Do you know somebody who made a ton of money but then lost it all?

[LeagueShadows24]

One of my friends made a killing as a mortgage broker when the real estate market was going bananas. He always rubbed it in but oh how the mighty have fallen. He's back living with his parents, couldn't finish college, and can't find a job. Just goes to show that the good times don't always last so it's prudent to save and think ahead.

[Turbineguy]

1. How I Lost

Last edited Mon Jul 30, 2012, 02:37 PM - Edit history (1)

$100 Million In My Spare Time.

It's a somewhat long story.

The short version:

It was in the late '70's. I was involved with an investment group. We were a bunch of hot-shot young engineers (the way you are when you are in your early 20's and the World is your oyster). Our group became involved with a company that did horizontal drilling. Now that's common place but in those days very new. The drill was guided by inertial navigation and remote control. This company had a contract to drill under every river in Canada for the Trans-Canada pipeline. This contract was worth $billions and there was more work all over the world.

There were 4 partners. They had been approached by financial people who were just looking to loot the assets. Our group was actually a bunch of technical working people instead. They liked us. Unbeknownst to each other, 3 of the 4 partners were involved with the same woman. When everything came out into the open, the company broke up and was sold off for peanuts.

Because of my unique position, I figured my share would have been about $100 million total, although it would have taken a goodly number of years to come to fruition.

[trof]

4. I got plenty of time. Tell.

[LeagueShadows24]

5. woahhh

Let me guess. Hedge fund?

[femmocrat]

2. When I was a kid, we always heard that when a certain uncle died,

we would all be "millionaires". Never happened! LOL

I think he lost it all gambling. I also think he just liked to brag.

[malthaussen]

3. Yeah, my grandfather

1929. 'nuff sed.

-- Mal

[Auggie]

6. Knew an underachiever who made $100,000

by being office manager for a start-up high-tech company. Paid him mostly with stock and a year later the company was sold. Underachiever promptly walks into a BMW dealer and pays cash for new 325i. Within a year he's broke; sells car, has to find roommate.