Thursday, March 11, 2010

GoldNuggetInvest....gone in 60 seconds!

Well, not really 60 seconds. It's been almost 2 months since the "recovery" plan was implemented, but it only took 60 seconds to read yesterdays' newsletter announcing the closure of the program, effective immediately!

Some valuable lessons to be learned here, not the least of which is no investment is ever risk-free! There are literally hundreds of members who have committed far more than they were happy to lose, on the premise of the "risk-free guarantee" under which the program operated. Although admin has stated all members not in profit will be refunded, so that no member will actually lose money, that has yet to become reality.

The big mistake I made here was falling for the lure of ongoing compounding. In reality, this has proved a big mistake. I am showing as in profit, but my accumulated balance in excess of 6k is now worthless. Nine months wasted, for a net return of less than $40 on my deposit of $1434!! Not happy Jan:-(

So, the new strategy is this, and is applicable to any and all online "investment" programs, regardless of the promises!

Withdraw initial deposit ASAP! This is absolutely critical. After that time, there is no longer any risk of losing money.

At every opportunity to withdraw, take 50% and roll over 50% to build capital.

Those who employed this strategy with GNI have done well. Many didn't, me included, and have ended up very disappointed. Lesson learned. Now for the discipline:-)