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Old 07-20-2010, 10:39 AM   #41
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You mentioned that you are a loner and don't like working with the public. Many of us feel that way, I promise!
But, with your memory loss, you might inquire about jobs for those with disabilities through local agencies, or, and this may be a reach, but what about placement services or temp agencies that have some experience with Asperger's sufferers.
I have been in a job similar to yours and it was awful. But please don't paint yourself into a corner that this is the only job you can do. Keep looking, keep an open mind, and hopefully you will find something you can stand while you save more money.
Best to you!
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Old 07-20-2010, 09:45 PM   #42
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Hello, new here.

I am 37, from the US and completely sick of the work grind.

Suppose, hypothetically if I reached my goal of 300K in savings by the end of this year and got laid off, would it be enough to retire on?

I am risk-averse and not familiar with most financial products (still learning). I have no dependents so I would be spending this mostly on myself with a few exceptions.

My expenses are roughly $20K a year - I would like to live comfortably without having to work ever again - preferably in the US (!)

Curious, do you think this would be doable - or what changes / sacrifices in my lifestyle would I have to make in order to be able to afford to retire w/ this money?

Thank you for any insights,
Pat

I would suggest you consider ESR (early semi-retirement). Instead of withdrawing the full $20k a year from your investments, you could take just half and earn the other half through work. Earning $10k a year should be pretty easy. You will have an abundance of options.

This is the goal that I am after. My living expenses are around $30k a year (could be $20k if I owned a house). Generating the full $30k a year would require me to save for too long. I would rather shoot for $15k a year and work for the other $15k a year. That way I can hit my goal much sooner and find work that is less stressful asap.

What I am considering doing when I get closer to my goal is to get a job in a foreign country teaching english. My anecdotal opinion is that these types of jobs are easy to get for anyone that has a college degree. You will not make much money, but it will be enough to live on, and you will get to experience another country. A benefit to this option is that every year I spend doing this, is another year my investments would have to compound. This might be the type of thing I pursue when I am close to my goal but still need a year or two of investment growth.

Other options I will also look into would be peace corps and graduate school. If I got into graduate school in a science field and got a TA stipend, then that would be a fun way to spend a few years while my investments compound.
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Old 07-25-2010, 04:02 PM   #43
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Guys, here is an update. I am seriously kicking myself for the decision I just made. Recently I hooked up with an RIA who invested about 80K of my assets into a Cole REIT. The 7% yearly dividend seemed quite attractive but she did not mention that the companies are unlisted, thus making it a real possibility I will never, ever see the principle.

I am feeling like a complete idiot right now, as with the support of you guys there is no excuse for doing something so incredibly impulsive - but water is over the dam and I can't turn back. I have to lock this money for 7 years - which is not a problem - but the possibility that I can not ever liquidate this investment is making me seriously ill.

Curious, have any of you ever had experience with Cole REITs?
Pat
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Old 07-25-2010, 06:58 PM   #44
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Cole REIT: Hate to be the bearer of bad news, but a quick Google search picked this up:

Cole REIT Has Dividend Problems • REIT Wrecks Forum
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Old 07-25-2010, 07:35 PM   #45
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Cole REIT: Hate to be the bearer of bad news, but a quick Google search picked this up:

Cole REIT Has Dividend Problems • REIT Wrecks Forum
Yup, read this as well. And I just tied up about 80K in this product.

I might as well just quit working. I'm losing assets faster by investing through unscrupulous people than actually quitting my job and getting unemployment. Actually I just feel numb when I should probably be enraged.
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Old 07-25-2010, 07:43 PM   #46
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If I am reading this correctly the increase in the % of dividend is due to the drop in share value.

http://tickerforum.org/akcs-www?post=141411

Just curious if there a short period of time where you can back out of your commitment to purchasing this product. I think some states have laws to the effect.
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Old 07-25-2010, 08:07 PM   #47
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Yup, read this as well. And I just tied up about 80K in this product.

I might as well just quit working. I'm losing assets faster by investing through unscrupulous people than actually quitting my job and getting unemployment. Actually I just feel numb when I should probably be enraged.
One bad decision shouldn't lead to another.
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Old 07-25-2010, 08:15 PM   #48
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Sorry to hear about your REIT investment. I personally think it is too early to buy REITs right now and I would probably only consider buying an index for them, if I did want to buy.

Vanguard's REIT index had a yield of around 3% last time I checked, which is too low to interest me. In comparison you can buy stocks like PG, KO, PEP, MCD etc with yields above 3%. If you wanted a higher yield I'd look at CVX, JNJ, PM, MO, and T.
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Old 07-25-2010, 08:32 PM   #49
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If I am reading this correctly the increase in the % of dividend is due to the drop in share value.

Non Traded REIT cuts value - Letter from Cole Capital REIT [Realty] - MarketTicker Forums
That sounds about right. My investment advisor did not explain this to me. Apparently, the equity I raised in newly investing in this product is what is paying current investors dividends. It sounds like a Ponzi scheme. The RIA had me sign a lot of complicated documents and it was probably in the fine print how illiquid it actually is. When she sold it to me, I was under the impression that in 3 years the redemption price would be 100%. But what I did not see was this:

"We may terminate the redemption program at any time, in our sole discretion, to protect the investors of the Trust. We may waive the one-year holding period in the event of the stockholder's death or bankruptcy, or other exigent circumstances."

So maybe if I die, I may get my money back.

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Just curious if there a short period of time where you can back out of your commitment to purchasing this product. I think some states have laws to the effect.
I've looked at the Cole fact sheet and elsewhere and cannot find a time frame.
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Old 07-25-2010, 08:36 PM   #50
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Sorry to hear about your REIT investment. I personally think it is too early to buy REITs right now and I would probably only consider buying an index for them, if I did want to buy.

