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Originally Posted by La lamy
Yup!!! Learned that the VERY HARD way. Lost 1/3 of my savings by adviser putting me in ".com" stocks that went bust in 2000 and lost out on an even more stupid "insurance policy" from their bank that was a total money pit. Live and learn. I'm now educated about investing, and do it all myself.
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La lamy, ah, yes, the 90s. I was right there in that gloat boat with you. The only difference is that it was not an advisor doing this to me. I did it. ALL BY MYSELF!
I call it my bubble-dancing days. I sure thought I was hot stuff. One of the funds I bought was returning close to 100%.
I did not bet Mr. Boomer’s retirement money though. But I sure had a good time with my own — while it lasted.
Like you, I learned. I sure did learn. It was the cost of an education — and the ROI on that part of my education has been more significant than the return on a couple of degrees in education.
Ironically, in addition to learning not to bet on the latest, greatest, no real product stocks, I also learned that I felt better about having nobody but myself to blame. That might sound odd to some. But my nature is to take responsibility. As a kid if I got in trouble for doing something I should not have done, I would say, “Yeah. I did it. Now, what are you going to do about it?” And with that dumb investing in the 90s, the you I was talking back to was me, so I did something about it. Still am.
At this point in life though, I am beginning to look around for an advisor, but I am not there yet.
Boomer