From CEO to pizza delivery driver

Given that this fellow went through $600,000 dollars 500 + credit card over 4 years...it seems that this guy (family) continued to live "like Riley" and he finally came to the conclusion...if I'm going down, everybody is going down with me, hence no mortgage payments (squatting) and outstanding credit card debt....

He has blown any chance of ever establishing good credit again for at least 7 to 10 years....and getting sufficient deposit for another house seems almost impossible for a very long time, let alone getting a mortgage.

I hope something works out for him. I have a feeling that, unless his wife is special,he will lose her and the kids.
 
Quote from Now is Now:

Given that this fellow went through $600,000 dollars 500 + credit card over 4 years...it seems that this guy (family) continued to live "like Riley" and he finally came to the conclusion...if I'm going down, everybody is going down with me, hence no mortgage payments (squatting) and outstanding credit card debt....

He has blown any chance of ever establishing good credit again for at least 7 to 10 years....and getting sufficient deposit for another house seems almost impossible for a very long time, let alone getting a mortgage.

I hope something works out for him. I have a feeling that, unless his wife is special,he will lose her and the kids.
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I think you're right.
 
Yep. I still not get the whole story clear. Overconfident - to think that failure is an unknown thing for me. That's a suicide.

The good side of the story is that, as some guys already mentioned, right now he is doing everything that is legal to support his family. Thats show a very responsible man.

The bad side of the story is that, is it smart or dumb move to make his story public? Sounds more dumb than smart, people will look down on him especially by just looking the title of this thread.

Quote from volente_00:

If anything can be learned from this story, it is that one must remain humble and not let the money make the person. Something still does not add up here. 2 years without paying a mortgage and they still live in the house ? Deep 6 figure salary and a trader for 20 years but only had 500k in savings ? Who starts a business without seeking legal advice to set it up in a manner that protects your personal assets ? A failed hedgefund ? What kind of overhead does a start up hedgefund have ? There is a big difference between taking a risk with money you can afford to lose and risking your family's home and basic needs.
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Why does everyone keep saying 'unless he's lucky, he'll lose his wife and kids...'???

Since when did we accept the notion that only a special wife would not stick by her husband during life's ups and downs?

I'd have thought that such loyalty, especially where a couple have children, should be the expected norm, rather than a laudable exception.

Besides, his wife can also get a job, to help put food on the table, and pay the utility bills, right?

I mean, if he can take on the indignity of delivering pizzas given how far he's fallen, she can get a waitressing or bartending job, no?
 
Quote from mschey:

After reading a few of the posts, i wonder if you guys watched the same video....the guy formed a hedge fund, and to fund the business, and his lifestyle, he used his savings to cover it.

He opened a business, took a shot, and came up short, I've got lot's of respect anyone who does that....It's the risk takers that make most of your lifestyles possible. Everyone who has a job working for someone else, owes that job to someone who took a risk, started a business, worked their ass off to make it work.
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Thank you. And hat's off to all 'doers'....
 
Quote from ByLoSellHi:

Why does everyone keep saying 'unless he's lucky, he'll lose his wife and kids...'???

Since when did we accept the notion that only a special wife would not stick by her husband during life's ups and downs?

I'd have thought that such loyalty, especially where a couple have children, should be the expected norm, rather than a laudable exception.

Besides, his wife can also get a job, to help put food on the table, and pay the utility bills, right?

I mean, if he can take on the indignity of delivering pizzas given how far he's fallen, she can get a waitressing or bartending job, no?
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Meaning no disrespect, but you're either not married, or are married to the kind of woman the rest of us could only dream about. Go find yer woman and make passionate passionate love to her right now.
 
Quote from tommcginnis:

Thank you. And hat's off to all 'doers'....
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..and pass the hat for those that put themselves and others at risk without implementing safeguards.

Napoleon Hill wouldn't advocate a blind charge.
 
No...not that easy getting any job in Tampa....my thought is that she can run a shift with her husband so that they are effectively working seven days a week...one looks after the kids , unless there are relatives that can help, while the other works.

Incidently, I don't recall if the article mentioned the kid's ages...

My point about being a "special" wife is that her world has been turned upside down and it will be very difficult to adjust as she will looking at the future as hopeless and sleeping with the guilty party. Hope family can assist them.

Moving from that house will be traumatic...

Maybe, just maybe , he can "fall" on his feet if he has any alternative skills and be given a chance.
 
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