wow. alot of judgment going on in this thread. first off i will say that this is neither a sad or "ha ha" story for me. could care less. he took a calculated gamble (which is still a gamble) and it didnt pay off. back to the drawing board, ya know, like tried clickbank, not working, cpa--nope, ehoring---or whatever i see many times a week on here.
1) any hedge fund guy making $750k a year did not get there overnight. i lived in nyc during the last bull market and it shocked and amazed me how much money those in investment banking, hedge funds and private equity were making. i knew guys in their mid thirties worth 20-50mill on paper.but they were leveraged to the hilt with their houses, spending habits of their spouses, business interests, trips to vegas and blowing 75k in a weekend on champagne, gambling and ho's. they were drunk and it was the arena they played in. everyone in that arena either wanted to start a hedge fund or did start one. it was the thing to do and the fast track to making multi hundreds of millions a year. oh yeah, in manhattan nyc to be considered middle class your household income is appox $120k a year.
if you've been keeping up with the news, we now know that the deck of cards is crumbling down and bringing those that tie self worth with monetary worth with them.
2) also, america and any other country that subscribes to gross consumerism will eventually drown themselves in debt. they felt as long as you have the future monetary means to live that lifestyle, it justified the toys they bought. spending money can be habit forming and as the saying goes, "hang around 9 broke friends you are bound to be the tenth". i've seen professional athletes first hand buy homes, cars, toys, clothes, invest in ill-advised business, support their friends and women and children on the side---all because they knew they were making $10 million next year. and the cycle continues.
I DONT SUPPORT ANY OF IT. JUST SAYING WHAT I'VE SEEN. in turn, i try to do what works for me which is sell only to those that want/need what i'm selling, and put myself in a financial place that i am comfortable with. nuff said.
but before you judge and start calling all those that spend those amounts crazy idiots, remember to not throw a blanket over everyone that spends their money, otherwise you might not have a market for what you are selling. in fact, judging by the incredible increase of pitch emails i've been getting in the past 3 months from IM Gurus i suspect they are starting to feel a crunch as well. just a guess though...
be smart with your cash.
