Anyone been burned by bad advise?, or accepted strategies which failed them?.

[markpatric]

Just finished reading a story regarding a member losing a lot of dough due to a business partners dishonesty, and I wonder how many are feeling the pinch now the market has cooled for whatever reason.
I would say my worth has gone down considerably from where I thought I was/would be simply due to the market slowing, and the general repercussions of consumer caution and Kiyosaki strategy/lowballers and the perception that we can all be rich by purchasing "deals of the decade".
Just goes to show how important it is not to be too highly leveraged and have solid exit strategies in place.

 

[DCA]

Just finished reading a story regarding a member losing a lot of dough due to a business partners dishonesty, and I wonder how many are feeling the pinch now the market has cooled for whatever reason.
I would say my worth has gone down considerably from where I thought I was/would be simply due to the market slowing, and the general repercussions of consumer caution and Kiyosaki strategy/lowballers and the perception that we can all be rich by purchasing "deals of the decade".
Just goes to show how important it is not to be too highly leveraged and have solid exit strategies in place.

All come down to how sound are you at your investment knowledge and know where you are heading and not get distracted by the herd.

People gave me alot of tips in my short time of investing, I just accept them but never act on it .. I decided from the begin I will spend time do my own research, understand fundamental of investing and then do something about it.... Stuff like the property market is so hot right now you got to get one IP, look at this return look at this figure or you got to buy this stock this week . I just said yeah I do something about it next week .

someone once told me never give or take advices (that is casual advice/tips)
I do however take advice from my accountant, lawyers, certified financial advisors etc.. . People who are qualified to give me advices, but I dont just take it literally. I read and I go over it and make everything is ok. I have not made one bad investment in 10 years.
Well only started 10 years ago ..Could made some bad one in the next 10

 

[markpatric]

Its difficult learning curve but I try to always have an exit strategy these days and generally go for long term holding of cf+ Real Estate, so to consolidate and wait is my strategy right now.

 

[lizzie]

i haven't had "bad" advice, but there are some things that i would have done differently if i had my time again. none of the advice cost me money, but i could have made better money other ways.

 

[see_change]

Never been stung by a bad investment as such , but around mid 1990's we were thinking of starting to invest in property. I discussed this with relatives who wern't sure that this was a good idea and suggested I talk to their financial advisor . Talked to financial advisor who recommended that the best investment we could make was paying of our PPOR.

He could have recommended we invest in West point ... so it could have been worse, but it took about 4 years to realise that we wern't going to be paying off our PPOR in the foreseable future and needed to do something else.

See Change

 

[geoffw]

My bad advice was from a financial planner who recommended tea trees- then a few other tax effective investments. Fortunately it "only" ended up costing me $58k.

 

[gazza]

Geoffw and I used the same financial planner. I chose not to do the tea trees but invested in 4 other schemes advised by the FP. To date all 4 have lost pretty much all the money we invested. There is a court case pending on one (which has dragged on for 9 years) so some hope of some return but basically we have written off around 70K. Needless to say neither Geoff nor I are with the FP anymore.

Gazza

 

[The Y-man]

We had to write off a fairly sizeable holding in a share recommended by our FP - but then, we didn't sell out when they recommended a sell - so self inflicted

Cheers,

The Y-man

 

[depreciator]

I'll put my hand up for tea trees, too. The scheme I was in was called Budplan, and 13,000 taxpayers were involved in it.
I'd wiped the whole sorry saga from my memory - thanks Geoff for rekindling those memories.
My investment had run its course and the ATO looked at the scheme and decided it smelt a bit. So they went back and disallowed previous deductions. (Presumably it hadn't been cleared by them before being flogged.)
I can't remember what it cost me. I took the ATO offer of settlement because I just wanted to wash my hands of it and move on.
It must have been about 12 years ago when I got into it. The guy who sold it to me (and he really was just a salesman, as opposed to a planner) was a guy I used to work with.
He was with a company called Saxby Bridge. They went down when Budplan hit the wall. They had reps who were very aggressive and slick at selling.
It was pitched to me that the government was chuffed at people wanting to invest in primary production and there were some great tax breaks available in return for our generosity. The ATO's contention was that we weren't really carrying on a business and our sole intention was minimising tax. Couldn't really argue with that - I didn't know what a tea tree looked like. There was also something to do with 'non recourse loans'?
What really annoyed me was that when the **** hit the fan, my salesguy was nowhere to be found. I don't think he knew it was dodgy - he was probably as naive as me - but I wanted him to tell me that. I distinctly remember sitting with him before signing on the dotted line and saying: 'You know Mark, if this thing goes pear shaped I'm going to want to talk to you.'
I'm reasonably certain he still works in the city. When I'm out walking to meetings or getting lunch, I always keep an eye out for him. He'll die (figuratively speaking) when he sees me.
I remember hearing that lots of miners got caught up in Budplan and that the majority of the police at Kalgoorlie invested in it, too. The salesguys would probably have been blow-ins from Perth running seminars. Can you imagine if they were locals and they'd burnt the miners and the local cops?
Scott

 

[geoffw]

What really annoyed me was that when the **** hit the fan, my salesguy was nowhere to be found.

My salesguy was found. He got a little slap on the wrist for another very dodgy scheme he put clients into. He was banned from giving advice for just one year.

 

[willair]

Geoff w,
on the positive side,do you know what happened to Mr R Dexter
that name seems to ring a warning bell, i think this guy is still in
business in QLD..
good luck
willair..

 

[alwayscurious]

nailed..

from the looks of it, that mr dexter has been nailed.

http://www.google.com.au/search?hl=en&q="Geoffrey+Dexter"&btnG=Search&meta=cr=countryAU

If it's the same guy, good to see justice working.

Cheers a/c

 

[geoffw]

from the looks of it, that mr dexter has been nailed.

http://www.google.com.au/search?hl=en&q=%22Geoffrey+Dexter%22&btnG=Search&meta=cr%3DcountryAU

If it's the same guy, good to see justice working.

At least someone involved with Wattle got a long conviction- unlike my adviser.