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

[terrific]

Believing to financial gurus and looking up to them as if they're the most successful people.
But look, a lot of them are truly broke and they're only good in saying tips on how to become financially free.
In real world, they're not financially free and that's how they make money in teaching people what to do with their finances.
Yet, they can't help themselves get out of being broke and that's why they have to hustle badly through these finance courses.

[UmerIdrees]

Buying bitcoin, there is always a plan and target. If you buy bitcoin during the bull market, it is either to participate in the bull season or to make a profit. If you have made a profit, it is important to take it; however, if you are buying bitcoin during the bull market to hodl and eventually the price of bitcoin falls, there is nothing to worry about because the long-term target is to hodl. The problem most investors normally have is they don’t really understand what they want when they buy bitcoin. If the intention is to hodl, then it is important for one to work towards that and have no distractions, even when the price of bitcoin falls. Buying bitcoin during a bull market to get some profit is very risky because at this point anything can happen. This is why, if you are planning to invest in bitcoin, it is better to just make up your mind and go for a long-term investment. If you consider investing for a short time to take profit, you may be disappointed.

Yeah, but the problem with most of the new bitcoin investors is that if the price of bitcoin starts to dump and reaches below their average buying price, they start to panic and maybe sell at a loss too.

While if you are an experienced investor, you should know that even if you buy bitcoin at the top of the bull season, it's only a matter of three to four years and you will see another all-time high. Therefore, it is ideal for a bitcoin investor to aim to hold bitcoin for at least 4 years to maximize returns.

[reagansimms]

What you are experiencing is a reflection of one of the most common psychological challenges in investing, which is letting greed and fear dictate decisions, instead of sticking to an objective strategy. Your goal in investing is to make a profit, so taking some profits when the market is rising allows you to secure your initial capital while still allowing the rest of your investment to grow. The goal of investing is not to gain sudden wealth, but to turn risk into real returns. If you never sell when your investment value grows beyond expectations, then the profits seen on the chart are only imaginary profits, and they can be lost when the market changes direction. That's why you need to use an exit strategy. I think your decision was not foolish, because there was nothing wrong with selling it. The mistake was selling in panic without a clear plan when the market was going down.

[steve5946]

There is one investment that basically I only invest 14 USD and I earn more than 1300 USD, and yes I do agree with you it seems the win is never end I keep going to go all in and I got stopped by the reality.

Lesson learned atleast holding bitcoin is enough because we already know from the past decades

Turning $14 into over $1,300 is an incredible return and would make anyone feel like the gains could keep going. That's one of the hardest psychological traps in investing. After a huge win, it becomes easy to believe that taking bigger risks will continue producing the same results, and at that moment, the thought of losing completely disappears until it eventually happens.

My biggest financial mistake was when I bought some altcoin in the past. I bought the altcoin with $15. Immediately after I bought the token, it started dropping, and my $15 turned into less than $7 within a week.i decided to keep holding it and not sell because I thought the token might even drop to $1, so I just forgot about it. After some months, I received a call from my friend. We had bought the token together, but he had already sold his. He told me that the token I had been complaining about had pumped seriously.I thought he was joking, so I did not bother to check it. After a week, I checked it and was surprised to see that the token had pumped massively. My $15 investment was worth around $300. Even then, I refused to sell because I was expecting more gains. I did not even sell a portion of the token.

A few days later, it dropped to $200, but I still did not care much because I was expecting it to rise again. I was also following the project on Telegram. To my surprise, within two weeks, my token pumped to $700. Once again, I refused to sell and promised myself that I would keep holding it.I even told my friend that I had already sold, but I was lying. Gradually, the token started dumping, yet I still held on. Eventually, I made the wrong decision and sold at $50.I still regret it today because if I had sold when it was worth $700 and used the money to buy Bitcoin or a better altcoin.but it save as lessons to me not to be too greedy.

I think it's important to have a profit-taking strategy. Even selling a small portion at different price levels will help any investor locked in gains while still allowing them to benefit if the token continues higher.

[Wind_FURY]

[ ]Believing to financial gurus[/b] and looking up to them as if they're the most successful people.
But look, a lot of them are truly broke and they're only good in saying tips on how to become financially free.
In real world, they're not financially free and that's how they make money in teaching people what to do with their finances.

Yet, they can't help themselves get out of being broke and that's why they have to hustle badly through these finance courses.

ESPECIALLY those gurus who sell you an "investment course" or those who sell you a "trading book". They're not making their money from trading, from their investments. They're making their money from the STUPIDITY of the PLEBS like US.

Those social media "gurus" make money from the attention of their followers. BLOCK THEM.

[HONDACD125]

Believing to financial gurus and looking up to them as if they're the most successful people.
But look, a lot of them are truly broke and they're only good in saying tips on how to become financially free.
In real world, they're not financially free and that's how they make money in teaching people what to do with their finances.
Yet, they can't help themselves get out of being broke and that's why they have to hustle badly through these finance courses.

