Fantastic Investment

[mrsdawnrazor]

Got a note through from Gunns in the last couple of days,. They have agreed to sell the Southern Cross Forestry holdings of which I hold 14 lots. For my investment of $3k per lot I will receive back a grand total of $6.86 each.

Yup 6 DOLLARS and 86 Cents

And that is provisional as there may be other costs.

Oh well - you live and learn!

 

[geoffw]

You're not the only one to get burnt by agribusiness "investments". Luckily I found property investment as a way to recoup losses.

I not only lost all I invested- I had to pay substantial amounts to ATO. There were long term consequences of that. We had to pull our daughter out of a school which she enjoyed and was doing OK.

 

[Spades]

Wth?$96.04 for 42k outlay.

ouch

Cheers Spades.

 

[joanmc]

Ouch! Worse than my return on a mortgage broking company that I invested 100k with, I got a cheque for $700. *******s are still operating after pheonixing (sp) the company.

 

[mrsdawnrazor]

Wth?$96.04 for 42k outlay.

ouch

Cheers Spades.

Dont forget the interest on the borrowed funds!
Definitely a dog but learnt lots of lessons

 

[Spades]

Will you get anything back via tax being at a loss?

At the end of the day imo,it's only money.As long as you have a roof over your head,food on the table,healthy,happy and pay the bills,imo that's all that matters.

Sometimes a hard lesson is best learn't.

Cheers Spades.

 

[geoffw]

I definitely learnt a big lesson about speculative investment. The slow, boring but effective way has worked far better.

 

[Spades]

Slow and easy wins the race geoffw

Cheers Spades.

 

[mrsdawnrazor]

Whilst it was a lot of money that I couldnt really afford to lose, sometimes you just have to shrug it off and put it down to experience.

What have I learnt
1. Back myself - if something seems too good to be true it probably is
2. If an investment comes with incentives - from the government or elsewhere - it is probably not good enough to stand on its own
3. "Advisors" are not always right
4. Stick with what you are comfortable with
5. Having said 4. If you are going outside your comfort zone, only risk an amount you can afford to lose
6. Have a wide base of assets so something like this doesn't wipe you out
7. Be able to move on - not all your decisions will be right but there is no point thinking what if. I did what I did for reasons at the time. If they turn out not to be right so be it

 

[geoffw]

That last one is really important. While we may learn from our mistakes, there's no use regretting or blaming. (I'm very fortunate that my wife hasn't made me remember my mistakes. Except the one about the anniversary )

 

[TMNT]

at the height of the GFC I bought 4 different shares in risky mining ones,

all of them have dropped between 95-and 98% in value!!!

yes I took a risk it did not pay off,

I have moved on

I have forgotten about them, and maybe in 20 years when I decide to check, some of them may have recovered or hit the jackpot