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when should i offload and start afresh?
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apprentice
#1 Posted : Tuesday, July 21, 2009 11:06:00 AM
Rank: Member


Joined: 7/18/2008
Posts: 4
Guys,
i ventured into this share business the wrong way....by taking a loan. I bought Scon shares worth 576K at the IPO price. i am servicing a loan whose monthly deductions are about 13K. I reckon that i can create a good portfolio by buying shares with my own money (13K worth of shares every month),after i have managed to offload these shares and repaid the loan in full.
My current loan balance is 463,000. Someone advise me if it will be a prudent decision to do this at this point in time or should i continue to service the loan.

i wanna be rich
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Jus Blazin
#2 Posted : Tuesday, July 21, 2009 11:54:00 AM
Rank: Elder


Joined: 10/23/2008
Posts: 3,966
better still,you can sell the shares at the current price and use that cash to venture into something that can give u net returns greater than,or equal to you monthly repayment. but this venture should have a longer span than your loan period.


JB
Luck is when Preparation meets Opportunity. ~ Lucius Annaeus Seneca
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stonemimi
#3 Posted : Tuesday, July 21, 2009 12:22:00 PM
Rank: Member


Joined: 5/16/2009
Posts: 145
If this was your first attempt,you have learnt a lesson. Most of us have had our lessons. From what you say,looks that you have another three years to clear your loan. How much will you raise if you sold at today's price?
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Sober
#4 Posted : Tuesday, July 21, 2009 12:54:00 PM
Rank: Elder


Joined: 11/27/2007
Posts: 3,604
Thank GOD you borrowed,made a loss and you are able to repay. You are lucky. Place this post under the right category please and you'll receive good advice.

A likely impossibility is always preferable to an unconvincing posibility.
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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