Nine Hundred Thousand Pounds, Nine, Asia discussed on My Worst Investment Ever Podcast
And in my case we only publishing on the sale side they get your responsibility. So i'm going to all these countries from allergen tina to the us to turkey to just about every country in asia and as long as you sold something and came back with a bit of linney. They were quite happy to set you off on your next trip. So you're right. It's a motive fun. Well now. it's time to share your worst investment. Ever since no one ever goes into their worst investment thinking and we'll be tell us a bit about the circumstance leading up to it and then tell us your story yes only gave a gave this call four and it wasn't necessarily investment but i will give you some specific examples. It was more like Breakdown in the investment process. So you know what i'm about to say isn't necessarily unexpected. But certainly when i was younger i didn't know much about investments and he didn't have any advisor so now we specialize in wealth management. And it would be unlikely. The i would make these mistakes today. Vicinity when i was younger reflecting back golden. You know. I wish i haven't done them. But equally was a good experience and expose them to state was that i used to try and make investment decisions myself when i obviously was capable or competent or qualified to do so and said the every mistake going is when i've taken a short to view online investment as opposed to thinking about things in the lonesome. So i'll give you. I'll give you a few examples. Still on the property. Side say was very partial reasonably clever with hindsight that the age of twenty three. I went and go morgage and i bought myself. A house. aide else failed. Which is in south west. London will south london wimbledon. And i am in the paying ninety two thousand pounds for this house and i go to mortgage in those days. You had a choice of the type of mortgage you go. You can either get a repayment mortgage which is typically what people were dead or in this in this case yet they used to persuade you to get a mortgage where the principal remain the same that you were supposedly saving money into an investment scheme that would make enormous amounts of money in addition to pay off the principal which inevitably never happened and it was always a bit of a scam. 'cause oversee that enormous fees involved. The an i remember the bank sending me a letter or the instead the provider of the mortgage to say that. I was actually now going to have to make significantly more payments. Even if i ever wanted to pay the principle of let alone in i pay Get get any money return. So he is off the buying this house for nine. Nine hundred thousand pounds. I decided that i would sell it. And i sold it for one hundred fifty thousand pounds and i remember. It's all i'm thinking. How small was white made money on this on this house. And he's still to make sense in some respects because is now living in asia. A national get living in the house now oversee now when i look back and i reflect on that decision. I'm assuming that house bill's failed. Today is probably was a million pounds. Plus and i would be able to rent that house out for a significant amount of money. And they starting your money in the mortgage which is a whopping ninety. Two thousand pounds is blended away into insignificance. So did i made the mistake. That then decided to compound that mistake several times in my life so i also bought the pump in in sydney which get only decided to sell for some reason i cannot remember why also bought a house in sydney though i decided to sell and then the other mistake as i've made of the property soy is the.