I've got a $609 holiday gift to give every single one of you. Read on to claim it.
Earlier this year, I ponied up for very expensive concert tickets to the Red Hot Chili Peppers. They're on my bucket list, so I decided it was worth it just this one time.
I missed the initial sale, so I went on StubHub and found they were 3x the face amount. I held off, expecting prices to come down. They didn't. I ended up paying $100 more than the already expensive 3x face amount.
The lesson was there. I wasn't listening.
5 months later the Foo Fighters announced dates. They are also on my bucket list. (What are the chances? My concert bucket list only has 3 bands on it.)
Having watched ticket prices steadily rise for the Chili Peppers, I bought 3 extra tickets so I could sell them at a profit 6 months later.
Last week I sold the tickets. At a loss. A $509 loss. They didn't go up and I was out half a grand.
This time I listened to the lesson. Don't make decisions based on short-term predictions.
Of course, the irony is I preach incessantly about not speculating on short-term price movement. How many thousands of times have you heard me say not to try and time the market? That you can't predict the future and should never make investment decisions based on your or anyone else's crystal ball.
So yeah. My mom was wrong. I'm not perfect after all.
But the good news is I get to give all of you a $609 Christmas/Hanukah present!