We are thankful that we got out of WaMu before it went down hill. We also feel for those who didn’t. That’s got to suck.

Back in 2002 we bought 90 shares of Washington Mutual for $38 a share.

After dealing with the hassle of them with the lack of interstate communication, we decided it was time to get out.

We sold in 2003 for $42.50.

While we only walked away with an extra $405 or 12% of our initial investment of $3420. It certainly wasn’t a dotcom boom, at least we were able to walk away with our shirts on and still know when to get out.

With the peak of the stock at $45 a share, I think we are pretty darn lucky to have exited the party when we did.


Why we got out when we did:

  • We felt that if their customer service and lack of interstate communication was representative of overall challenges to providing quality banking services.
  • We also thought that with their current numbers, the investment was pretty much “dead money”, and not able to yield much more of a return.

Turns out we were right on both accounts. Sometimes it is a good idea to trust your gut when you think a business is on the down turn.

Miel

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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