Biggest monetary mistake. · Wealth Builders Community

Aug 25 (edited) in For Fun (Non-Investment)

Biggest monetary mistake.

So it would be interesting to hear from those who want to share what their biggest monetary mistake they have made.

Here is mine. Sold one of my businesses in 1987 and had $220k cash in the corporation, some from retained earnings and some from the business sale, the balance of the sale in financed payment note. I was told I could not leave the money in the corp. as it would be considered a personal holding company against IRS rules!

I used some of this cash to start another business. What I should have done is invested in the stock market is as we were at that moment at the bottom of the market downturn October 1987.

Imagine what that value would be today if it was basically in a S&P 500 fund?

One other thing. Since I had to remove the money from the corporation I had a tax bill that year of $52,000+.

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