Reply to Share your financial mistakes or coups

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[quote=Anonymous]The biggest coup, which I'm afraid was just timing and not a lesson anyone can learn, was buying a house in a down market and selling it at the peak. We doubled our money on that.

Next, in terms of bottom-line impact, instead of going for an expensive masters degrees, we applied to PhD programs. I stopped after my MA, which was free because I had been working for the university as a PhD student; my husband went all the way. My husband still has a little student debt from undergrad (his parents were very poor), but compared to our peers, it's not much.

Finally, never ever buying a new car. Always used, and always with cash, and then drive it into the ground. We have never spent more than $10k on a car, and never had a car payment. We've only had one clunker in our lives, and well, it cost $1000 and because it was a "luxury" brand, it brought a good trade-in price.

Also, I agree about not chasing the big money in the volatile industries. We have both been plugging away at our (relatively) modest salaries while others have been victim to the economic swings and crashes. I suppose you could argue that a $300k a year lawyer can afford to be unemployed for two years, (though maybe not, given the inevitable student debt) but still, it feels good to have a solid, steady place in the economy. [/quote]

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