D
Deleted78083
Guest
I will start.
1. I sank 80% of my net worth into stocks in May 2019, and sold when they bottomed in March 2020, 2 or 3 days before the Fed rolled out QE. Then I bought options with the remaining money I had left, and lost everything.
Lesson: read about the financial products you are buying, about the psychology of investing, and learn how the economy works, the relationship between central banks, governments, stock markets, and the value of currencies. Don't get financial advice from Reddit.
Ultimately, losing all of that money taught me a bunch. I was happy to make the mistake at 24 as I will not make it again.
2. I bought a bunch of stocks and other assets (BTC, Tesla, Fiverr, Xiaomi...) between 2017-2019 when they were cheap and sold them after 2-3 months every time because "tHeY wErE gOiNg NoWhErE".
Lesson: same as above + be patient and don't invest rent money + contrarian investing works (if people talk about it, it's already too late. Look for what no one speaks about).
3. I didn't work during the first 3 years of my bachelor's because I had to learn a foreign language and go drop resumes, which I was both too scared and lazy to do. I did get a job eventually, as a waiter, and was fired after two weeks. I didn't pursue further.
Lesson: you only get out of something as much as you are willing to invest + not earning money kills self-esteem.
4. I bought around a dozen of plane tickets without checking the dates properly and had to pay to change them/cancel and buy new ones.
Lesson: check better and focus.
5. I negotiated my salary...down. I felt the rate I was earning was too high and put too much pressure on me to deliver quality I wasn't sure I could deliver. I negotiated my salary from 11 euros/hour to 9 euros/hour. I was 17.
Not to brag, but as it turned out, I ended up being the best student the manager ever had in 20 years and remains the only one he ever gave a bonus to (20 euros).
Lesson: you grow when you are under pressure and required to get out of your comfort zone and do something you have never done. Making mistakes is ok even when you get paid. Don't solicit salary based on your assurance, but based on what the market is willing to pay you and the size of the problem you solve.
6. I bought a bunch of stuff under an emotional state (Gary Halbert, I think, talks about not making decisions when you are angry, hungry, lonely, or sad) that I ultimately regretted buying. One of them was a ski-trip for 500 euros that I managed to resell to someone else eventually, but what a hassle has it been.
Lesson: don't buy a bunch of stuff in an emotional state, and make your financial decisions in the morning, not at 1AM.
7. @Bekit's story made me think that I also did the same with bikes. I bought random bikes thinking I'd flip them, while I had no bike repair training lol. I ended up selling them after 2 years or so, for the same price I had bought them at.
Lesson: learn how flipping works before doing it.
I certainly made more. I'll add them as I go.
1. I sank 80% of my net worth into stocks in May 2019, and sold when they bottomed in March 2020, 2 or 3 days before the Fed rolled out QE. Then I bought options with the remaining money I had left, and lost everything.
Lesson: read about the financial products you are buying, about the psychology of investing, and learn how the economy works, the relationship between central banks, governments, stock markets, and the value of currencies. Don't get financial advice from Reddit.
Ultimately, losing all of that money taught me a bunch. I was happy to make the mistake at 24 as I will not make it again.
2. I bought a bunch of stocks and other assets (BTC, Tesla, Fiverr, Xiaomi...) between 2017-2019 when they were cheap and sold them after 2-3 months every time because "tHeY wErE gOiNg NoWhErE".
Lesson: same as above + be patient and don't invest rent money + contrarian investing works (if people talk about it, it's already too late. Look for what no one speaks about).
3. I didn't work during the first 3 years of my bachelor's because I had to learn a foreign language and go drop resumes, which I was both too scared and lazy to do. I did get a job eventually, as a waiter, and was fired after two weeks. I didn't pursue further.
Lesson: you only get out of something as much as you are willing to invest + not earning money kills self-esteem.
4. I bought around a dozen of plane tickets without checking the dates properly and had to pay to change them/cancel and buy new ones.
Lesson: check better and focus.
5. I negotiated my salary...down. I felt the rate I was earning was too high and put too much pressure on me to deliver quality I wasn't sure I could deliver. I negotiated my salary from 11 euros/hour to 9 euros/hour. I was 17.
Not to brag, but as it turned out, I ended up being the best student the manager ever had in 20 years and remains the only one he ever gave a bonus to (20 euros).
Lesson: you grow when you are under pressure and required to get out of your comfort zone and do something you have never done. Making mistakes is ok even when you get paid. Don't solicit salary based on your assurance, but based on what the market is willing to pay you and the size of the problem you solve.
6. I bought a bunch of stuff under an emotional state (Gary Halbert, I think, talks about not making decisions when you are angry, hungry, lonely, or sad) that I ultimately regretted buying. One of them was a ski-trip for 500 euros that I managed to resell to someone else eventually, but what a hassle has it been.
Lesson: don't buy a bunch of stuff in an emotional state, and make your financial decisions in the morning, not at 1AM.
7. @Bekit's story made me think that I also did the same with bikes. I bought random bikes thinking I'd flip them, while I had no bike repair training lol. I ended up selling them after 2 years or so, for the same price I had bought them at.
Lesson: learn how flipping works before doing it.
I certainly made more. I'll add them as I go.
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