B w5

Last week, you were asked to think about the best and worst financial decisions you’ve ever made, why they had different results, and what lessons you learned.

This week, read a post by one of your peers, and comment in 2-5 sentences on 1 of the following:

1.      A similar financial decision you’ve made and how it turned out in comparison to your peer’s outcome

OR

2.      A similar lesson you’ve learned regarding finances and how you came to learn it

Respond  Classmates:

I can think of several bad financial decisions I've made in the past and one of my worse was paying for a real estate investment class in 2010. I was so desperate to get into real estate business that I paid for a class and the found out that the materials sold to me was something different than what I expected. Because of my ignorance in that field as well as my desperation to do business I didn't take the to time research information about class and I didn't have a clear goal for myself so I just jumped in and I ended up losing money. 

One of my best financial decisions was to invest into an international trade company that was doing the same type of business that I wanted to pursue. For years I had been dealing with specific commodities but I always wanted to get into the Gold trade industry. After researching the company and the owner of it's legitimacy and operations, I was very happy of making the decision to invest in ownership and I can see much clearer the vision and profits from my decision.

The difference in my thought process from the bad financial decision made in the past is that I took a patient approach and took the time to learn about what I wanted to get into first and this allowed me to better match up my goals with the companies goals as opposed to before when I just went forward without knowing due to desperation. The difference of the results of decisions made was simply I lost money with the bad financial decision and I'm now profitable with the best financial decision made. The lesson I learned going forward was to take the time to see where your interest lies and research research research to develop a goal before going forth spending your hard earned money.