What was your biggest investment mistake?

I invested all of my college savings into gold and silver stocks.

Peter Schiff, the CEO and chief global strategist of Euro Pacific Capital Inc., convinced me using scare tactics.


In a couple of years, I lost all the money I invested.

When I was in high school, I studied stock market trends and watched the numbers fluctuate.

It was fascinating.

And I was addicted.

I listened to all these finance “gurus” on the Internet. I wanted to be like them when I grew up. They appeared to make a lot of money, always knew where to invest, and had thousands of listeners.

I sat on the edge of my chair absorbing every piece of their advice:

“Silver won't go below $30 per share! It's the best investment!”

“You’re an ***** if you don’t invest in gold. The economy is tanking. You need a tangible investment for when the dollar crashes.”

“The Federal Reserve is destroying the dollar. Get out now.”

They played on my fear.

I had saved over $10,000 to help pay for college. Then, I started to wonder:

“What if all my savings become worthless?”

“What if I regret not taking action now?”

So, I took Peter Schiff’s advice and invested all of my savings into gold and silver stocks. In less than a year, the stocks lost half their value.

I was devastated. I felt like an *****.

My parents were equally upset. It was such a sore topic to talk about that no one brought it up again. This made me feel worse.

It took a couple of years to gain a better financial footing to help propel my career.

Now, I refuse to listen to any Internet or T.V. “guru.”

It’s a rough lesson to learn when you’re young, but it helps you better evaluate future decisions.


Source: https://www.quora.com/What-was-your-...stment-mistake


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