Rich.. Bankrupt.. Rich Again (Wolf of Wall Street)

MTR

MTR

I find this guy fascinating, I have read his Best seller book "Wolf of Wall Street", movie will be released shortly, Leonardo Di Caprio lead role.

He scammed many, bankrupt lost the lot, today net worth of $100 M.

http://www.refinery29.com/2013/11/56921/wolf-of-wall-street-best-movie-trailer

http://www.google.com.au/url?sa=t&r...1YHoDw&usg=AFQjCNEK-O3qt0AozPe2g2TJ9I-p051ujg

Anyone read this book??

I am amazed how someone can turn it around from losing everything and spending time in prison and come back, its an amazing read.

My thought is if someone can achieve serious wealth they have the ability to do this again, they have the formula
 
I saw his interview about his book and upcoming movie.

It looked like it would be a great watch.

Definitely came a cross as incredibly charismatic.
 
MTR said:
My thought is if someone can achieve serious wealth they have the ability to do this again, they have the formula
Click to expand...

i have spent a fair bit of time with someone who was wiped out in the GFC, imo he prob lost $100m but some of the long term assets wouldve been worth well in excess of that when developed.

long story short, he fell juuuust short of paying the bank back a huge amount in a short period and they bankrupted him, imo he will make back in his very first deal more than most people will in their lifetimes. you cant keep people like that down for long imo.
 
sanj said:
i have spent a fair bit of time with someone who was wiped out in the GFC, imo he prob lost $100m but some of the long term assets wouldve been worth well in excess of that when developed.

long story short, he fell juuuust short of paying the bank back a huge amount in a short period and they bankrupted him, imo he will make back in his very first deal more than most people will in their lifetimes. you cant keep people like that down for long imo.
Click to expand...

I can't say I've knowingly met people with $100M, I have met a few people with networths up to 10M. Those who inherited it or were taken along for a ride by a business partner and lost it, they seemed to have this attitude like their best days have passed them by.

Those I've met who made it themselves and lost it, they moped for a year or so, before jumping on again and from what I gather are well on their way, or back to where they were before.

As Jim Rohn says:
Pity the man who inherits a million and isn't a millionaire. Here's what would be pitiful, if your income grew and you didn't.
 
Not interested at all.

Read the book, it was like reading the life of a mid level drug user and peddler.

The only insight gained, is that which I already know, use to the cycles to your advantage, most people don't understand them.

Get your cycle right, flog it off and make money from it (but not using your own money, suck other people into it)

And best of all you will be confident in your knowledge that if you don't suck that money from them, someone else will, so better you than the other person.

But from a personal point of view I make my money by learning about cycles, but I use my own capital to exploit the situation.

I believe in Karma, and I want no part in extracting other peoples money (except for those who are foolish enough to buy from me and to sell to me anonomously via the market place.)
 
baby blue eyes said:
No wonder the gfc happened. ...
Click to expand...

and it will happen again, because of the very simple reason that those who benefit from it rarely get punished for it.

Its really quite fabulous, reward without risk.

And why?????

because of the decentralisation of the ownership of money.

Again most people wont get this point.

But for those that do, it really does provide a great psychological platform, from which to make money.

Its been a truism throughout history, a fool and their money are soon parted.
 
Best to earn your income with honour and integrity knowing that you can look back on your life in your old age with out regret and dismay.

Not convinced the wolf will be able to do this or maybe he wont give a damn either way?
 
FMS said:
Best to earn your income with honour and integrity knowing that you can look back on your life in your old age with out regret and dismay.

Not convinced the wolf will be able to do this or maybe he wont give a damn either way?
Click to expand...

Most that go down that path don't
 
MTR said:
My thought is if someone can achieve serious wealth they have the ability to do this again, they have the formula
Click to expand...
Ah! now I've worked out what the secret is.

You have to scam folks and be a criminal.

Is there a boot camp I can do for that?
 
I read a story years ago about a businessman who went bankrupt- I think in the mid to late 1800s.
He got back into the game, made more money and then invited all his unpaid creditors to dinner and under their plate was a cheque for the amount that he owed them from his bankruptcy- even though he was under no legal obligation to pay them a cent.
Different times I suppose.
 
This will be a worth watch on my list, perhaps I should firstly get a hold of the book

Cant remember that title, but there is a another bloke who racked in millions by using a pyramid scheme among the riches from the jewish community in the 90's in the US.
Has anyone read this book or remember that blokes name?
 
LoneWolf said:
This will be a worth watch on my list, perhaps I should firstly get a hold of the book

Cant remember that title, but there is a another bloke who racked in millions by using a pyramid scheme among the riches from the jewish community in the 90's in the US.
Has anyone read this book or remember that blokes name?
Click to expand...


I think its this guy, and he stole billions, he had 2 sons involved, one ended up committing suicide. This scam went on for years and many famous and outrageously rich got caught up with this guy

http://en.wikipedia.org/wiki/Bernard_Madoff
 
dtraeger said:
Did he earn it illegally both times or go legit 2nd time round?
Click to expand...

Legit second time around, invited around the world, seminars, motivational talker to famous sports stars etc. Best seller book, movie rights, spin off from this etc. etc.

His background, was going to become a dentist until he found out there was not going to be any money in this so he flogged off all the dental equipment his parents purchased, auction on uni campus, sold the lot, quite funny, who would do this???

Watched some of his talks etc and what he has to say I like. What I don't like is the fact that he has bailed out, decided not to continue paying out the $100M he owed to creditors/clients, I think he has only paid $16M and of course he will continue to make many millions.

If you do some research he discusses the secret to success and other stuff, as I said I find him fascinating, what he has to say I believe is spot on, quite inspiring... but as I said I don't like how he burnt many people in the past.


MTR
 
Intrinsic_Value said:
Not interested at all.

Read the book, it was like reading the life of a mid level drug user and peddler.

The only insight gained, is that which I already know, use to the cycles to your advantage, most people don't understand them.

Get your cycle right, flog it off and make money from it (but not using your own money, suck other people into it)

And best of all you will be confident in your knowledge that if you don't suck that money from them, someone else will, so better you than the other person.

But from a personal point of view I make my money by learning about cycles, but I use my own capital to exploit the situation.

I believe in Karma, and I want no part in extracting other peoples money (except for those who are foolish enough to buy from me and to sell to me anonomously via the market place.)
Click to expand...

Intrinsic Value, interested to know what cycle you think we are in at the moment? The ASX seems too hot and overvalued I can only find a handful of companies that are undervalued but they are being heavily shorted daily. Bonds have little value.

Can you provide a bit of an insight to where you think things are heading?
 
nope nobody has figured it out yet, its got nothing to do with that person himself.

Its got to do with the decentralisation of money, or if you prefer a clearer hint, the decentralisation in the ownership of assets.
 
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