I'm still pretty sore that Maxwell raided the Mirror Group pension and my tiny investment. Sure it happened a scarily long time ago but it gave me a sobering insight into what can happen when one entrusts ones life savings to another person.
I only lost a few hundred pounds, unlike others who lost twenty or thirty years investment and yet I've avoided pension schemes ever since with only one exception. Even then, I cashed it in when I moved on from that company.
Interesting discussions on my last post. Is my plan to invest in the stock market simply a gamble? Even worse, part of the same greed that has gotten the global economy in such a state?
I once said in a job interview that I'm not risk averse. I have a strong belief that risk is a good thing (and not just the board game...) I don't see taking risks as gambling though I acknowledge that the two are related.
I have speculated in my purchase of some shares, absolutely! I have to say, I regret some of my speculations, if only because on some I lost money, and on others, I took profits too soon!
But, if I had not been willing to speculate, I would not have had the opportunity to learn from some of those failures and discover a better way of investing.
I definitely want my investment in companies to benefit them just as much as it benefits me. One of the things I am now trying to do, is hold shares for much longer, assuming a company continues to rise in value. But, if the value of a companies shares begins to sharply drop, would it be prudent for me to continue to hold onto those shares?
I don't believe so, but am aware that even recently, I sold shares through what's known as a Trailing Stop Loss and regretted having set it so tight. But, again, that was a learning experience and I'm going to be more careful with that particular tool in future.
While I take risks, I try as much as possible to minimize them. Stocks and shares are not my only plan, I've also been blessed to be able to rent out our old house and in twenty or so years, that hopefully will provide some income. As a landlord I've spent a lot of time doing up that house for tenants over the years, fitted a more efficient boiler last year and still manage to keep the rent at a reasonably low level. Does that make me a good landlord? I don't really care! I do care that the tenants are happy and having been one, know that if I keep the house in good order, they are likely to reciprocate.
But, my ultimate goal with all this is to save enough so that at some point, I can either retire, or more likely, cut down work to an enjoyable level. All without Maxwell's help, or maybe, just maybe, because of him. Perhaps it is time to forgive him... what do you think?