investing

6 personal tales of bad financial decisions

'Real estate riches' that weren't
'Real estate riches' that weren't © Vasaleks/Shutterstock.com

For Mike Pascale, an artist and writer in central California, the "most painful financial error in judgment was when I succumbed to one of those late-night TV infomercials for 'real estate riches,'" he says.

His $8,000 investment on a real estate "investing program" left him feeling like an "easy mark" for a con artist. The program -- sold over the phone along with promises of quick and easy riches and even a guarantee of at least making the initial investment back -- was supposed to include a personalized expert guide.

It didn't take long to realize the program materials weren't worth the money, and the guide was obnoxious. He inquired about a refund. As it turns out, he had agreed to a 15 percent "service fee," so he gave it another go with a new, nicer guide.

"But he wasn't much help. Worst of all, I found out that I hate real estate and am just not wired for investing in it," Pascale says. "At least I learned valuable lessons. Others have spent years legally trying to battle these unethical charlatans, spending as much on legal fees as they did on the scam. It was healthier for me to move on and focus on positive things."

After a time, he says he did recover financially, "thanks mostly to my wonderful wife."

advertisement

          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

Need to invest $3K for the long term?

Dear Dr. Don, What's the best place to invest $3,000 for the long term? I'm interested in earning the best rates with low or no fees. Thanks, -- Cheryl Compounds Dear Cheryl, You've got (at least) three questions to... Read more

advertisement

Blog

Sheyna Steiner

One weird trick for successful investing

Think you have to be a rocket scientist to invest for the long run? Think again -- the most successful long-term investors do the least.  ... Read more

Partner Center
advertisement

Connect with us