Email… My Financial Disaster

From: ************ <*********@yahoo.com>
Sent: Wednesday, 18 July 2018 4:43 PM
To: marcus@marcustoday.com.au
Subject: Help me, please

I listened to you on ABC radio today. I want to tell you my financial disaster situation to see if you could please help me.

  • I bought 2100 BBOZ ETFs last month at $14.15 now they are $13.40.
  • I also bought TLS, BAL, SGH, EHE, $3000 of each.
  • I’ve got $41000 in market, plus $83000 term deposit 36 months earning 3.5% maturity 18months.
  • I’ve no debts.
  • I own my home.
  • I own the adjoining block of land valued at $85500.
  • I am 60 on a disability pension.

I’ve had health problems since I started trading shares because I can’t sleep worrying if they will drop, I had to call an ambulance due to heart palpitations after BBOZ dropped a few weeks ago. They took me to hospital, but my heart was good.

Should I stop trading? But I like trying to “win”. I’m divorced and live alone in a declining rural town. No mates, they have either died or left town.

MY REPLY

Wow XXXX – That’s not a financial disaster, that’s rich. Most people are wading in debt and taking huge risks on property. You have a positive net worth, own your home, and have cash. That puts you in the top 50% of Australians.

Having said that it sounds to me like you would be happier without the stock market. God knows how you “civilians” think you can succeed at it…it’s my job, and I find it hard.

My humble advice. Stop trading. When you are not rich, it is vastly more important not to lose it than to make it. Come to terms with your existing financial position and make peace with that – trying to change it will only lead to risk, lost sleep and ill health. You clearly don’t take well to the risk and if losing $1785 in BBOZ gives you palpitations let me tell you….you should not be trading anything!!!

I don’t know your interests, but I’d suggest you join a golf club (my current passion) or any club. Instant, new mates and low-cost day long activity. Plus it keeps you fit. If you are half competitive, you will love it. And not being able to play is no excuse. Learn…it’s the best bit of golf.

Failing that, get a job. The government may class you as disabled, but are you? (I don’t know you might be). But if you’re not your best financial option is to find some work – it doesn’t have to be manual labour – most work is done on a PC these days. You clearly have one of those and can use it.

You are too young to be giving up and too old to be stressed by money. Happiness is expectations met and the key to happiness is low expectations. Come to terms with your finances, and you’ll find happiness. Find a job, and you can improve your financial situation and won’t need the stock market. But above all, don’t lose everything trying to transform yourself with stocks – no-one does – it’s a myth.

Happiness is a state of mind and physical well-being – that comes from friends, family and exercise – not a bank balance.

Summary:

  • Stop Trading

Ideas:

  • Get a job.
  • Take up a sport.
  • Find a friend (must be some hotties in town…if not…move!)

Good luck with it all. But above all stop killing yourself in the stock market – you have to be prepared to take the risk to do that…and it doesn’t sound like you want to.

Source: Marcus Padley

 

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