My worst financial mistakes - How I lost $50,000

[@HabibBaci]

Sanjee, you are not alone in this journey. You learned from your mistakes and I think we all make mistakes in life be it in finance, relationship or buying something worthless. I also made big financial mistake. I bought a Mazda BT50 2020 in 2018 for $36000, later I spent another $5000 to repair the engine. I spent around $46000 so far on the car and now I can’t sell it there is no one to buy it. I don’t what is going on. I had one buyer and his offer was around $24000 which is almost half the price I bought it initially. That means it cost about $55000 and now I would loss $31000 if someone comes and buy it. This is one of the many examples I share it with you. Now I reflect back and think what had gone wrong ? Why I bought things which I never needed.

[@SanjeeSen]

Hi Habib, thanks for sharing your experience. I'm sorry to hear about what's going on with your BT50. Yes cars/utes/vehicles are one of the most challenging things to justify spending money on I've realised. I'm a big fan of cars and Utes...but after my experience with purchasing my Navarra brand new...I'm very averse towards buying cars. I agree, I've learnt a lot of lessons along the way. Hope things work out with your ute. All the best.

[@editorrsnswillawarraregion9864]

Thank you for your honesty and transparency. It says a lot about your integrity as a person and as a professional

[@SanjeeSen]

Thanks for watching and your kind comments.

[@RicardoEscalon]

Loved it mate. I've made some silly financial mistakes too. CFDs and margin loans for shares, don't do it!

[@SanjeeSen]

Thanks Ricardo! Yep I’ll definitely be avoiding those for sure!

[@akshatgupta187]

These videos should have millions of views IMO. Feel bad about it. Great content Sanjee. I have made a few investing mistakes in the past but learned from them, to move forward. Your videos have educated me a lot, Thanks

[@oggyoggy1299]

My biggest mistake - not starting when i was 20. Why didn’t anyone tell me? 😀

[@kirannair7738]

Great share Sanj - thanks for being so honest and transparent! Valuable lessons for many here (myself included)!

[@SanjeeSen]

Hey Kiran! Thanks so much for watching. And yes I've finally pivoted away from the cooking stuff too. Yeah I figured a few people would appreciate my mistakes haha.

[@mohamedroman7861]

instaBlaster...

[@hai4021]

Hi Sanjee, I enjoyed this video. Thanks for making it. I also have a lot of HECS debt. Mainly because I did 2/3 of a Financial Planning degree that I didn't really need to do. if you do a video on HECS, I would love to view it.

[@SanjeeSen]

Thanks Hai40, yes I'll have to do a video on HECS at some point too.

[@AshParajuli86]

I’ve also made some terrible financial decisions in the past I’ve learnt from. Main one was buying a brand new car from the dealer paying $45k AUD with a car loan when I got my first Engineering job. This was 10 years ago and I’ve still got the car (Honda Accord) so it’s a big lesson learnt as I didn’t really need a brand new one. Luckily it’s been really reliable and it should last me another 10 years easy but I think about that $45k a lot and what I could’ve had I invested that in Index funds. The other big one is regular weekends out drinking after work. I would just spend $100 a week+ on going out drinking with work friends when I could’ve done it less frequently and still be the same person I am today. It didn’t improve my life socially that much. I still made good friends over the years but given how much I spent, probably not a wise use of money.

[@SanjeeSen]

Hi Ash, thanks so much for sharing. Yes a new car is a common one I find. But a Honda Accord I'm guessing will have tremendous reliability for another 10 years. I imagine Accords and Corollas will outlast most cars. Have you started investing in index funds?

[@AshParajuli86]

@@SanjeeSen hi Sanjee. Yep, have invested in ASIA and NDQ. Both of those make up 60% of my portfolio and one LIC which is CSL. I’m hoping to increase ETF allocation by dollar cost averaging whereas CSL is also a long hold given I bought on the dip. Hopefully get more tips from your channel :)

[@NickKendall]

Such a good video Sanjee! Production quality is really great as is the content itself!! Keen for your next video 😊👍🏼

[@SanjeeSen]

Thanks Nick! Yep trying to make minor tweaks along the way. Learning from masters such as yourself!

