After holding on for 20 years, I have finally sold a chunk of my stock portfolio and paid off all debt except for my home mortgage. The numbers are cringe worthy and I don't want to go into the details, but lets just say I paid off a debt pushing 6 figures with a stock portfolio that finally hit 7 figures. Dad was a CEO at the company I put most of my money in, so I understood what they were doing and where they were going (no insider info, I held on through the peaks and valleys) and paid interest in the hopes of a decent payoff. Now I can let the rest ride. I am just lucky it worked out for me. Whew!
Wow, what a gamble! Glad it worked. My husband and I made a long term investment in a family member's business that went bust leaving me with some debt. It was a gamble and we lost much less than our family member who is still struggling. We recently got approached to invest in another family member's business but passed.Did you have any regrets, misgivings, etc during that 20 yr time period?
There were times when the stock dropped and I felt like I needed to cash in. At that time my stock value was about the same as my debt. Some sleepless nights, but I just felt like I needed to hang on. While I had no problem making the minimum payments, I was getting nervous that if this stock became worthless, it would put us in a bad situation. Finally, my stock went from under a dollar a share to 4 dollars. It made it easier to carry debt knowing that I could sell my stock and pay it off. I let it ride, until the stock hit 15 a share. I could now sell 15% and pay off the debt, letting the rest ride. I would not recommend this to anyone, like I said, it was a gamble that paid off.
I would not recommend this to anyone, like I said, it was a gamble that paid off.So, I'm not sure that I agree in general, though it may have been a gamble in your particular case. You were invested in a family business that has done well. I agree that it's not easy to make a family business work. But if you know your relatives who are working with the business and they have integrity, business sense, and a strong work ethic, there is still a lot to be said for it.ThyPeace, much prefers to invest in people, places, and things that she knows well.
Congratulations on holding onto your cards when it looked pretty bleak. Glad to hear it pay off for you. I have held onto parts of my portfolio in the hopes of seeing it improve (unfortunately it didn’t) but it is great to hear someone else be successful in these situations.
I am always Happy when I dance with my wife!!!WHOVPLLC
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