I remember it was in about the year 2000, maybe 2001. I was just breaking out of college.
I had just enough money to put down 20% on my first house. It was roughly 20,000.
A friend of mine, who was my age, who I thought knew what he was doing told me to grab every form of money that you have and buy as many shares of LUCENT that you can get you hands on.
He told me that the alltime high on the stock was like 90 something bucks a share(or something like that, and that they would jump all the way back to that and then some in less than a year.
This dude had me pumped up sky high.
So I took 10K of my 20K that I had and bought almost 1200 shares of lucent.
This made me put only 10% down on my house instead of the 20% down that I was planning on. This made me have to pay an extra almost 150 bucks a month on my note because I had to pay PMI insurance for only putting up 10%.
I though this was no big deal at the time because a year later I would just sell the lucent stock and pay of the house in cash.
Something happened on the way to paradise as they say. It went down to 7, then 5, then 4, then 2.
It got to the point where I would go months without even looking at the price because I was so disgusted.
Meanwhile I spent almost 3 years paying the PMI insurance on my house that I was forced to pay because of my lesser down payment until I refinanced and got on my feet.
Finnally for the first time in over 6 months, I checked the stock price of lucent.
Come to find out they are delisted and have a new stock symbol.
I dont know if I will ever see one red cent from this once large investment that I have made at the time.
This is just a warning to be carefull who you listen to.
I had just enough money to put down 20% on my first house. It was roughly 20,000.
A friend of mine, who was my age, who I thought knew what he was doing told me to grab every form of money that you have and buy as many shares of LUCENT that you can get you hands on.
He told me that the alltime high on the stock was like 90 something bucks a share(or something like that, and that they would jump all the way back to that and then some in less than a year.
This dude had me pumped up sky high.
So I took 10K of my 20K that I had and bought almost 1200 shares of lucent.
This made me put only 10% down on my house instead of the 20% down that I was planning on. This made me have to pay an extra almost 150 bucks a month on my note because I had to pay PMI insurance for only putting up 10%.
I though this was no big deal at the time because a year later I would just sell the lucent stock and pay of the house in cash.
Something happened on the way to paradise as they say. It went down to 7, then 5, then 4, then 2.
It got to the point where I would go months without even looking at the price because I was so disgusted.
Meanwhile I spent almost 3 years paying the PMI insurance on my house that I was forced to pay because of my lesser down payment until I refinanced and got on my feet.
Finnally for the first time in over 6 months, I checked the stock price of lucent.
Come to find out they are delisted and have a new stock symbol.
I dont know if I will ever see one red cent from this once large investment that I have made at the time.
This is just a warning to be carefull who you listen to.