[@janeguo4250]

Thanks for sharing, Sanjee.

[@SanjeeSen]

Thanks Jane

[@cocoshuimu]

Consolidating all your super into one is also the lesson I learned in my first few years of working. Wish I have had people telling me that before.

[@SanjeeSen]

Yes that's a good one. Thanks for watching.

[@ellie_ellie_ellie]

Thanks for sharing your experience with us!

[@elizabethpalu2447]

Great vid. Thanks!

[@SanjeeSen]

Thanks Elizabeth!

[@User123bu]

Hi Sanjee, can you also please do videos for Raiz and Spaceship? Your explanations are really clear and precise. Thanks in advance!

[@fatwombat2611]

Thanks for the video mate. I am just starting in share trading. Good to see some one who hasn't got too fatter head to admit mistakes and warn others. Thanks again.

[@SanjeeSen]

Absolutely no worries. I should actually do a specific video on some of my terrible investment decisions haha.

[@fatwombat2611]

@@SanjeeSen Do you have to deposit an amount of money to trade on a free comsec account before you buy anything or do you pay after you buy any shares with a credit card ? Noob question sorry.

[@SanjeeSen]

Hi there - I don't think you can buy shares through Credit Cards. It's also a bit risky. You will need to have money in your account before you trade.

[@fatwombat2611]

@@SanjeeSen Thanks for the reply. I now set up an account and bought some small caps just to get used to using the platform. Made a little profit too but perhaps you can't really call it that until you sell and cash out? Strange how share trading can make you reflect on your own personality traits and tendencies. Ie emotional vs rational decision making.

[@SanjeeSen]

Yes absolutely (regarding personality traits). I think I've also changed over time. I used to be keen on the individual stocks and keen on getting rich overnight with the sub $1 stocks. I've transitioned to being more longterm with ETFs but still catchup myself looking at those $1 stocks though haha. I've started journaling more about my investing too. I think it'll be interesting to look back in a few years and see if anything has changed.

[@anthonystanley8245]

Great leassons learnt, something I can equally reflect too as well 😀. Would you consider Crypto as a speculative or gambling investment?

[@debbiewei4682]

🙏thank you for sharing your experience with us, you’re honest and genuine 👍 I have some winnings and losing in my life, too...

[@SanjeeSen]

Thanks Debbie! Yes it unfortunately happens to us all :)

[@makingmoneywithmj7752]

That's not too bad. 50K / 17 yrs as an adult is 8 bucks per day, it's like saying Sanjee every day bought a crappy Starbucks coffee you didn't need. Minor blemish in the grand scheme of things.

[@andatv123]

Thank you for your story. Because of covid19、I have more time to watch KZbin about share market to invest.

[@SanjeeSen]

Thanks so much for watching! Yes it's a great time to look a bit more into the markets.

[@Qinheshiye1688]

great videos!

[@SanjeeSen]

Thanks Qinheshiye! Thanks for watching :)

[@MJHakimi]

Great Video mate keep it up

[@SanjeeSen]

Thanks for watching MJ!

[@NeuraPod]

Interesting topics

[@SanjeeSen]

Glad you liked it

[@MISS-HONGO]

what? that's a lot of money it was of value. Lets connect genuinely dear.

[@SanjeeSen]

Thanks for watching Beatrice. Yes unfortunately it was a lot of money. But I've learnt a lot from it all.

[@DdHaryaty]

getting married, buying a house together. ugh, lost 55K!!

[@SanjeeSen]

Wow! Hope all is ok now. Thankyou for sharing!

[@meredithjohns]

the first 3 mistakes were not even mistakes even if they amounts were a bit higher

[@meredithjohns]

even though the car lease was v obvious :)

[@nerdtingles]

More financial losses please

[@SanjeeSen]

Well it’s a constant learning process so I’ll probably do another one in 5 years with new mistakes I’ve made haha! Thanks for watching!

[@jonathanmagic5633]

The only investors/traders who don't lose money are the dishonest ones.