Transcripts Including Tag: hotseat-mistake


These are the transcripts that include the tag hotseat-mistake.

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Episode Speaker Text
011: Welcome to the Hotseat Brad Barrett Yeah. All right. Jonathan your biggest financial mistake.
012: Epic Frugality how to save 75 percent of take home pay Jonathan Mendonsa Very cool. Number four your biggest financial mistake.
013: The Unfair Advantages of Being a Teacher Jonathan Mendonsa It really is. And you've done it I mean you are the extreme example. And honestly it totally is something that everybody should be thinking of and doing. But it is so cool what you're doing. I love how you packaged it and that has huge life hack pretax buckets. Number four your biggest financial mistake.
014: The Phases of FI with Mr 1500 Brad Barrett Very cool. Number four your biggest financial mistake.
015: Justin Root of Good Justin - Root of Good This is a tough one. I think we've done very well overall probably I would say law school just because it's three years of life you know tuition was not free so we had to pay for law school. And I you helped me some in my career but not I don't think it was critical. So you know my earnings were delayed by three years because I was in law school and it probably did not pay back in terms of higher salaries or more opportunities but it did to some extent. But I would say that's probably the the the biggest mistake was you know as a 20 year old going to law school instead of just starting work or getting a master's degree in engineering. Well that decision is to stay in school longer because I didn't really know for sure what I wanted to do. I think you know I would've been better off in hindsight just going to work.
015: Justin Root of Good Brad Barrett Yeah this is so crucial out there. Anyone listening out there please take our word for it. This is huge. I mean the psychological satisfaction of not having to remember dozens upon dozens of these little nagging things your mind is free to actually focus on real things. I mean I don't have this running list of annoying little items that I have to do because I know I'm coming up almost on a year that I've been using to do it so I know literally you know once I get to that point every single thing that I do in life is into it. So I don't need to remember anything anymore. It's great. I mean I as long as you're diligent about it. Right. So if you're diligent and you put everything in there man it is just so freeing. So anyway don't want to steal your hotseat here. So let's move on to number four your biggest financial mistake.
016: House Hacking with Coach Carson Jonathan Mendonsa I'm glad you're a legend. OK. Question number four your biggest financial mistake.
017: Mad Fientist Origin Story Jonathan Mendonsa Very cool uh number four your biggest financial mistake.
018: Go Curry Cracker Capital Gains Losses Roth Conversion Jonathan Mendonsa Now it's awesome. Question number four your biggest financial mistake.
019: Jim Collins Stock Series part 1 Jonathan Mendonsa So for this last question we're going to kind of combine them together for you. Question number four your biggest financial mistake or alternatively the advice you would give your younger self.
023: Career Hacking ESI Part 1 Brad Barrett All right. Number four your biggest financial mistake you've ever made.
023: Career Hacking ESI Part 1 ESI Money So. So that was that was back then. But probably The worst mistake I've ever made. Excuse me. Was I waited to start investing until I was married. Took me a few years to grow up after I got to grad school. I got married and that's why I started investing. And even then I put part of my money in index funds and I put the other part of my money. I bought individual stocks which is you know just a losers game. So I've probably lost you know five to seven years of compounded returns which you know the amount that I have now had an extra five or seven years on top of that that would be a huge amount of money. So that was by far the biggest mistake that I made was waiting to save and invest.
024: FI180 Jonathan Mendonsa And neither did I neither did I. All right guys Question number four your biggest financial mistake.
025: Wealthy Accountant Keith - the Wealthy Accountant Well you guys read my blog and I don't know if people catch this but I'll tell you what to tell your story. My biggest life hack people you know you'll hear people like Pete he'll talk more. He had a business partner and it was a problem. I made a mistake. I mean a lot of mistakes in life that the one that really rose to the top was I didn't want to be an accountant at first. I wanted to be a stockbroker and I felt being a tax guy would be my ticket into being a stockbroker so what I did is I got my business going and back in the 90s. HD Investment financial services came around and basically convinced every accountant every tax guy in the country you need to be a stockbroker. So I became a stockbroker and I learned very quickly. I'm glad I decided to be an accountant because I went there that 7000 people that were brokers back then in six months I was in their top 100 you start learning very quickly that this is a dirty industry. Back then what they asked me to do and what everybody was doing is illegal today. Put you in prison if you did it today. Here's what they did. They would have these mutual funds that would pay bonuses. So for example Putnam's X Y Z fund this month would have a 2 percent bonus on it if you sold it in commission so you get a little extra. Everybody sold X Y Z fund. That's what they did. And all the other funds they wouldn't sell and I kept on saying that that's not what's right for my client. Back then I didn't have a full comprehensive understanding of index funds but I always told people back then get yourself a growth and income fund because these are big companies that are growing and probably throw increasing dividends. That's where you need to be. It was my backdoor way of having an index fund that was actively managed. When I was stupid. But I disagree vehemently with the way the industry runs. And the worst part about it is if you're a stockbroker all my investments had to go through them I couldn't I couldn't do intelligent investing anything I own. They had to know all of it had to be run through them. As a result what I thought I was going to love that's what I thought to be a stockbroker. Two years later maybe three max I was done and out and I was getting six figures off of that easy and six months I already had six figures. So I'm talking that I turned away since then if I would if I could if I could have taken my morals and pissed them away down the drain. I could be I could have had another five six seven million since then in cash I just had to. I just had to sacrifice. I had to throw in people like Pete and you guys under the bus. That's all I had to do and I couldn't do it.
025: Wealthy Accountant Brad Barrett Yeah I love that alright let's say number four. What was your biggest financial mistake.
026: Physician on Fire Jonathan Mendonsa Wow. All right question number four your biggest financial mistake.
027: Slowly Sipping Coffee Jonathan Mendonsa All right. Jay. Question number four your biggest financial mistake.
030: The Side Hustle Jonathan Mendonsa Question number four your biggest financial mistake.
030: The Side Hustle Alan Donegan My biggest financial mistake was actually when I was about 21 years old I made a lot of money college through side hustles selling shirts and selling tickets and different things and I did quite well. I got more college than I did in my first full time job and I built up sort of seven thousand pounds ten thousand dollars worth of savings and I followed my dad's advice and invested it into a high risk high tech managed fund. And I did that just before the dotcom bubble burst and my seven thousand pounds changed to being worth a thousand pounds overnight. Ouch. And it never recovered never recovered. And I look back I should have invested in a house I should have invested in an index fund and I wouldn't have had the same problems. Or I just shouldn't have sold I didin't sell for sort of three or four or five years afterwards. But it just never recovered because it was actively managed. So they didn't just leave it there to bounce back. They kept buying and selling and it never recovered.
083: Second Generation FI Cody Berman Jonathan Mendonsa All right. Question number four you're only 22 years old. So I would imagine for someone that has as many optimizations under their belt as you've listed on the show that you shouldn't have a lot of options to choose from. But your biggest financial mistake.
033: Design your Future Jonathan Mendonsa Question number 4 your biggest financial mistake.
035: Sequence of Return Risk ERN Jonathan Mendonsa Definitely a full episode. We're researching it now to figure out how we want to tackle it. But you're absolutely right. Question number four your biggest financial mistake.
037: Playing With FIRE Documentary Brad Barrett Yeah I agree completely I use the headspace up and yeah just absolutely love it. I'll check out. Check out the mindfulness app you mentioned. All right scott question four your biggest financial mistake.
039: Millennial Path to FI Jonathan Mendonsa All right. Question number four your biggest financial mistake.
040: Money Metagame Jonathan Mendonsa All right. Question number four. Becky your biggest financial mistake.

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