Before I turned 28, I made several bad investment decisions that cost me financially and emotionally. These mistakes were difficult to endure, but the lessons I learned from them were invaluable.
1. The property syndication disaster
One of my most painful financial mistakes happened when I was just 20 years old. After my father died, my family decided to sell the farm and the businesses he built. We were left with a sizable sum to invest, and we trusted a broker who convinced us to put nearly all our family's wealth into two property syndications: Sharemax and Picvest. The sales pitch was enticing -- guaranteed capital and the promise of doubling our money in five years. Unfortunately, both syndications collapsed, wiping out almost all our funds. My mother, who should have been financially secure, became financially dependent on my brother and me. My grandmothers, who had invested their life savings in these schemes, faced a similar fate.
Lesson 1: Diversification is crucial
Diese Geschichte stammt aus der October 18, 2024-Ausgabe von The Citizen.
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Diese Geschichte stammt aus der October 18, 2024-Ausgabe von The Citizen.
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