Most costly mistake

kevthegaff wrote: »

IFJ.? I'd say boi shares would be the top of a lot on the list

Yes, but they apologised after a bit like closing the stable door after the horse has bolted.

pedigree 6 wrote: »

Buying an 804 4wd Marshall tractor. Everything that could go wrong did go wrong. The whole tractor was reconditioned by the time it left the place.
It had a lovely sound and it could climb a mountain but I was glad to see the back of it. I bought it through a dealer and found out after that a contractor had it before me. I bought a ford 7610 after that and it was a brilliant tractor and never let me down.

I was liking your story about the Marshall but when it came to the Ford I switched off

Deepsouthwest wrote: »

Built two new silage pits last yr, and then switched to all bales this yr, changed the feeder as well last yr. Two mighty fcuk ups, even by my own lowly standards!

Was close to putting up a new pit here last yr, but thank phuck I got lazy and didn't get around to it. Very very easy to plaster the place in concrete when milk is 39c/l! I'd actually moved away from bales before that, made none at all last yr, bought in about 50 as they were going for reasonable money. But back with bales with a bang this year, and will probably have several 100 next year, and will be down to 2 pits, and moving forward one of them pits which is roofed will probably become a straw bedded shed.

It's the upside of starting farming when I did I guess ha, any sooner and I could well be looking at a shiny new pit wondering what I I thinking ha. The downside is I fell between the cracks, just missed out on the 15k installation aid, and if I'd held back with the new milking parlour, bulk tank, and even the partnership with my dad until now, I'd stand to gain the 25k tax credits, and would have got a 60% grant instead of only 40%. But swings and roundabouts, I got no regrets which is the main thing.

Damo810 wrote: »

Now yer talking, looking back the amount of ****e I was told from relatives, teachers etc I am glad I was never one to listen Never would I have ended up in the situation I am in where I can't wait to get out working, had I listened I'd be in Dublin studying law or accounting and be pissed off with everything. Find out what ya want to do and go do it, simple as that.

At least you had the stubbornness not too listen to all they had to say! 🙉

grange mac wrote: »

Has to be draining a bog field...10 acres had big open drain through i, spoke to digger guy and asked how many loads stone it would take...reckoned 4 or 5 told him do proper job and work away....took missus to Dublin for wknd...came back 23 loads stone it took...3 years later back to square1 as stone filled to top and not underneath so pipe sank under the weight.....5k on stone!!! Now just redug section around soft patch and tapped into pipe again...2 loads stone...terram around drain walls and much better job myself & different planthire man!!

Once all the stone went into your drains and not somewhere else. Some people are great at spotting an opportunity.

RD10 wrote: »

Accountant made a huge f*** up with my accounts a few years back. Long story short after searching down every avenue i could to try to rectify the situation I had to pay for the mistake HE made on my accounts and pay out €25,000. He knew he was at fault and said 'i don't know what to say to u im sorry' needless to say i havn't seen or dealt with him since. Right before christmas and all. Such torment i went through. Indemnity insurance my arse.

my accountant made a mistake and put my tax through twice, so the money came out twice, he came out with crap like if i could afford to give you the money I would....... Last time I dealt with him as a previous error resulted in a revenue audit

frazzledhome wrote: »

Did you not get refund from a Revenue?

I did. Took about 7-10 days but had loan repayments etc to come out in the mean time. Whole situation was totally avoidable. Was very lucky in that milk cheque came in when the double money came out, so it just about covered the tax

Would've been filling the tractor full of diesel straight into the coolant tank if I hadn't of realised something wasn't quite right when I turned the key with the fuel needle not moving and the smoke.

To be fair, thought it was a ridiculously small fuel tank in the first place. Stupid is as stupid does Forrest Gump said.

Property and shares, selling 2000 kerry group shares in 2006 for 40000 to buy a house for 250000 today tthe house is valued at 150000 and the shares if I had them would be worth 160000 so ye can do the maths on that one

Heard of a guy that sold some land for development. Got about a million euro. On the advice of the bank, converting it all into bank shares. Shares nose dived. Then the revenue came after him for capital gains on the sale of the land. He had to borrow to pay them. Ouch!!!!

I said wrote: »

Lakill might help ye out

It's lakill that she's complaining about........

No offence to lakill ment

patsy_mccabe wrote: »

Heard of a guy that sold some land for development. Got about a million euro. On the advice of the bank, converting it all into bank shares. Shares nose dived. Then the revenue came after him for capital gains on the sale of the land. He had to borrow to pay them. Ouch!!!!

On the flip side to that. Local farmer sold field on the edge of our town for 3.6m in 06 and bought it back for 550k in 2011!!

whelan2 wrote: »

How would that work out tax wise?

Don't know but he'd still be on right side of filthy rich

viztopia wrote: »

Would have paid tax on the original gain but am sure he still did OK.

Bought 30acres and put up 2 sheds for a start

CloughCasey1 wrote: »

On the flip side to that. Local farmer sold field on the edge of our town for 3.6m in 06 and bought it back for 550k in 2011!!

And I bet he never stopped crazing it either.

Rented a bit of land to a lad on a rolling year to year agreement (I had been kind of cryptically warned about him ie. that he was a bit of a chancer).

He paid the first year upfront and it was a pretty good price so I was more than happy.. But he didn't pay the 2nd or 3rd years (dodging me and giving me various excuses etc. family member deceased, his health was bad, that he had to go abroad to work for while etc. etc. ) and I basically had to get the authorities involved to get him out eventually.

Cost me two years rental money and the place was wrecked after him, walls knocked, various rubbish dumped around the place. So it needed a good week of work to sort it out. So maybe all 3 years of rental money lost really.

Lesson learnt ... know who you are renting land to and keep it short term and get the money upfront.

blue5000 wrote: »

I wouldn't say you were the only one, at least the kerry shares were worth something, I can't ever imagine arrabawn shares making €75 a pop.

A serious lesson learmed that I am no warren buffett or a property developer either but it ended quite alright the supposed property investment turned out to be a nice family home and I still have a few kerry shares left all financial advise at the time don't have all eggs in one basket I think its best to stick with what you are good at