This reminded me of a video on YouTube that had the title "How to get 1 million views in 3 days" and the video was posted about 6 months ago and only had a few hundred views itself, lol.

This example matches exactly what you just said about the so-called gurus and experts who try to teach other people about how to become financially stable. It's just like a motivational speaker who motivates others about what they can or should do to become financially independent, but they weren't financially stable themselves when they started to do this full-time, and they became financially stable only by motivating others and not by doing what they tell others to do.

So, it's true that we shouldn't look up to others to listen to what they say about how we can become financially stable or achieve great things in life, but we should observe ourselves, our abilities and skills, and work on doing things that others didn't do if we know we can do it. That's the only way to achieve success.

[Webetcoins]

What you are experiencing is a reflection of one of the most common psychological challenges in investing, which is letting greed and fear dictate decisions, instead of sticking to an objective strategy. Your goal in investing is to make a profit, so taking some profits when the market is rising allows you to secure your initial capital while still allowing the rest of your investment to grow. The goal of investing is not to gain sudden wealth, but to turn risk into real returns. If you never sell when your investment value grows beyond expectations, then the profits seen on the chart are only imaginary profits, and they can be lost when the market changes direction. That's why you need to use an exit strategy. I think your decision was not foolish, because there was nothing wrong with selling it. The mistake was selling in panic without a clear plan when the market was going down.

This is true and it happens to almost everyone. You let your emotions dictate where you should go next and what you should do next. Fear and greed are the two most common emotions in financial world, while others also do matter as well, it is not a bad idea at all.

I feel like the best method that we can move forward with would be allowing us to have something that would be a lot better on the long run. And while this will not be easy, it is definitely possible to overcome emotions and be better.

[henmark]

Believing to financial gurus and looking up to them as if they're the most successful people.

Isn't they? But only to those who are legit ones. They are successful on each of their niche's. But before they get there, they can experience a lot of struggles too and this is what they will taught to us, for us to possibly skip these.

But look, a lot of them are truly broke and they're only good in saying tips on how to become financially free.
In real world, they're not financially free and that's how they make money in teaching people what to do with their finances.
Yet, they can't help themselves get out of being broke and that's why they have to hustle badly through these finance courses.

Have you saw it? Where? I don't think so, the more those who are pretending, as that is a turn off to their viewers. Even if they aren't legit guru's on their own niche's, they may still make money selling tips and tricks, so that still makes them to experience a financial freedom and more if they are using Bitcoin as their currency, as Bitcoin is decentralized . If there is something that can not help their selves to get out being broke, that would be the naive people that falls on their trap. I know there is a commitment, but it is not enough. Knowledge to research and verify stuff should also matter.

[Agbamoni]

This is quite an interesting topic to discuss. From here we will see the mistake others made while we learn from it. For me, the worst financial mistake I have made is to run into starting a trending business without employing someone who have the knowledge to teach me on how to manage it properly.

[AgriTrack]

The biggest financial mistake I have ever made is giving loan to someone who cant pay back. I regretted doing that after some month of not paying back. I learnt a big lesson and will never do such a thing like that again. Secondly I have invested heavily on some shitcoin when I was new to crypto, I thought I will make fortune from it, but little did I know it was just a waste of money. Now those money are now dust or rugpul. It has permanently disappear. I have learn many lessons and will never try them again.

Once I have faced serious Situation, an online platform of earnings displayed different profits packages and much more.  But they demanded certain amount for investment that's inspired me lot. After thinking few days I decided to make investment on it. I deposited huge amount on it but the promises and advertisement were fake. They blocked me after receiving money. That's hurt me a lot emotionally and I could not managed or handle my self well. But I got lessons that I should make every time research before investing in any project that's keep save from any fraud.
It took few months to become stable financially again, now I am also doing online work along with physical job . Because of that incident now investigation is my first tool of life. It is true that not all sites or advertisement of earnings are true. In this modern world there are modern ways of fraud are also circulating everywhere . So it is my advice to all of you that money is very precious thing, do not waste it by taking such foolish steps

[Don Pedro Dinero]

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

Probably buying a new car. It’s often one of the biggest financial mistakes people make. Although there are usually two: either buying a house that’s too expensive or a car that’s too expensive. If you add to that the fact that the car is new and 100% financed, it’s not just a mistake – it’s usually a disaster.

In my case, I financed it partially and paid it off in just over three years. What’s more, I’ve had it for a decade now and it hasn’t given me any trouble, so I’m going to keep it for as long as I can. Buying a new car isn’t such a bad option if you keep it for a long time.

[bubilas]

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?

