SG Budget Babe
Asked on 28 Apr 2020
It could be stocks, gambling, scams, your partner cheat your money and run away hahahahaha
A friend told me to put money with someone he knows and he said it could get back some returns, which he did for himself. So I put $1,000 but in the end, I only got back $500 which is my capital. I didn't get any returns.
Although my friend made a police report with a few others since he also lost his capital, till this date, I'm not sure if I can still believe this friend entirely.
A few lessons learned:
1) Don't be greedy
2) Always do your own due dilligence
3) Do proper investments
4) If one think this is such "good" lobang that involves other people's money, think twice on asking others to jump onboard. Because trust once broken, the seeds of doubt will be sown. Trust is a precious virtue!
$500 for a lesson.
Stock investments - for some reasons, most investments i have lose money in the short term.
but in the mid to long term, no problems.
bad debts- countless.
bad investment- a few too.
You have to take risks, don't skip all stuff because of a few bad apples :)
Hey Anon! I lost some money in stocks before. Basically, my hands were itchy and I wanted to try day trading in SGX. I managed to earn a couple of hundred bucks, sold my holdings and secured the profits by noon. I got greedy and went back in double, wanting to increase my profits for the day. In the end, the stock price dropped quite a lot and lost about a thousand dollars. Through this event, I realised my mistakes and learnt that -
1) Always put stop loss
2) Invest in fundamentally strong companies (long-term approach)
3) Don't be greedy or complacent
4) Only invest money that you can afford to lose and/or do not need in the short term
I guess it's part of the learning process and I won't be touching day trading anytime soon haha!
Some (few) total or almost total losses during the "internet bubble",
like Worldcom and Lucent. At that time I bought also different other mostly tech stocks, which i never sold, the real big ones, like Intel, Oracle and Akamai, so the total losses were compensated for well on the long run. When I would calculate the annual returns for these good ones, I would see probably that the returns are decent but not stellar.
My take home message: buy passive indexing stock market ETFs in the first place, because most probably they will be doing still better on the average (they factual "are" the average !) than any collection of single stocks. Good track records are just f.ex. demonstrated (but these are past returns!) by VT, VOO and IVV, or for the tech sectors: QQQ, VGT, SOXX, SKYY, FBT, XBI.
The other conclusion: stay ultra-longterm with these ETFs. Buy&Hold forever ...
Thus counterintuitively rather boring and simple, but successful.
Lost quite a bit on cryptocurrency. However, gained it all back overnight when a gamble paid off. Never again, it's complete gambling due to the huge players and shady stuff going on.
Paid for a cryptocurrency masterclass. Complete regret. Complete waste of time and money. Learnt an important lesson then
I lost money on a 101 investment linked plan many years ago which was recommended to me, before I became an advisor myself.
In hindsight, the numbers totally didn't make sense and I would have been better off with a fixed deposit.
I'm also sitting on paper losses now on my stocks, but that doesn't matter as I'm prepared to hold them for a few years without liquidating.
These are probably the major losses (more than 5 figures) at the moment.
I lost money from a few bad tips from my stock broker introduced by my dad. He's been in the industry for over 10 years and he recommended some oil exploration company that didn't do so well during the year where oil crashed.
Luckily it wasn't that big of an amount since I didn't have much to start with right after my army days. It's a painful lesson but a meaningful one.
from there I learnt to evaluate companies on my own and made decent returns (esp during the REIT boom last year). the point is Always DYOD before doing anything!
I lost mine to Penny Stocks. The most dangerous kind of trading which everyone pump and dump. But luckily it is not a lot, around USD200. I learnt a lot about human behaviour, read charts and candle sticks, financial reports, SEC fillings, and a lot more. I guess the USD200 is worth it.
I have since move on to trade stocks at a higher price point as it is less volatile.
There were few other instances where I misplaced my stuff. But this was the greatest lesson.
Lesson learnt: Always be careful with my personal belonging. Ever since then, I have not lost any expensive items
Lesson learnt: Always ensure that you are purchasing from a reliable source and verify your siurce before purchasing.
Lesson learnt: Since then, I have learnt to look out for key words and key t&cs (such as the guaranteed sum assured)
Lesson learnt: Ever since then, I have did a lot more research and now I no longer dabble with options lol.
A couple of years ago before I knew anything about investing, I dabbled in forex. I was lucky at first and got back 200% returns based on pure luck. Then, I got too greedy and overconfident and basically lost every single cent.
Quite a few times. Most notably was my family member using my university fees and giving it out as a loan to a “friend” for MLM business and who never returned it back. That was $25K and taught me never ever to let others manage my savings again (not that i’m good at it but still).
The second was because I couldn’t go full time uni without working I signed up with UOL and paid for the year (damn expensive $10K) then realise I was wasting time because Uni lecturer were repeating word for word from the textbook. Got fed up, quitted earlier to stop wasting money and worked for couple of years before getting my degree from somewhere else that actually taught something.
There were many times i lose money... few hundred and thousands...
I buy a gym package with a trainer 100plus a month... But when i was injured, slip disc which was during the training with the trainer!!! I cant perform for a long time....and i call in to the gym to cancel the membership, they dont allow and thus i just cancel paying the full year subscription...waste of money!
Investments i lose also, due to impatient...i set a strategy but emotion run through me so most of us will have times that we lose money. But did we learn from mistakes?
Tried my hands on forex trading as my very first investment during my poly intern days and made a loss at the end.
Wasn't a significant amount of money but the lesson on not timing the market stuck with me!
This is an interesting question. Haha I guess a few instance came into mind which probably happened to anyone too:
Lost money/wallet/handphone overseas
Public transportation fine overseas
Booked wrong flight timing and had to rebook two new one-way flights
Lost money in casino or bets made within friends
Slipped off my mind to collect payment from friends/team mates for items bought collectively
Bought a new item, BNIB untouched, sold off at a lost
Negotiate for price very hard at a street stall and eventually bought the items, only to find ithem selling at a cheaper price a few stalls down the road
And unmaterialised/paper loss for now.
Lost money when I lost my wallet ;)
28 Apr 2020
Investing in stocks based on opinions and not doing sufficient research on my own.
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