my worst financial advice!
The Big Cajun Man has challenged some bloggers he knows to describe their worst mistakes in advising people on their finances.
Here's a few I made myself:
- Advising people with their finances! What do I know about finances, really? If something were to go bad, it would really make my life miserable! Nowadays, I try to repeat advice from the pros and stick to he obvious (minimize your fees, diversify, etc.).
- Advising somebody when to sell a stock ... the person did sell them with a small profit but the stock went much higher after!
- Telling friends and family to open direct brokerage accounts! It feels like suggesting to people that they should buy a plane for their personal travel even if they don't know how to fly it ...
- Giving stock advice taken from a newsletter to friends and family without proper disclaimer that this was still risky!
5 comments:
MY BEST PERSONAL FINANCE MENTOR--
MoneyLIFE-a fortnightly magazine.
MoneyLIFE, a personal finance magazine is sharply focused on stocks, mutual funds, careers, consumer rights plus enterprise & smart spending.
With Debashis Basu as the Editor and Publisher and Sucheta Dalal(awarded Padma Shri in 2006), this fortnightly delivers a stellar mix of unbiased, credible, unique & relevant content with sharp analysis.
It is the first publication in India to introduce fund & stock screens with stock identifications through a well-tested & transparent method (& not through hunch, impression or gut-feel).
MoneyLIFE has set the highest standards of incisive analysis in discussing fund performance which are taken very seriously by the fund industry & the regulators.
MoneyLIFE is an Essential Tool for Learning-Earning-Spending-Investing Cycle which the sensible readers can’t afford to ignore!
www.moneylife.in
Att: RBC Bank President Gordon Nixon - Salary - 11.73 Million!!
$100,000 - MISTAKE (FISHERMEN'S LOAN)
I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC account.
Website http://www.corporatebully.ca
YouTube http://www.youtube.com/CORPORATEBULLY
There is no monthly interest payment date on the contract.
Date of first installment payment, (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan contracts signed by other fishermen around the same time showed a monthly interest payment date on their contract,(agreement).
The lending policy did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mailto:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mailto:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mailto:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mailto:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mailto:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mailto:ombudsman@obsi.ca
Good day,
I recently started a new personal finance blog site at www.endingtheratrace.com, and I ran a search on your google search and could not find myself.
I was wondering if you could add me to your site provided of course that you think it will be value-added.
Many thanks for your consideration.
I like your site and have subscribed to it!
Cheers
The Rat
I think seeing your decisions as experience can help you move forward, people make mistakes all the time and sometimes people make money and sometimes people lose money
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