Is 300K enough to retire on at age 37?

[Major Tom]

As shotgunner said - are you still able to back out of this investment, or is it too late?

 

[tiredwrkr]

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.

 

[ERD50]

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.

-ERD50

 

[haha]

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

 

[tiredwrkr]

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

 

[haha]

Guess i paid my tuition in a learning experience

... and don't be so defeatist. There may be things you can do.

Ha

 

[tiredwrkr]

... 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

 

[Major Tom]

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.

 

[shotgunner]

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.

 

[ERD50]

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

 

[Major Tom]

.....and make sure to come back here and let us know what happens. Best of luck!

 

[Sam]

... 300K in savings ....

My expenses are roughly $20K a year ...

No, cut your annual expense down to 15K and you might be ok.

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

Beauty is in the eyes of the beholder. On this board, try not to put a money amount together with an adjective describing the comfort level in one sentence (or even in one paragraph). You will get enough answers that'll make your head spin.