Former investment banker loses everything and sleeps homeless in park

Quote from Grandluxe:

feel bad for him when he looks wistfully at that convertible....Make a fortune, lost a fortune.
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I doubt the guy was even ever a millionaire. He lived in a home worth about $800k USD. Assuming 20% down on that home his mortgage would be about $3,500 to $4,000 per month. Since most people get the maximum home they can afford I'm guessing his mortgage was between 25% to 35% of his income, giving him a income of around $10k to $15k per month.

This explains how its so easy for him to lose everything so fast. $10k to $15k is a good income, but even if you saved a years worth of income, you can blow through it pretty fast trying to save a failing business. His story is pretty common except for the fact that he obviously didnt have any family or friends to turn to now that he needs support to get back on his feet.
 
He certainly isn't missing any meals. It would seem odd if he considers non-skilled labor beneath him while he is sleeping in an abandoned building.
 
Quote from Satan's Helper:

How can you look him in the eyes if you can't tell witch way he is looking.

I can't remember where I heard this quote but is goes something like "A fool and his money should have never gotten together in the first place".

This idiot is that fool!
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"This idiot is that fool! "but he is not a witch.
 
Quote from peilthetraveler:

I doubt the guy was even ever a millionaire. He lived in a home worth about $800k USD. Assuming 20% down on that home his mortgage would be about $3,500 to $4,000 per month. Since most people get the maximum home they can afford I'm guessing his mortgage was between 25% to 35% of his income, giving him a income of around $10k to $15k per month.

This explains how its so easy for him to lose everything so fast. $10k to $15k is a good income, but even if you saved a years worth of income, you can blow through it pretty fast trying to save a failing business. His story is pretty common except for the fact that he obviously didnt have any family or friends to turn to now that he needs support to get back on his feet.
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women marry for better not for worse.
what happened to the UK welfare that they are not taking care of him?
 
Quote from zdreg:


what happened to the UK welfare that they are not taking care of him?
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They later said it took a few days/weeks for the welfare to confirm he was a valid UK resident and entitled to housing benefit.

Eventually he was able to move into a shared house.

Before that he was picked up from the park by a homeless charity and slept in a homeless shelter, which he didnt like as it was full of drug addicts. One even threatened to slit his throat because of his snoring.

They finished the programme saying he was still looking for work as an investment banker.
 
Quote from gmst:

If he has the fortitude and character, he will make a lot of what he lost back. If he just got lucky in the first place in the bull market, well then law of averages will hold - one can say that nature is taking its revenge. People have to pay for their excesses.

Frankly, looking at his body language, the guy looks pretty worn and torn. Maybe divorce and losing the wealth had this effect on him. In trading terminology we can say, when he says he was hoping market will turn back but in his heart couldn't see it - he didn't cut his loss and continued with his position till his broker liquidated him :D
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Any idiot makes money in a bull market. That is the problem, they think they are a genius when they are just lucky. He is just one of many washed out blown traders who rode the lucky bull market and got wiped out.

They dont come back.
 
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