I cant understand how people get themselves in such dire straights? How their pesonal debts almost exceeds the value of their home. What the hell are they spending all their money on? Yes you can invest your money in business or investments & lose but what they put everything they have into that venture? Dont they start small by using a small outlay or making sure they have enough in reserve in case things dont work out? I didnt watch the 60 minutes program but i can only imagine the stories told, but i have heard so many of these kinds of stories & it just amazes me how people can be so irresponsible like this. I know of couple who invested all their money on an investment venture, i mean mortgaged their entire house plus another $300k they had totalling $700k, to a so called very good friend of theirs who mind you wasnt even a licensed financial person who promised them 5% returns per month on their money. Well things were great to begin with, they were getting back 5% per month on their investment but what do you think they did when all this money was coming to them every month? Firstly they both quit their full time jobs, went overseas, bought so much of designer lable things, went to QLD on numerous occassions & stayed at the Versacci Hotel, renovated their house to the tune of $100K, leased a $200k Merc, etc, etc...And then of course the unthinkable happened, their so called good friend went bust & lost all their monies. Now they have a mortgage of $400k, no savings whatsoever & they both had to go back to work full time just to save the house, mind you they have 2 young kids as well. They had it good for 3 years but they dont realise & still dont realise all they were spending was all the monies that they gave this guy to begin with, none of it was profit ontop of their initial capital. If they put aside their capital first, then eventually they would have been spending profits. They fully blame this guy for losing their entire monies & really they are not taking any kind of repsonsibility for their irresponsible spending.
I read in one of Robert Kiyosakis books is that too much money is just as dangerous as not having enough.
Anyway thought i would share that as it just goes to show how so many people out there wont settle for less, they must have all the latest things like yesterday no matter at what cost.
Cheers,
Gina.
I read in one of Robert Kiyosakis books is that too much money is just as dangerous as not having enough.
Anyway thought i would share that as it just goes to show how so many people out there wont settle for less, they must have all the latest things like yesterday no matter at what cost.
Cheers,
Gina.