My entry:
Thanks @achim03 and @project.hope for this contest. This is my true life story that suits as my worst investment experience.
How I wanted to be the "lazy Investor"
On a Friday, 28th February, 2014, a friend told me of a Multi-Level Marketing (MLM) Business that was going to payback as much as 105% of my investment as interest in Six months. The business needed a minimum investment of $1750 (as at 2014).
Meanwhile, I was in my incubating days of my Research Consultancy Business. The ROI of the MLM sounded so real and I could imagine having that much invested to my business in six months time. I went for a hard loan ($2000 then) with 30% Interest rate per annum from a friend and invested into the MLM.
The terms of the business was to buy a product worth my investment sum and give to the merchant who will sell the product and give me my profit. I had virtually nothing to contribute to the work. Just to go sleep while my money worked for me.
My Fails
I did no feasibility study on the MLM business as per sustainability and didn't count the risk of buying money to invest.
The Outcome
I received the first month bonus of $312 and was hopeful. Sadly, after three months, everything sublimed. The Office of the merchant was closed and everything resulted to a Financial Fraud case.
- I suffered emotional trauma on how to repay loan which was actually paid back after 2 years with accumulated interest..
- I lost interest in building my business;
- The MLM returns neither the invested sum ever came again till today.
Lessons
- Always do your research and count the cost before making an investment.
- Never want to be a lazy investor.
Word Count: 299
Entry 28
Thanks a lot for sharing your experience!
Thanks man.
Never a story that one desires t have. I can simply understand how one would feel being in such a fix. Glad you learnt from it.
Do I have a personal investment experience? Lemme think.
Maybe you have but it wasn't an ugly one. Cheers.
Sadly MLM sings a sweet song that lulls many to the financial demise of their capitol. A sad song, frequently sung, in every language and every town.
Thanks for sharing, wisdom comes from shared experiences.
Truly, great poem you composed. I hope people find this appealing to learn from.
Thanks for stopping by.
Sir @Uyobong, thank you for sharing this great story here. "Impulsive investment." I would say, it's not only about investment. Everything we do, We have to be careful about our decisions.
Thank you @Zellypearl for the thoughts. We must not be impulsive in taking decisions. True.
Should I say its heartbreaking or pathetic hearing this from you.
Right from the word go I have always been very skeptical about any online or MLM business.
Seeing this story of yours as really helped me to be careful in anything I want to do, a feasibility study would have been proper to undergo before sunking such amount of money well we never know it all.
Sorry Boss, but I am happy you were able to recover from it.
Thanks for being strong, many people would have resulted at taking their own life, but I am happy God held you close so you wouldn't let go.
Thanks for sharing this.
Yeah, I wasn't crushed in it. God saved me. But it was a hard lesson to take.
Thanks for stopping by here.
Get-rich schemes are not worth investing in. Thanks for sharing. I have learnt from this
Certainly. Not again do I go there, whether with crypto or with Fiat. Funny enough, my experience was in the wake of crypto. I didn't really know my right from left. All I knew is that it was a business with good ROI. later I discovered it was crypto but no one knew what they actually did.