Don’t ever take investment advice from an insurance agent, I learnt this the hard way.
I was an avid saver and self-employed, diligently contributing to my Central Provident Fund (CPF) account ever since I started working. I was always diligent with my CPF contributions, faithfully topping up my Ordinary Account every month.
One day, an insurance agent approached me and promised me a chance to get high returns on my CPF investments.
He said that he had a great investment plan with guaranteed returns of 10%. All I had to do was to transfer the funds from my ordinary Account to his unit trust fund. Since his offer sounded really enticing, I decided to give it a go.
Little did I know that this was a lie. I soon found out that the 10% returns were greatly exaggerated. After a few months, I realised that I had lost more than $12,000 from my investments. I was devastated and it was a huge financial blow to me.
I quickly contacted the insurance agent to demand an explanation. He simply brushed me off and stopped taking my calls. I was angry and heartbroken, and I felt that I had been cheated and taken advantage of.
It was a hard lesson to learn, but I was determined to protect myself from such scams in the future. I had learnt to be more vigilant and to do my due diligence before investing my money. I also made sure to read the fine print and understand the terms and conditions before investing.
Ultimately, it is important to remember that all investments come with a certain degree of risk, and no investment is completely safe. The best way to protect yourself is to do your own research and consult with a certified financial advisor before making any decisions. Don’t be taken in by enticing offers and false promises, as you could end up losing a lot of money.
So don’t ever take investment advice from an insurance agent, I learnt this the hard way.