Chunks of money you have lost.
Discussion
What big chunks of money have you lost over the years, whether on gambling, stocks/shares or buying dodgy cars etc.
Also post what percentage approx of your savings at the time it was worth.
For me.
I bought a lemon of a car and had to offload it to webuyanycar within 2 weeks, lost 1750 pounds, approx 10% of my savings value at the time.
And more recently, although i havent cashed out yet i am currently 2000 pound down on my stocks/shares (90% of which are crypto and i dont think it will recover so may have to sell at a loss), again approx 10 percent of savings.
Also post what percentage approx of your savings at the time it was worth.
For me.
I bought a lemon of a car and had to offload it to webuyanycar within 2 weeks, lost 1750 pounds, approx 10% of my savings value at the time.
And more recently, although i havent cashed out yet i am currently 2000 pound down on my stocks/shares (90% of which are crypto and i dont think it will recover so may have to sell at a loss), again approx 10 percent of savings.
Good question. I lost my shirt on a business venture between 2008-10. Managed to get it back again, but on the basis that you have to speculate to accumulate I've lost a couple more times since then at a more manageable level. I live in hope that one of those will eventually come good to provide me with a pension pot in due course. I envy people who hit the right idea at the right time, but at least all my cock-ups have been in parallel with activities that have kept me feeding the family and paying the bills. In 2008-10 I lost about £100k, which would undoubtedly have been better in my pocket than in someone else's but thanks to a decent negotiation on the lease before we kicked the thing off we at least had a break clause to rely on. We employed people who we had to make redundant but did so on good terms and I can look back and say that we treated them well, and they got some good experience out of it and walked into new jobs. £100k is nothing to some people but it was a lot for us, and we learned from the venture.
I'm not a gambler by nature and have never lost money on the horses, so I guess that's something. On an automotive front (this is PH) I bought an RS6 when I was 40 but sold it at 42 for pretty much the same money with my licence intact. If I had kept it I would be in jail for heavy right foot moments - I just couldn't drive it slowly. I now drive a Defender that is incapable of breaking the NSL...
I also played with Bitcoin last year but came out with double the money so perhaps that is gambling - it certainly wasn't investing. I'm very glad that I sold in autumn 2017. But it certainly wasn't at the £100k level!
I'm not a gambler by nature and have never lost money on the horses, so I guess that's something. On an automotive front (this is PH) I bought an RS6 when I was 40 but sold it at 42 for pretty much the same money with my licence intact. If I had kept it I would be in jail for heavy right foot moments - I just couldn't drive it slowly. I now drive a Defender that is incapable of breaking the NSL...
I also played with Bitcoin last year but came out with double the money so perhaps that is gambling - it certainly wasn't investing. I'm very glad that I sold in autumn 2017. But it certainly wasn't at the £100k level!
I bought an mk2.5 mx5 for 2700. Was immaculate inside and out. Had the clutch change within a few weeks of owning it which turned out to be a gearbox problem not a clutch one, was also told the chassis rails and other parts you couldnt see were rotten. I kept it off the road for a while with the intension of sorting it but ended up scrapping it. I got more for the hard top than i did the car 
Don't know if you could say I personally lost the money as it was actually part of an inheritance, but either way I've seen over £100k go up in smoke...
My dad bought a new build retirement apartment in 2006 for £130k, he died in 2009, I spent 3 years trying to sell it, started off at £100k (so already WELL below what he paid) gradually reduced it to £70k, still absolutely ZERO interest in it, eventually chopped it into auction with a reserve of £35k which it just about achieved.
So minus the £3k a year it cost me in Council Tax, Ground Rent and service charges whilst trying to sell it I came out with £25k!
Apparently you can't go wrong with bricks n' mortar... I don't think I'd include retirement apartments in that!
My dad bought a new build retirement apartment in 2006 for £130k, he died in 2009, I spent 3 years trying to sell it, started off at £100k (so already WELL below what he paid) gradually reduced it to £70k, still absolutely ZERO interest in it, eventually chopped it into auction with a reserve of £35k which it just about achieved.
So minus the £3k a year it cost me in Council Tax, Ground Rent and service charges whilst trying to sell it I came out with £25k!
Apparently you can't go wrong with bricks n' mortar... I don't think I'd include retirement apartments in that!
Lent a friend £10000 to help him with his cash flow in his business for 6 weeks, he agreed to leave high value jewellery with me as security, this and nothing else was stolen from my house during the day time. He blamed me, I blamed him. Police said it was a professional break in and the thieves knew what they were looking for.
Never saw the cash.
Lent my brother in law £9000 to buy a car to help him get to work for his first job, he made one £200 payment and refused to pay any more.
