ChatterBank1 min ago
whats the worst piece of advice....
35 Answers
youve ever followed???
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I'm so pleased you said that Starbuckone.
I saw three financial advisors when I sold my business a few years ago. I became very suspicious of what they were trying to encourage me to do with my money and I declined their advice. Two were telling me how wonderful dot.com companies were "They are making piles of money!" I thought they sounded too good to be true so I declined to buy shares. Then they all collapsed! They also tried to sell me shares in Railtrack and I declined that on the same basis! I had one advisor at the Equitable Life just say to me "You must be mad" when I got up and left after he had been trying to sell me policies. Equitable Life went belly up a few years later and I would have lost all the money!
I came to realise that financial advisors take a large commission without any of the risks. If a customer loses their money they just shrug, say it's a gamble and walk away!
The worst advice I recieved was from my mother when I was about 19 years old. After getting my first job I was £800 overdrawn (a lot in 1980) and had no way of paying the money back. I hid all the letters for months then when my mother found out she said "Go to the bank and have a chat with them". Well I went - and released all the bats from Hell! I ended up with solicitors letters, CCJs, other creditors and everything else round my ears! It took years to get straight.
Yeah right - thanks Mum! (Not sure what else I could have done at the time though).
I saw three financial advisors when I sold my business a few years ago. I became very suspicious of what they were trying to encourage me to do with my money and I declined their advice. Two were telling me how wonderful dot.com companies were "They are making piles of money!" I thought they sounded too good to be true so I declined to buy shares. Then they all collapsed! They also tried to sell me shares in Railtrack and I declined that on the same basis! I had one advisor at the Equitable Life just say to me "You must be mad" when I got up and left after he had been trying to sell me policies. Equitable Life went belly up a few years later and I would have lost all the money!
I came to realise that financial advisors take a large commission without any of the risks. If a customer loses their money they just shrug, say it's a gamble and walk away!
The worst advice I recieved was from my mother when I was about 19 years old. After getting my first job I was £800 overdrawn (a lot in 1980) and had no way of paying the money back. I hid all the letters for months then when my mother found out she said "Go to the bank and have a chat with them". Well I went - and released all the bats from Hell! I ended up with solicitors letters, CCJs, other creditors and everything else round my ears! It took years to get straight.
Yeah right - thanks Mum! (Not sure what else I could have done at the time though).
Andyvon, how true. fortunately for me I did not lose everything, but enough to make me extremely annoyed. I also did not realise at the time that he was being paid out of my bank account. It is some time ago now but I believe I am remembering it right as £1,000. I lost that for a start. Someone, and I forget who said July is a bad month to buy stocks and shares. Other bad months are August, September, October November, December, January, February, March, April, May and June. I think he was right!
Hi S.
In the end I decided to only buy shares in banks and building societies. The dividends were much lower but I didn't trust the 'get rich quick' shares as they seemed too good to be true I also thought that if the banks and building societies went bust then it wouldn't matter too much as we would all be in the same trouble. Several years down the line it's looking that way now!
In the end I decided to only buy shares in banks and building societies. The dividends were much lower but I didn't trust the 'get rich quick' shares as they seemed too good to be true I also thought that if the banks and building societies went bust then it wouldn't matter too much as we would all be in the same trouble. Several years down the line it's looking that way now!
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