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Worst and best bets
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Q What has been your biggest investing mistake?
A When I was 21, one of my good friends asked me to be part of a joint venture and I borrowed $40,000 from family members to do so. It was doing direct-selling schemes, and guaranteed capital protection with a return of 30 per cent.
One year later, the company went bust and I lost everything. I approached my good friend, and at the end of the day, he gave me only one sentence: "Do you think you're the only one who has lost money?" I feel if he'd treated me as a good friend, he shouldn't have spoken like that.
It's good to understand what industry you're in and trust friends but you do need to find out all the facts about the company first and study the profile. That's the best lesson I've learnt from it.
Q And what has been your best investment move?
A My partner asked me to join her in setting up Memories and I left the bank in November 2011. I had nothing and started with $35,000. I had stock but needed to sell my products, which I did, at pasar malams and flea markets for two years. My car became my van, and the house became a warehouse; I worked 14 to 16 hours every day.
We opened our first shop in Clementi, and brought young and fast-forward fashion to Housing Board shophouses. I wanted to bring the latest and most affordable fashion to the mass market. I've seven outlets now. It's not a massive business but it's one of my best investments.
Rachael Boon