This post is no longer accepting new comments because it has been merged with Share with us the most horrific memory you've had in your personal finance and investing journey that you can never forget till today! What was yours?
Yes, I have one.
Years ago, before I became a financial advisor myself, I was introduced a product with extremely high fees.
We're looking at 6% a year for the first few years. But it was oh-so-elegantly worded as 1.5% per quarter, not that it matters anyway.
Sure, there were bonus units ("limited time only!") and the fund was supposed to be "opportunity seeking" (Must have heard that one multiple times during the pitch).
Being busy and all that, I didn't due a lot of research on this product. Only after my work entered a lull period did I go and read up a bit more and I'm just...speechless about it.
I won't say too much here, but suffice to say I got out once I figured I'd been taken for a ride. Suffered a 5 figure loss on that one. Don't make the same mistake I did.
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Well, i listened to forums and lost some money, so basically i speculated. Technical won fundamental at that time (or rather shortist or something).
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This is not exactly horror but it’s extremely shocking. A financial advisor introduced me an investm...
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