A Bad Plan

In the mid-1980s, after taking an investment class from a financial planner/attorney, I invested $4,000 in an IRA. The planner was, of course, selling investments, and I bought a small portion of ownership in commercial buildings around the U.S. The investment didn't work out well, and I was charged annual "maintenance" fees, to boot. I felt I was being very careful, getting financial advice and starting small. But I still saw my $4,000 shrink to $1,500 in 16 years.

— A.V., online

The Fool Responds: You were smart to seek to learn more about investing before starting. But always look carefully at your sources of information. If a professional recommends an investment to you, find out if he gets a sales commission on it. If he does, he may be looking out for his own interests more than yours. One place to look for a financial planner is at www.napfa.org. Many brokerages offer no-fee IRAs. Learn more about brokerages and how to choose one that's right for you at www.broker.fool. com. And learn more about investing from our many Motley Fool books and books by Peter Lynch.

Do you have an emb arrassing lesson learned the hard way? Boil it down to 100 words (or less) and send it t o The Motley Fool c/o M y Dumbest In vestment. Got one that worked? Submit to My Smartest Investment. If we print yours, you'll win a Fool's cap!