Question for the Money Doctors
Question submitted on Nov 1, 2011.
QuestionI have worked in the banking sector (retail)for 30 + yrs todate. Am now 60 yrs and consider retiring. My savings with National Social Security Fund average $4000. Current rate of inflation is 28%baseline. I have a passion to retire to doing financial services industry in particular "forex trading". But the regulator requires $20,000. to obtain a dealing license. I cant raise this sum/deposit. Taking a loan from a bank will cost a 30% interest p.a.What would you advise as a way forward?
I am very confused by what I am hearing. I understand that you have thirty years of experience in banking at the retail level, but you don't indicate what experience, if any, that you have with "forex trading". There are reasons that regulators require significant fees or deposits for opening accounts. I suspect that if you can't raise this money, you should perhaps reconsider undertaking this endeavor.
I would like to know more about your plans before I can really give you a better answer.
For additional information visit http://www.360financialliteracy.org/