I wrote a post showing my journey up the steep hill from $30k in debt to over $7 million in the bank in just 7 years …
… but, there’s no amount of money that you can have in the bank that protects you from excess and market corrections; just check out what’s happened to me over the last 12 or so months:
- I bought $8 Mill of property (my current $2 Mill. house plus my new $6 Mill. home) at the peak of the market using the 110% finance available to me (because of my status as a high net worth individual).
- I bought $300k of new cars (the BMW and the Lexus), again on finance
- I stuck most of the rest of my money in the stock market:
=> Gave $1 mill to my accountant to invest … lost $600k in a few weeks
=> Bought $3 mill of stock in my former employer’s company on the UK stock exchange at 30 pence per share … now worth 7 pence per share … lost 70%+
- Spent excessively on trips to Tuscany, around the world, around the US
- Bought expensive jewelery (that’s me in the picture) … also for my wife
- Picked up a nasty poker gambling habit and lost over $3 Mill to Joe Hachem (the Aussie who won the World Series of Poker a couple of years back) over a series of highly publicized heads up matches
Let this be a lesson that there’s NO AMOUNT OF MONEY THAT YOU CAN EARN/FIND/STEAL/MAKE/WIN/INHERIT/PRINT THAT CAN’T BE SPENT QUICKER THAN YOU GOT IT …
… got it?!
Let my pain be your gain …. read my new Net Worth IQ Profile and weep:
Good luck to you and your families … I quit!