My 7 million dollar skid off the rails ….

richard-gal-400I 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:

https://www.networthiq.com/people/7m7yApril1/

Good luck to you and your families … I quit!

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15 thoughts on “My 7 million dollar skid off the rails ….

  1. I agree with Scott that this is an April foolโ€™s joke. It’s also an important less though. Wants are infinite and income is finite so if you don’t control your wants no amount of money will ever satisfy all of them.

    -Rick Francis

  2. Well done! You definitely had me going til I hovered the cursor over the link and saw the April Fools Dummy! I certainly didn’t expect a great decline like that from you… but there are lessons in your message…

  3. @ Steve – Josh just doesn’t think I’m ‘good enough’ to lose $3 Mill. at the table … wanna play heads-up, Josh? ๐Ÿ˜›

  4. well, if ya had lost 3 mil at the table , I think you have a head on your shoulders and could find a way to make that back.
    I actually liked the photo of you in the email. I thought, now there is a guy, women would run ya over, to get to him.

  5. Hey AJC,

    I’ll play heads up poker with you for $3M blinds…. zimbabwe dollars of course.

    -Mike

  6. @ Mike – all talk no (real) action, huh? Just remember, you’re messing with a free-wheelin’, high spendin’, personal finance ROCK STAR here, buddy ๐Ÿ˜›

  7. Pingback: 7million7year’s April Fools Day Joke! « How to Make 7 Million in 7 Yearsโ„ข

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