Speculators Anonymous

Hi. My name is David Schaeffer and I’m a speculator.

I didn’t know how easily hooked I could be when someone offered me a “too good to be true” financial opportunity and guaranteed an amazing return.

I didn’t even twig when I was told never to contact the industry regulator, A.S.I.C.

Learning Point 1: Ignorance about anything is an excellent shortcut to loss and crisis. And it can never be used as an excuse.

I was at a very vulnerable time in my life. My wife (and I) were battling advanced melanoma. I went on the attack, and decided to throw caution to the wind. I took the kind of risks a sporting team takes when they are behind on the scoreboard with only 8 minutes to play

Learning point 2: Never make risky decisions at stressful times

I made this decision based on my own incomplete understanding of investment, and because equally ignorant friends and colleagues were encouraging me. I REALLY needed to know the difference between investment and speculation.

Learning point 3:  Choose carefully who you take advice from. Are they qualified? Are they good at their job? Are they invested in you first? Make sure your advisor doesn’t stand to gain from your decision

Thanks for listening.

My name is David Schaeffer and I’m a reformed speculator