When we retire or are being laid off, we have plenty of time. It is not good for doing nothing. However, the worst could happen to us: We invest on something we do not know and lose our entire saving. There are so many real-life examples.
Every one eats out and enjoys it. Some believe they can do a better job by opening a new restaurant. It is the human nature to be too optimistic even for the toughest business and those who surround him/her, do not want to throw cold water. Most fail miserably.
Investing in stocks is another popular one. Many take a course in day trading. If their system works that good, why they have to show it to you? When you want to invest in stocks, you should have many years of investing experience and do not gamble with your money you cannot afford to lose. Unless you're a congress woman or man using insiders' info, you are swimming with the sharks.
One retiree lost all his money in the stock market which has changed to a big casino, and died because of worries. After several years, the market revived but not he.
One retired headmaster worked as a principle in a brokerage firm. It was fame and fortune initially. He lost all his money when the firm executed his client's bets on futures in the firm's account in Hong Kong where there are less regulations for brokerage firms.
The retired and famous baseball player in Boston lost all his money from owning a video game company. He was a good baseball player, but not a business man and failure is almost a sure thing. For every successful story, there must be many failures that are not publicized as this one.
Click here for advice to a 70 year old.
In our case, no ambition is the best ambition.
Investing in something we do not understand will most likely cost us money, effort, frustration, and even our health.
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