This is probably the most difficult post I had to write on this blog, and I’ve been procrastinating writing this for quite a while now. But it happened and I have to talk about the Envestio scam that happened 2 weeks ago
As you probably know by now, people behind Envestio ran away with over €10 million of our money, leaving all of us who believed in their lies looking like fools (And we probably are, in this instance)
I personally lost €435 in what Envestio showed me that I had in my account, or €400 that I sent them. And it’s sad to note that Envestio happened to be the holder of the biggest portion of my P2P/Crowdfunding investments
All in all it was an expensive lesson for me… Let’s hope it pays off in the future
What should we do about Envestio and Kuetzal?
I feel like I don’t have to point this out but just to be on the record I’d like to let you know that although I had Envestio referral links on the blog, my blog has small enough of an audience that my referrals didn’t induce any investment in Envestio and I didn’t make any money from them
How did financial bloggers handle the Envestio situation
I actually have been considering writing a separate post on this for quite a while now: Regarding what I see as the responsibility of us, the bloggers who on some level advertise these platforms while not being sure that people who take our advice safe from getting scammed like in this case
Just as a quick note, I’d like to mention 2 blogs I follow and how different approaches the bloggers took and let you decide for yourself:
Jørgen Wolf responded by editing out the part that said “Envestio is not a scam” from his review of Envestio. Here’s a screenshot from the original version:
Angelo, on the different hand, chose a different approach. He apologized for in case he has been the reason for anyone to invest in the platform and promised to do better research before referring new platforms.
Here’s a video from him on the topic:
While this issue didn’t demand an approach from my blog, it’ll definitely urge me to be more careful and transparent about what I suggest here in the future.
While Envestio damaged my trust in investments so shortly after I started investing, I don’t intend to stop investing overall as it’d be the worse lesson to take from what happened
I had already stopped making new investments in P2P/Crowdfunding platforms for a while now, and what happened with Envestio assured me further that I should be dealing with less ambiguous kinds of investments which has more regulation:
While carrying quite a lot more risk than P2P/Crowdfunding investments, I believe that with enough research and literacy stocks can be a better investment. I’ve started with it for over a month now, picking some individual stocks on the way to make it diversified enough to withstand volatility. It’ll definitely become the focus of this blog in the future as I will continue reducing my involvement in other platforms. For now tho, here are my current holdings 🙂
Hope you’ll stick around for the journey 🙂
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