It has been a long time coming.The payments finally ended!
I started investing in the Australian Scholarship Fund when my daughter was 2 years old in 1992. The guy who introduced the scheme to me was one smooth operator. He promised me the sun and the moon just to get his commission. Being oblivious of downsides, I agreed to subscribe to the fund.
It started innocently with paying a mere initial AUD40 which silly me thought is well within my means. Never did I know that it will move up from year to year. My last payment was AUD150. Then there was the foreign exchange losses and the drop in Australian interest rates that made the fund too small to eke out a reasonable scholarship quantum to support even 18 months of tertiary education (which has inflated crazily upwards)
If I had put the money into a property, it could have given me much more in returns by now. Too bad, poor choice of investment. Gotta live with it.
So next time, if you should be approached by such smooth-talking snake oil sales people, keep away from them. Investing in Bursa shares now is much less risky!
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