I am gullible and screwed up…
I’m 24 years old turning 25 and recently bought (2 months ago) a HSBC Life Wealth Accelerate ILP (premium of 1.1k per month so 2.2k so far) just off the basis of trusting a close friend (dumb move…I know)
I wanted to save up for the future as my current salary of 3.5k per month doesn’t allow me to hit the goals of purchasing a BTO in the next 5-10 years.
My next premium is due on the 9th March and I’ve been pondering about whether I’ve made a right choice in trusting my close friend.
It was recently when I asked her if she had any projected returns in mind or to elaborate on the fund strategies (TOO late…I know), when the alarm bells set off in my head.
All she said was “There’s no projected returns because there’s no guarantee and that the fund strategies have been heavily reliant on their belief in the China market.”
I’ve also taken steps to confide in my family but understandably they’ve just scolded me for being so trusting and cavalier with my finances.
I just need advice on whether I should just cut this SGD 2200 and steer far away from investments ever again (traumatizing experience) or bite the bullet and tough out this policy for 30 years (MIP) as this incident has generated a lot of trust issues in me.
I’m very new to this and blind faith was not a smart thing to do…I realized that and now I’m just looking for ways to move forward.