I feel like I’ve made “almost” all of the mistakes in this past month. My husband was dying and I was panicking about money and having an income after I turn 65 in January. I was mainly into passive income. Distributions for some of my biggest payers $MSTE and $HPYT were dropping. I fell for the hype around $ULTY and others. Cashed in some gold and my $XEQT to pay for it. Oops!! I didn’t really understand much. I’m pretty much a total newbie. I guess I figured my income would remain the same even if unit values dropped. Live and learn. I took time this week to understand what happened during the Great Depression. I learned how the S&P 500 works. I am calming down. I will not sell anything. I will not buy any more leveraged or tech/btc type funds until I have a cash safety net in place. I will use the distributions in my RRSP to purchase VOO, VFV and XEQT. I’m looking forward to those dropping more. I know they will come back even better. I will use the distributions from my TFSA and non-registered funds to build up a cash wedge and supplement my income which will go from 2100 right now, to zero in January and 1200 from February on. I will try to remain calm and follow my adjusted plan. I think my husband would be proud of me.
Take care . It’s sometimes good to fail fast to learn quick
Es Jee
@hanabih · 11mo
As our friend used to say
Wolfie
@wolf1e · 11mo
As a "newbie" you have learnt more than many seasoned investors out there . We all make mistakes but we don't all learn from them. Good luck on your investment journey.
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