Since starting Financial Samurai in 2009, I’ve been making better financial decisions. The reason is because before each big decision, I always spend at least a couple hours analyzing each situation through a post. The dilemmas I have are very similar to the dilemmas many of you have, will have, or have experienced. As a result, after each publication there’s plenty of great feedback from the community.
Before 2009, I had several financial blowups. One mistake was buying a Lake Tahoe vacation property for $710,000 in 2007 and watching its value sink to below $400,000 within three years as the financial crisis unfolded. I thought I was getting a good deal because the sellers had purchased the property for $785,000 just the year before. But the tidal wave of foreclosures was just too strong.
If Financial Samurai had existed back then, I’d like to think I would have held off on my purchase or bargained much harder because at the time, I foolishly thought my income would continue to go higher seven years after the dotcom meltdown. We’re once again seven years into a real estate and stock market recovery. Please be very careful!