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Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of seriousnoviceseriousnovice
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    December 30, 2008 - 1:59 am

    Hi Dr. House,

    I WISH I was in cash, and could reduce my debts!  I spent practically nothing & have learned to live on air. 

    If I cashed in my funds now they have almost hit rock bottom, I think I would cement in my losses, and I would never be able to recover them. 

    No doubt you guys are managing your own funds.  Unfortunately I relied on an "expert."

    Does anyone know how to make ANY money at the moment?  Or will any endeavour result in further losses?

    I have read books that claim there are ways to make money in any market.  Certainly the rich only get richer….so what are they doing?

    Cheers,
    Janet

    Profile photo of seriousnoviceseriousnovice
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    December 30, 2008 - 1:54 am

    Dear Crashy,

    I just wrote my financial adviser yesterday wanting answers.  It was my idea I should be in cash a year ago when the market trouble was looming, but he talked a lot and convinced me to stay in funds.  I know it's a conflict of interest, as he always gets fees & commissions even if I lose my life's savings, and they are not held legally responsible to reimburse you for bad advice.  I doubted my gut feeling, because he was the "expert" and that's what he does all day every day.  It seems I was right – but I've lost most of my super now, & it's borrowed money.

    I agree at the moment cash is definitely king. 

    I should never doubt my gut instincts…esp. for fast-talking "experts" after my money.  I told him I would have preferred to buy back in once the market was on a proven upswing, rather than losing so much of my principal!  I have yet to hear back from him – probably vacationing on my money when I'm home because I can't afford to.

    J

    Profile photo of seriousnoviceseriousnovice
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    December 30, 2008 - 1:47 am

    Dear Vidy,

    I'm sure there are opportunities overseas, but certainly I wouldn't be able to advise.  I have a friend in North Carolina who is buying up props cheaply & doing the renos himself.  I'm sure he'll make out very well, but I doubt he could sell them now.  No doubt he'll rent & hold till the market is good again.  He's doing it there because he lives there.

    New properties may do well too (I don't have the budget for that), but I imagine you'd have to have the funds to hold them if you couldn't sell them for a profit now.

    I am fresh out of ideas & very worried.

    Cheers,
    Janet

    Profile photo of seriousnoviceseriousnovice
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    December 29, 2008 - 2:31 am

    Dear Anna,

    I was just kindly pointed to your post , as a friend knew that I am very desirous of finding a property investor's group for moral support & advice. 

    I would love to attend your next meeting if that is OK.  I am an investor who would like to start doing some renos – yes even in this market & inexperienced at renos.  I live in Strathfield South.

    Cheers,
    Janet

    Profile photo of seriousnoviceseriousnovice
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    December 29, 2008 - 1:01 am

    Dear T,

    Thank you for taking the time out to try and help me with my question.  I guess the bottom line is when the economy blows, it pretty much is across the line, and there isn't much you can do to help yourself until that changes.  Very depressing – and frustrating – indeed.

    I guess we have to head for the casino then…..who knows, Lady Luck just might cut us a break – I don't want to become morose :)

    Happy New Year (and let's really hope it holds out for the next 12 mos too)

    J

    Profile photo of seriousnoviceseriousnovice
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    December 29, 2008 - 12:56 am

    Dear Crashy,

    I really do appreciate where you're coming from, and am grateful for shoot-from-the-hip advice.  Obviously anyone with half a brain would prefer some harsh comments to losing big $.

    Clarifying that you are a professional renovator who found it unprofitable enough now to have to pull out, certainly underlines your point big time.  Thanks again for taking the time to inform me of the current risks.

    Cheers,
    Janet

    Profile photo of seriousnoviceseriousnovice
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    December 28, 2008 - 1:07 am

    Dear Jaffasoft,

    Thank you for being a little kinder about my enthusiasm, & wish to succeed in the face of challenges.

    Unfortunately I am based in Sydney suburbs, and it would not be feasible for me to move closer to Victoria.  I really appreciate your offer to help very much indeed!

    Happy holidays,
    Janet

    Profile photo of seriousnoviceseriousnovice
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    December 28, 2008 - 1:04 am

    Dear Crashy,

    Thank you for your comments & view of current prop reality.

    There have been people who have proven others wrong when they said what they wanted to do couldn't be done.  However, I will take on board your comments.

    Cheers
    SN

    Profile photo of seriousnoviceseriousnovice
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    December 28, 2008 - 1:02 am

    Dear Tony B,

    I appreciate your honesty (& humor).  I guess when you start getting desperate you want to believe there is a way.

    The truest thing you reminded me about is that at least I'm not losing more than I already am!

    Happy holidays,
    serious novice (actually my name is Janet)

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