Response to shanew
Quote:
Gandalf CAN I ask what sort of items you bought from that mob . did you get them back . and what was your mind set to purchase from a mob like that was it superannuation love of coins or other . and what is you opinion of future investments into coins and notes would you do it again
Thank you for asking my humble opinion. I bought a bank note and some coins. I will publish further details, if asked, but not until after I have located a legitimate, licensed dealer who can reassure me of their current value. I'd like to say that I "invested" around $50k but as it turned out I just "spent" the money - so I have lost a significant amount (for me).
All my property was returned in good order and though I lost money I can still recoup some of it. (Probably enough to refuel the car a few times Ha! Ha!)
My mindset was faulty. It was a decision to put away some money, from cashed-in other types of investments, so that I could grow a bigger profit. The decision was made without proper investigation of the method of investment. I merely compared the interest rates between different investments. Most importantly, in this case, I did not "shop around" to check market values.
I believe that rare coins can be a good investment but you really have to get sound advice (as with any investment) and you must be prepared to have a long term strategy. So if I ever have sufficient excess funds in the future I doubt that I would try rarities again unless I am much better educated in the field by then.
I am not qualified to advise on investing but the following may help...
Some of my business associates, who are more experienced investors, saw this coming but allowed me to be pig-headed and learn the hard way. It may seem strange but that is the only way to learn if you are not prepared to seek advice from the right source. Some of my associates would say...
Don't invest more than you can afford to lose.
Don't rely on only one source of information.
Definitely don't rely on internet based information unless the source of the information is given and traceable to a real, accountable person. Anyone can say anything they want on the 'net and not be held accountable. (from Facebook ravers to forum-posters to multi-billion dollar corporations)
Don't consult "your friend" who has never done anything similar. Friends are for barbecues and fishing and moral support. If a true mate is a pro in the field then he/she could be a very good source of advice.
Be wary of any one who volunteers bad info about someone else in the process of advising you. If they are genuine advisers they don't need to knock the opposition.
Eventually you just have to go and consult face to face with a professional. Even then you must satisfy yourself that his/her credentials are valid.
In the end it's all up to yourself. Whichever course you choose â€" you will learn from it. I sure hope this helps someone not to get bitten like I was.
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Posted 08/09/2014 10:21 pm
