Updated: Apr 26, 2020
“Thank you, dad, you just lost our house.” Said a teenage boy waking out of the house with his sister and mother.
Many many years ago in a financial crisis, my dad and a few of his closest friends brought a landed property off a man that lost all his asset in speculation of shares. And at an excellent price.
Two hours later they sold it for a handsome profit of five hundred thousand dollars.
That day when dad came home and shared with us his success, it was not an invitation to a feast to celebrate but a life lesson.
“Never ever speculate in shares. It is too risky, and a man lost everything including his family today.” Said father to the three of us.
Many years late….
Did I listen? Of course not. I was a stocks expert. I always do all my homework, analysis, chart etc. I am a trained floor trader from Singapore International Monetary Exchange (SIMEX)
So I thought….
I lost all my saving in shares during the 1997 Asian financial crisis.
Finally, I graduated from The University of Hard Knocks. I did not lose my house, but I was miserable for a long time.
We are not saying that there will be a financial crisis in the year 2019, we are saying that you should not speculate on shares, be involved in Bitcoin, Blockchain etc. unless you are an expert.
I was speaking to a client two years ago while auditing her office, and I asked her what does her husband do? Apparently, her husband works for a big Chinese company, and he oversees the trading department.
“So what do you think of Cryptocurrency Bitcoin? It is kind of hot topic this day,and everyone is talking about it” Hoping to learn something from the wife of an expert.
“Master, don’t touch that thing, my husband said he also doesn’t understand it, and his company does not approve anything that has any connection with it as well. “ Cautioned my client.
So there you have it, things to avoid number two in the year 2019, never touch shares and Cryptocurrency, the Blockchain, money games etc. unless you are an expert.
Quote of the day:
I was 5 years old when the stock market crashed; I lost everything.
-Dick Van Dyke-
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