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 idiot 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 idiot.
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-biggest-investment-mistake