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An acquaintance,took a pension buyout four years ago for $320,000. He purchased 2 new houses to flip. He sold them 2 years later at a combined loss of $75,000. Then a real incompetent financial advisor recommended two second mortgages, one for $70,000 and the second for $30,000. the owner of the $70,000 second promptly left town and that house is in forclosure.I recommended that he purchase the house at the foreclosure sale and rent it to save his investment. He said that he couldn't afford to purchase the house.I once suggested that he buy some Blue Chip stocks yielding about 5% but he said that he needed more yield and was needing 12 to 15%.I reminded him that those yields were more risky which probably fell on deft ears. The last I heard he had bought $100,000 of gold near $1000 an ounce. I don't know where he learned to invest. My guess is that he is not alone.
By Richard