Got divorced, we agreed the financials before she left, which was that she would keep the savings and I would keep the house, about the same value. Solicitors said that wouldnt be acceptable to the Courts and I had to give her half the value of the house and she kept 100% of savings because she maintained that she had spent most of the money setting up her new home.
Never lend money, never give anything away without legal advice first.
Never saw the cash.
Lent my brother in law £9000 to buy a car to help him get to work for his first job, he made one £200 payment and refused to pay any more.
Got divorced, we agreed the financials before she left, which was that she would keep the savings and I would keep the house, about the same value. Solicitors said that wouldnt be acceptable to the Courts and I had to give her half the value of the house and she kept 100% of savings because she maintained that she had spent most of the money setting up her new home.
Never lend money, never give anything away without legal advice first.
s
t loads on cars....
M3CSL sold for £20k with 33k on clock
R26.R sold for £16k with 16k on the clock
993RS lookalike from factory sold for £28k with 75k on the clock
911 3.0 nut and bolt restoration sold for £25.5k
There will be more but typing that lot has depressed me enough! To be fair I couldn’t have kept them all and the money was better invested elsewhere.
t loads on cars....M3CSL sold for £20k with 33k on clock
R26.R sold for £16k with 16k on the clock
993RS lookalike from factory sold for £28k with 75k on the clock
911 3.0 nut and bolt restoration sold for £25.5k
There will be more but typing that lot has depressed me enough! To be fair I couldn’t have kept them all and the money was better invested elsewhere.
As previously mentioned,Divorce is always a good way of losing a chunk of cash, in my case it was pretty much everything I owned,house,car,cash the lot.
Left with a bag of clothes and that was it.
Taught me a valuable lesson.
Your happiness,safety and mental well being are priceless.
Money is transient,it comes it goes,dont fret about it,you can be happy without it.
Left with a bag of clothes and that was it.
Taught me a valuable lesson.
Your happiness,safety and mental well being are priceless.
Money is transient,it comes it goes,dont fret about it,you can be happy without it.
Nanook said:
Cliftonite said:
Quite a bit when " blue chip" Royal Bank of Scotland shares went from £20 to 10p overnight. Thanks, Fred "The Shred" Goodwin and his mates!
The exaggeration here is not as great as you may think!!!
My mate made quite a bit of money buying them at 17p in the morning, and selling them for 25 or so, in the afternoon, every day for a few weeks.The exaggeration here is not as great as you may think!!!
fesuvious said:
@Robbo, why did your BiL refuse to pay any more?
A simple refusal to pay, this was about the time of my divorce, followed by if I pay anyone it will be to my sister.I relaise now I was being set up, I bought my wife a new car one month before she left and lent money to her brother.
No wonder I have trust issues now.
Not quite lost as I never had it, but a fair wedge I was supposed to get but didn't.
Dad died 4 years ago this December, there was no will, however he did write out and have witnessed what he wanted to happen to his estate (haven't a clue what he didn't get a proper will drawn up), it stated that he wanted his second wife housed and any remaining split between me and my sister, his second wife (who I got on very well with) confirmed that she would do this, she got the house and all of his possessions as she was his spouse.
However she turned on us and fked off with approx half a million, by my guesstimates; after a house purchase for her, me and my sister are owed about £150,000.
I hope her son has a conscience when she finally (hopefully soon) meets her maker.
Dad died 4 years ago this December, there was no will, however he did write out and have witnessed what he wanted to happen to his estate (haven't a clue what he didn't get a proper will drawn up), it stated that he wanted his second wife housed and any remaining split between me and my sister, his second wife (who I got on very well with) confirmed that she would do this, she got the house and all of his possessions as she was his spouse.
However she turned on us and f
ked off with approx half a million, by my guesstimates; after a house purchase for her, me and my sister are owed about £150,000. I hope her son has a conscience when she finally (hopefully soon) meets her maker.
Nanook said:
My mate made quite a bit of money buying them at 17p in the morning, and selling them for 25 or so, in the afternoon, every day for a few weeks.
Got some Northern Rock shares free when they went public , did the same , churning them over and over but kept on buying more shares instead of banking the profit until I had quite a reasonable amount.Iirc they went to over £12 , before the crash.
Left my greedy hat on as they dropped , should have sold at £9 but hesitated, even the wife piped up when they dropped to £8 , get out now she told me and has reminded me more than a few times since.
The rest is history....
10k over the course of a year due to an ex. Was going to move in with her. Paid for all sorts of stuff. She also said she couldn't afford the weekly shop ex. Shoved it on my credit card. Then found out she was paying for her dad's dogs vet bills.
She was also cheating on me.
Another 2.5 years of the loan left. Royally fked me over and still is.
She was also cheating on me.
Another 2.5 years of the loan left. Royally f
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