If this fellow had bought gold coins with his $800,000 in 2004, his net worth would be about $1.6 million today, where gold is about $840, and he would own his home in Santa Cruz. There was mountains of information saying investing in real estate in 2004 was crazy, but he did it, ten times over. Now he is bankrupt. There was mountains of information that told him he should invest in gold coins, but he ignored that. The good news is he will now be self-employed. The bad news is he has learned nothing. He will probably go seek financing for his next idea, not understanding finance is not necessary to start a business, in fact it is likely a kiss of death. Plus he will be a bankrupt looking for more money. Sigh.
Monday, May 12, 2008
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