Life is a series of financial choices, both big and small. We save diligently for our retirement, make wise investments and avoid unnecessary debt. Yet sometimes, despite our best intentions, we encounter a financial mistake: an unwise investment, a reckless purchase or simply misplaced confidence.
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A 56-year-old reader recently wrote in Slate’s “Dear Pay Dirt” advice column, expressing deep regret over a significant financial loss. In her 30s, she invested $150,000 in a pharmaceutical company at the advice of a friend, only to lose the entire amount 20 years later when the company went bankrupt. This was all her money and what she would use to retire in a few years at age 60.
Overwhelmed with regret, she added, “I’m so ashamed and can’t move on!” She signed her plea for counseling titled ‘Can’t Forgive or Forget’ and hoped for advice on how to get through this emotional and financial turmoil.
Financial expert and advice columnist Pay Dirt responded with empathy and wisdom, emphasizing the importance of learning from mistakes and moving on. “Everyone makes mistakes in investing,” she reassured the reader, emphasizing that dwelling on the past only hinders progress.
Pay Dirt also emphasized the importance of the reader’s overall financial journey. “Breaking the cycle of bad financial decisions in your family and building a solid financial foundation for yourself is no small feat,” she wrote, reminding the reader of her remarkable achievements.
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The advice columnist encouraged the reader to shift her focus from the loss to her many successes, asking, “What were the specific decisions you made that got you where you are today?” By recognizing and celebrating her achievements, the reader can begin to heal and forgive herself.
The columnist also suggested paying it forward as a way to turn the experience into something positive. “Write down a list of ideas on how to pay it forward so the next generation can build wealth,” she advised. By sharing her knowledge and experience, the reader can empower others to make good financial decisions.
Market conditions are volatile, unexpected events can occur, and even those who save diligently can experience unforeseen financial setbacks. However, this setback does not detract from the reader’s significant achievements in overcoming a challenging financial upbringing and building a substantial savings pot.
As Pay Dirt aptly put it, “You’ve done something truly amazing. Congratulations. Enjoy your retirement whenever you get there.”
Remember that while friends mean well, the role of a professional advisor is to ensure that your financial decisions are sound, sustainable, and aligned with your long-term goals. It is always wise to seek expert advice rather than relying solely on tips from friends or personal hunches.
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This article 56-Year-Old Lost $150,000 in Life Savings When She Followed a Friend’s Investing Advice – Now She Can’t Forgive Herself: ‘I’m So Embarrassed’ originally appeared on Benzinga.com
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