Oops, I Didn't Know That

When you're dealing with large sums of money, long-term contracts, or significant business dealings, these are the five words you never want to utter under any circumstances. “Oops, I didn't know that.”

This simple phrase suggests two things. One, you didn't do your homework leading up to the deal. Number two – and this rises rapidly to number one if you say it after signing the document, you may have made a big, irreparable mistake that could cost you a lot of money, time, and heartache.

Consider this scenario. You're watching television with your significant other one night, and you settle in to view, The Shawshank Redemption. It's a terrific movie with a great cast, and it's based on a very good story by Stephen King. The ending is good, too.

So the two of you start talking and decide that retirement on the beach in Mexico sounds pretty good to you. Maybe you start poking around on the Internet, you come across a broker, and you start getting pictures of beachfront property in Mexico. It's pretty inexpensive, too. At least it's inexpensive for beachfront property.

You take your time because this is serious business. Maybe you even visit the area on vacation to make sure you like it. But you don't like it. You love it! The place is so beautiful that you decide to accelerate your retirement so you can spend more time in this heaven on earth. You make the arrangements, you buy the house, and you making plans to relocate.

This would be a really, really inconvenient time to find out that American's aren't allowed to own land in Mexico that is within 31 miles of the beach, unless you happen to hold title in a Mexican Corporation.

Oops, I didn't know that!

See, those five words take on a whole new weight when the balance of your retirement hangs in the balance. It's something to think about, anyway.