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Reply to "What were your biggest financial mistakes?"
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[quote=Anonymous][quote=Anonymous]Taking out a $300K second mortgage in December 2020 and then using all of it to buy PYPL stock. We bought 1200 shares at $250 per share and now have only 500 shares remaining worth a measly $30K. We ended up selling 700 shares throughout 2022-2023 at a huge loss just to make our payments on the second mortgage. We have 27 years of $1300 payments remaining and maybe 2 years of runway in remaining stock until we’re insolvent. I never would have done this before, but so many people on DCUM were going on and on about refinancing at historically low rates and using the leverage to invest. [/quote] This is horrifying. I hope it’s a troll, it’s that bad. PP, if you’re not a troll—I am so sorry. This board is a terrible place for financial advice except in very limited circumstances. You have to know what they are to know when it is OK to consider ideas floated here, and that requires basic finance education most people don’t get.[/quote]
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