all. Greed kept me from taking profits, and fear pushed me to sell at the wrong time.

Looking at how the market is dropping lately, it kind of reminded me of this.

What's the biggest financial mistake you've ever made, and what lesson did it teach you?

Exit strategy is the biggest and most popular problem that people found themselves in with crypto investment, you are not the only one mate, many people are struggling with the same thing.

"Crypto Investment".

 

If "Crypto Investment" doesn't mean Bitcoin, then you have a higher probability of losing all of your money.

It's easy to say that you want to invest in crypto, to find bottoms in a bear Market is also that easy, because buying cheap is the goal, and holding through the highs turned into a drug addict kind of feeling immediately.

That depends on the asset. It's easier if it's Bitcoin. Why?

Because it will continue to exist and grow for DECADES. Plus it's the Schelling Point.

You won't know when to take the profit and some have already created a ATH target in mind, this will never happen and they will be stuck with worthless coins later, I've learned the hard way too and I've vowed to never have target in mind for anything, taking profits is the goal.

But you know that all you need to do is HODL.