The Backstory

I retired in late 2013, and by 2016, I felt it was time to revisit my private pension plans. Over the years, I had contributed to various pension management companies, investing significant sums whenever possible. However, as a novice investor, I was always exposed to risks during market downturns, and history has shown there are many such instances in recent decades.

It was then that I realized the fees from these investment companies were consuming my funds faster than I could withdraw them. Within a few years, I could be left with nothing!

Feeling ill-equipped to handle my investments, I welcomed a friend's suggestion about a small investment firm he had trusted for years. Consequently, I transferred the remnants of my pension savings to this new entity.

Initially, Everything Seemed Fine

For a few years, all appeared to be going smoothly. Communication with the firm’s owner was straightforward, fostering a sense of trust. My pension payments arrived punctually each month, and the financial statements I received were reassuring. Although I wasn't wealthy, I could live comfortably.

As I emerged from the isolation of the first COVID lockdown, I decided to sell my property and rent a small house in the village. I cleared my debts, set aside a modest amount for travel, and transferred the remaining proceeds to the same investment firm, requesting that they keep this sum separate for future use to purchase a small bungalow for my retirement.

Deep down, I sensed the risks involved but chose to ignore them. When you’re independent and prefer to make decisions alone, it’s easy to overlook the warnings.

Fast Forward to Late January 2021

Suddenly, everything changed. One night, a WhatsApp message from the investment firm's owner shattered my world. All my capital had vanished—completely gone. This was not just my loss; it affected every client of the firm.

While he assured us that recovery was possible, I knew it would take years—perhaps decades.

I was in shock, unable to process the magnitude of my situation. Thankfully, I was with supportive friends who helped me navigate this emotional turmoil. However, I was far from home, having intended to stay in Greece for months, and I had been expecting a financial drawdown any day, which I was now told would never materialize.

It took days to reach anyone at the firm, and when I did, all I received were apologies and vague promises of reimbursement.

The Weight of Reality

Days passed before the gravity of my situation truly sank in, and even now, over a year later, I sometimes find myself questioning the reality of it all. I relied heavily on that monthly pension, and my UK state pension was insufficient to cover my living expenses—especially since I was renting a small house rather than owning one.

Second Major Error

In a panic, I called my landlady, realizing I could no longer afford the rent. I was so accustomed to making decisions independently that it never occurred to me to seek advice beforehand. (It wasn’t until I returned to France that I learned I could apply for housing benefits—an option I had never considered.)

My landlady accepted my verbal termination of the lease, allowing me to provide three months' notice. I followed up with an email to confirm this decision, a choice I soon regretted.

The next morning, friends began messaging me, confused about why my house was listed for rent online. The next day, it was taken down, and my beloved home—into which I had invested so much time and money—was no longer mine.

If Only…

If only I had known that my landlady had no legal right to re-list the property without a signed letter of notice from me. If only I had consulted someone who could have guided me to think twice before acting hastily. If only I had diversified my investments instead of placing all my capital in one firm.

Klaus Schwab’s infamous phrase, “You’ll own nothing and you’ll be happy,” echoes uncomfortably in my mind.

Hope Remains

Despite feeling lost, I remind myself that I am alive and healthy, brimming with creativity and talents. I refuse to succumb to despair.

As I bid farewell to my friends, one slipped €200 into my hand, saying, “For your flight home.” I felt the tears well up.

I am determined to rise from this experience, stronger and richer in spirit. Yet, I still grapple with feelings of fragility, vulnerability, and uncertainty about my future.

A Word of Caution

This situation can happen to anyone. I have since met others who have faced similar financial disasters. There are many unscrupulous traders ready to exploit your hard-earned savings, and even more incompetent ones willing to gamble with your funds.

If you find yourself in a similar predicament—though I hope you don't—remember that it is not your fault. It’s natural to feel a whirlwind of emotions, but focus on what you still possess: your health, your creativity, and the resilience you may not have known you had.

Trust that the Universe is on your side, and recognize that life is still worth living!

The first video, "Please Don't Make the Same Mistakes I Did," shares insights on avoiding financial pitfalls and learning from others' experiences.

The second video, "Please DON'T Make The Same Mistake I Made…," offers valuable lessons on making informed financial decisions.

#Self Improvement #Finance #Life Lessons #This Happened To Me #Mental Health

Retired writer, artist, and potter living on a Greek island after 25 years in France. A nomad at heart, embracing change with ease. I welcome opportunities for editing and writing work.