What Is the Worst Investment You've Ever Made?

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#21
There's no route to making a guaranteed profit in any form of business unfortunately, if there was then we'd all be millionaires.

When your looking at a business you need to focus on what kind of return you want to get, by a specific date, and even if you have made a loss in the short term, evaluate it on the date you set, don't pull out early. I've seen a lot of people lose their nerve and pull out of an investment because they have lost money, only to find that if they'd have kept it as long as they originally planned, they would have ended up with a tidy profit.
 
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#22
We opened up a boutique in front of our house. Since the property is owned by my husband's parents, it is free of rent. However, we spent a lot in building the structure of 16 square meters. The idea started when I was selling ready-to-wear clothes to friends. The going was great since I have no capital - I get the goods on consignment basis. However, when the boutique was up, that's the time I realized of the operating expenses. The big overhead ate up the profits and before the year ended, I decided to close shop. It's a good thing that someone had rented the structure and converted it into an office. But in totality, I lost money in that business.
 
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#23
As much as I hate to admit it I have fallen for some scams before so those would technically be considered as my worst investments, but as far as legit businesses or business ideas go that just didn't end up as well as I had hoped, one of my worst investments would have to be when I tried to start up a company with my friends. It's not that I don't think business partnerships with friends don't work but in this case we were just too young and willing to grab hold of any opportunity even if it was too big of a compromise. The skill sets were not prioritized and instead we just grouped up due to being in close proximity with each other. Thankfully it didn't end up damaging our friendship but we all lost quite a bit of money.
 
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#24
I think that just sounds like an unfortunate set of circumstances. If the people in your town could have afforded to pay that amount of money for candles then you would have been on to a winner, it's just unfortunate that times were hard and they couldn't at that particular time.

I think the most important thing is that we learn from our mistakes, we all make them, and we all move on.
I agree. In another town where the economy was better, these candles would have sold like hotcakes. In fact, a couple towns over from me I have even seen more expensive candles that were not as high quality selling for the same price in gift shops. If I could've had a way to sell them in that area, I'm sure I would have done much better.
 
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#25
There is no doubt the worst investment I every made would have to be when my husband and I decided to do what was suppose to a lock replacing business. We thought we were paying $20 to get started and in reality they wound up taking $500 out of out checking account and still never received any locks or contracts. I think people should be very cautious and investigate before agreeing to anything.
 
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#26
I agree. In another town where the economy was better, these candles would have sold like hotcakes. In fact, a couple towns over from me I have even seen more expensive candles that were not as high quality selling for the same price in gift shops. If I could've had a way to sell them in that area, I'm sure I would have done much better.
That's why I tend not to agree when people say that there's no luck in business, it's all about hard work, because that's not the case at all and your experience you've shared backs that up.

Luck can play a big part in any business and while I agree you shouldn't need it and definitely shouldn't rely on it, it does play a part wether people like it or not.
 
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#27
I've bought some poker books and things like that to try and play online. While it was fun, it was stressful and would take too long to make it profitable, so now I just have books and resources sitting around. Maybe I could resell them for a few bucks and let someone else try their hand...hah...at it!
 
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#28
I was dragged by a friend to one of these multi level marketing schemes. I don't want to argue the merits of this stuff but for me in particular it was a monumental waste of time. Luckily that's all I wasted, time and very little money.

One has to be careful with certain activities that may be free but end up costing you a lot of wasted time, people don't always seem to realize that wasting 6 months of your life could be an even worse investment than losing some money in two days.
 
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#29
I've bought some poker books and things like that to try and play online. While it was fun, it was stressful and would take too long to make it profitable, so now I just have books and resources sitting around. Maybe I could resell them for a few bucks and let someone else try their hand...hah...at it!
With online gaming, especially poker becoming more and more popular, I wouldn't be surprised if there aren't many others that have done the same as you and tried to cash in on this new phenomenon.

While there are professional gamblers around that can make a lot of money, at the end of the day luck plays a big part in gambling, and that's something you can't plan for by reading a book!
 
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#30
I was dragged by a friend to one of these multi level marketing schemes. I don't want to argue the merits of this stuff but for me in particular it was a monumental waste of time. Luckily that's all I wasted, time and very little money.

One has to be careful with certain activities that may be free but end up costing you a lot of wasted time, people don't always seem to realize that wasting 6 months of your life could be an even worse investment than losing some money in two days.
MLM schemes and seminars are something else that I can't believe are still going. While I'm sure the people at the bottom that have been with a company right from day 1 are able to make money, if your a new recruit your going to be very lucky to be able to get your money back.
 
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#31
I am also trying to pursue Forex trading although right now I am in the study phase. I want to really understand it for like 6 months before I put real money into it. I know losing money in forex is inevitable but just like any other business, it is risky. Any advice since you've been there?
If you want to learn before you start investing, you are on the right track
 
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