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'Even after our mistake, we had done exactly what he asked': Man demands his funds be transferred after $500k+ stock market loss, ignores advisor's warnings and loses more money

This story takes place during the 2008 financial crisis, but it's still a good lesson, nonetheless. And with today's volatile market, it's worth taking some notes from this man who lost over $500k+, partially due to his representative's mistake and partially due to his own ignorance.

To set the scene, it's 2008, and everyone is envisioning doomsday scenarios regarding their investments, and news reports on the market were causing a lot of poor financial decisions. This man wanted his money from his retirement account to be moved to a more stable market. Well, his rep misunderstood him and only placed his new contributions into a stable fund instead of moving all of his money. Well, after losing thousands of dollars in funds, he had a pretty good reason to be irate. Honestly, he shouldn't be blamed for not wanting to listen to another rep from the same company. But unfortunately, if he had listened and kept his money in place, he would have reaped the benefits of the enormous market rebound. Instead, he pulled everything out and faced even further financial burdens.

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Posted by Isabella Penn
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