Vanguard's REIT index had a yield of around 3% last time I checked, which is too low to interest me. In comparison you can buy stocks like PG, KO, PEP, MCD etc with yields above 3%. If you wanted a higher yield I'd look at CVX, JNJ, PM, MO, and T.
Thank you for the ideas. I don't know why I didn't just invest with Vanguard to begin with. I truly believe in safety in numbers rather than investing in something so obscure that it has very little accountability.
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Old 07-25-2010, 08:47 PM   #51
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As shotgunner said - are you still able to back out of this investment, or is it too late?
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Old 07-25-2010, 08:51 PM   #52
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As shotgunner said - are you still able to back out of this investment, or is it too late?
I have this horrible feeling it is too late. I cannot find anything in the prospectus or on the website for Cole.
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Old 07-25-2010, 09:04 PM   #53
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I have this horrible feeling it is too late. I cannot find anything in the prospectus or on the website for Cole.
Forget the prospectus for now - look at the date you signed and look at your state laws. There are often periods where someone can get out of a contract like this. You might also be able to go higher up the management chain and explain that this product was not adequately explained to you. It is possible you might be able to get the sale nulled out, I don't know.

But as others said, don't let this mistake drive you to make another. It might be a painful 'tuition payment', but don't make it worse than that.

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Old 07-26-2010, 12:12 AM   #54
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I have this horrible feeling it is too late. I cannot find anything in the prospectus or on the website for Cole.
Call whatever agency in your state is responsible for securities regulation. They may be able to give you what you need to know, but don't screw around and don't be so defeatist. There may be things you can do.

Ha
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Old 07-26-2010, 12:19 AM   #55
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Forget the prospectus for now - look at the date you signed and look at your state laws. There are often periods where someone can get out of a contract like this. You might also be able to go higher up the management chain and explain that this product was not adequately explained to you. It is possible you might be able to get the sale nulled out, I don't know.

But as others said, don't let this mistake drive you to make another. It might be a painful 'tuition payment', but don't make it worse than that.

-ERD50
I'll try not to, thanks. I'm not sure who is up in the management chain but i fear that i'm just dealing with the investment advisory firm she works for, which could just be a magnification of her own interests.

What I don't understand is that if Cole REIT never goes public, how can an investor ever cash out. If it is too late to back out, I wonder if there is any way to get even a portion of the money back.

Guess i paid my tuition in a learning experience
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Old 07-26-2010, 12:28 AM   #56
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Guess i paid my tuition in a learning experience
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... and don't be so defeatist. There may be things you can do.
Ha
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Old 07-26-2010, 12:53 AM   #57
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... and don't be so defeatist. There may be things you can do.
Thank you Ha, I will definitely look into whatever agency is overseeing this. Apparently a lot of investors got screwed, so I don't understand FINRA's role in this, if any, if they could have prevented the problem or not. At any rate, I will pursue all avenues to get this hopefully resolved.
Pat
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Old 07-26-2010, 01:02 AM   #58
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Call whatever agency in your state is responsible for securities regulation. They may be able to give you what you need to know, but don't screw around and don't be so defeatist. There may be things you can do.

Ha
I completely agree with haha. If you find that you are still within the time period in which you can cancel the contract, then call the investment company and demand to do just that. If you find that you are within your rights to do so, then make it clear to them that you know the law. If they are not co-operative, a letter delivered with delivery confirmation of which you keep a copy can prove that you asked to cancel the contract within the allowed time period.

This is all assuming that you still have time to cancel the contract. The battle is not yet over. You can do your homework tonight online, then as soon as offices open on Monday you can be making phone calls.

You need to hit the ground running on this one. It's your money - fight for it.

In the future, don't invest in something until you've researched it thoroughly, understand it and feel comfortable with it. It is better for your money to stay in a safe and low yielding investment such as money market funds or a plain savings account for a year or two while you do your reading up than to rush into something you're not comfortable with.

I know you now know this, but the above paragraph cannot be emphasized enough.
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Old 07-26-2010, 08:43 AM   #59
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I'll try not to, thanks. I'm not sure who is up in the management chain but i fear that i'm just dealing with the investment advisory firm she works for, which could just be a magnification of her own interests.

What I don't understand is that if Cole REIT never goes public, how can an investor ever cash out. If it is too late to back out, I wonder if there is any way to get even a portion of the money back.

Guess i paid my tuition in a learning experience
Good luck to you Tiredwrkr I hope that you are within a timeframe that allows you to back out of the purchase either through Coles' terms or applicable state law if any. I also want to thank you for bringing the whole unlisted REIT issue to the forefront of discussion. Everyone makes mistakes but if any of us make one it is good to alert others to prevent additional harm. I believe the sales of these REIT's will eventually bring a great deal of trouble to the brokers who are selling them.
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Old 07-26-2010, 12:36 PM   #60
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tiredwrkr, listen to haha and others - this is not over, you have options yet.

Specifically - exactly what date did you sign the papers? Most states have some period of days where one can simply change their mind on an important decision like this.

Looks like 3 business days for most contracts in Kansas, but you local laws may give more time.

Canceling A Contract ? Consumer Rights And Protections Kansas - Kansas, contract, Kansas contract law, Kansas Cancellation, Kansas sales contract, Kansas consumer rights

Don't give up - I think you can get out of this, even if past the date. You mentioned some short term memory loss from an accident - don't be afraid to use this information to gain an edge in this, your Congressperson, State's attorney, Local representative or the local newspaper may be willing to help.

-ERD50
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