I think that in this topic, many, if not all, can immediately write about Bitcoin, which should have been bought while it was worth $ 100, and then they will write about selling it on the hay. And all this with low-end purchases (16,000 and so on) . But no one knows where the price will go next because the market is also a big sea and we can only guess based on technical analysis what will happen next. For example, the price of crypto has skyrocketed now, but that's only because Iran and Trump said they would sign a deal. But these are just manipulations, and I think it's a fair decision to go short now.

[Wind_FURY]

This is quite an interesting topic to discuss. From here we will see the mistake others made while we learn from it. For me, the worst financial mistake I have made is to run into starting a trending business without employing someone who have the knowledge to teach me on how to manage it properly.

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?

[GoldBitcoin112]

Their are people who has made financial mistakes in the past , but they' don't still allow the situation to damage them all in time of thinking when I make a financial mistakes in past years I feel like the whole world is against me, but at the end of it , I realized that nothing can be compared to life , life is too precious to the extent that nothing can be measured as life , so if your asking this kinds of questions it sounds as if we are bringing the mistake back again, all the same many people will share their experiences, what it also teaches them too , because experience is said to be the best teach.
To me I lost a huge amount of money in a business but I never give up on the business I still move ahead to make sure that the future is well saved.

[SquallLeonhart]

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.

[savetheFORUM]

Their are people who has made financial mistakes in the past , but they' don't still allow the situation to damage them all in time of thinking when I make a financial mistakes in past years I feel like the whole world is against me, but at the end of it , I realized that nothing can be compared to life , life is too precious to the extent that nothing can be measured as life , so if your asking this kinds of questions it sounds as if we are bringing the mistake back again, all the same many people will share their experiences, what it also teaches them too , because experience is said to be the best teach.
To me I lost a huge amount of money in a business but I never give up on the business I still move ahead to make sure that the future is well saved.

That is a good mindset and all should learn from that. Even in our daily life, there should still be a thing ( a negative one ) that may seem be a summon in order to ruin our whole day. But that can happen for real if we will also think it like that and let our emotions to carry us.

Comparing on the other hand seems another category already but if we use what we said earlier as an example, then that is where comparing can be a good thing too. It acts as a motivating tool for one to improve like the other. It is nice that we can have a thread like this where one shares their experience, as we can learn on their experience if we think we haven't gone yet on those places that they already have gone through. Now that proves once again that experience is really the best teacher .

[abhiseshakana]

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

Probably buying a new car. It’s often one of the biggest financial mistakes people make. Although there are usually two: either buying a house that’s too expensive or a car that’s too expensive. If you add to that the fact that the car is new and 100% financed, it’s not just a mistake – it’s usually a disaster.

In my case, I financed it partially and paid it off in just over three years. What’s more, I’ve had it for a decade now and it hasn’t given me any trouble, so I’m going to keep it for as long as I can. Buying a new car isn’t such a bad option if you keep it for a long time.

I also bought a new car on first month of marriage, When i bought  those car, my financial position & my wife's had no debt, still don't have emergency fund , still renting house. We decide to take loan with 24 months installment. Until now we still use those cars, and it still in good conditions. Thank Gof we finished  installment without drama. 10 years after that and after taking financial planner course, i just undesrstand that i took wrong financial decision at that time by buying a car.

But my biggest financial mistake i made was not discussing dinancial thing with my wife before marriage clearly. At that time we only talk about our financial condition, such as no debt, our monthly income, our saving and our asset. We didn't discuss about our financial habit. My wife with her business background actually very brave to take risk and can not see money sitting idle in our account, she always invested in her business, it is very different with me. This difference make us on constant argument in the early marriage.

[Botnake]

For me, the biggest financial mistake that anyone can be made with bitcoin is buying it from the amount you can't afford to lose, and not buying it when there is a perfect market entry for bitcoin. The rest just fall on the wrong investment strategy, not having an exit is one of it.

Well as for me, the biggest financial mistake is buying meme coins because I once thought their future will be brighter than bitcoin. I even take a loan for that, and regret it until now. But still thankful because I have bitcoin now, as no other crypto coins  can beat bitcoin for now.

[Asuspawer09]

Probably not having enough liquidity, for years in investing I learn a lot when it comes to being safe in the market, most of the time we just easily get carried away by the hype of the market and end up putting everything it get FOMO hard without even thinking of having the safety net, in years of investing I learn how important it is to be safe in the market and have a solid financial foundation first before even starting to invest into the risk stuff like cryptocurrency, I earn a good amount investing when I was just getting started in crypto but I didnt realize saving, and having the foundation first was a huge thing.

Now, Im starting to build my financial foundation again, and hold back on cryptocurrency limit my buys to a low amount but still consistent, because if I have a good financial foundation it is going to be easy to invest long term because you know that you just doesn't need to sell anything in case of emergency because I already investing into that in case something happened.

[Natalim]

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.