SubscribeMy Mistake
When I first the Portfolio Manager position, I was fully confident that the job would always be there for me and that I could just borrow a little money to cover the small margin in my investment account and maybe spenda little more to jump in on Sirius Satellite.
So, without thinking I ran to the bank with my good credit and borrowed about $6,000. I knew I could pay it off quickly and decided I could jump in on a stock that I thought was the right time to buy. This mistake has been costly. I could have saved over $2,000 and bought in at a cheaper price minus the 13% rate I was paying on the loan. My greed had certainly gotten the best of me.
Now, I had gotten myself in a small, yet manageable hole. I had the number of shares I inteded to get and worked to pay off the loan as quickly as possible. When I look back on that decision, I thought, why did I take the unneccessary risk? This is a valuable lesson that I intend never to repeat again. I learned that patience is a virtue and that just when you think you have timed the market, it slaps you back to reality.
Loading ...
