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#1
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From Riches to Rags to Nicer Rags...
The essay linked below is part of the story of David Raether.
I've excerpted here the opening two paragraphs of his essay. Clicking the link below and reading the rest of the story -- at least so far as it has been written -- is well worth your time. Quote:
What It's Like to Fail |
#2
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I can sympathize with him but only to a certain degree as he openly admitted that it was his own doing that got him into the trouble in the first place (Refinancing his house etc etc)
However I will give him points for openly admitting this and not entirely blaming the outside world. I will also give a round of applause for his tenacity in not giving up and constantly crawling forward.
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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out 1990 300SEL Smoke Silver (Parting out) 1991 350SDL Blackberry Metallic (481) "The thing is Bob, its not that I'm lazy...its that I just don't care." |
#3
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So he likely had a million and a half of equity ($500k saved + the value of the house) lying around and didn't invest it in anything productive?
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#4
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This proves Newhart's Corollary which was stated by Bob Newhart as that in show business you don't meet the same people on the way down that you do on the way up. You meet an entirely different class of people and all those you met on the way up are no longer returning your calls.
Last edited by Idle; 11-19-2013 at 09:20 PM. |
#5
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Poked around his website. His book looks interesting, I might pick it up.
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You're a daisy if you do. __________________________________ 84 Euro 240D 4spd. 220.5k sold 04 Honda Element AWD 1985 F150 XLT 4x4, 351W with 270k miles, hay hauler 1997 Suzuki Sidekick 4x4 1993 Toyota 4wd Pickup 226K and counting |
#6
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Nice perspective, but making a lifetime's living as a writer is high risk. I used to be one and I changed professions early. Now he knows.
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- Brian 1989 500SEL Euro 1966 250SE Cabriolet 1958 BMW Isetta 600 |
#7
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But if he was pulling in $300k/yr and had a mil and a half in assets, he could have invested it conservatively to be comfortable for life. Not rich, but invested at 5% it's still $75k/yr.
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#8
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Quote:
Your advice is prescient but he couldn't follow it with all those little milksuckers to take care of.
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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ... 1995 E 420, 170k "The Red Plum" (sold) 2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp 1967 Mercury Cougar, 49k 2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold) |
#9
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Buy farm in far Nor Cal or rural Michigan. He'd have had eight little farmhands
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#10
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I can see how it could happen. I've only got 4 kids, my wife was a stay-at-home mom by choice (she just recently started working a few hours a day at one of the schools) and we had/have a very modest lifestyle and things got very precarious for awhile. I wasn't making $300K a year but I did make a fair amount more than most people would have assumed. I also didn't feel the need to live up to a particular lifestyle or send my kids to a particular school. The daily expenses of feeding, clothing and providing some level of comfort adds up fast. Kids are expensive if you don't spoil them. Exponentially more if you do. Especially if you have 8!
Fortunately my work-life balance was (and is) damn good and that's likely the difference in the whole equation. That sounds like it was the beginning of the end or their marriage. If momma ain't happy, ain't nobody happy. Yes, no one forces you to put them in the latest clothes and give them the latest technology. OTOH I can see how one can get wrapped up in that once that level of expectations has been already been set. Male pride/ego can be b!tch sometimes. It got me into the hole before it got me out.
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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15 '06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod) |
#11
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Well, he did well enough for long enough that he's set once he hits 65. It's just getting there that is the trick.
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#12
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The part that stood out for me was when it all went wrong. The insanity of pulling equity out of your house with roulette wheel refinancing ponzi schemes.
The advice which was supposedly so impressive and "everyone" was doing it. Right there is a succinct description of how you flush an economy down the toilet. I remember when all that was happening thinking whats wrong with these people? Do they really not see what's happening? But apparently they didn't. - Peter.
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2021 Chevrolet Spark Formerly... 2000 GMC Sonoma 1981 240D 4spd stick. 347000 miles. Deceased Feb 14 2021 2002 Kia Rio. Worst crap on four wheels 1981 240D 4spd stick. 389000 miles. 1984 123 200 1979 116 280S 1972 Cadillac Sedan DeVille 1971 108 280S |
#13
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Quote:
He'll be wallowing stinking rich in his Social Security payments?
__________________
You're a daisy if you do. __________________________________ 84 Euro 240D 4spd. 220.5k sold 04 Honda Element AWD 1985 F150 XLT 4x4, 351W with 270k miles, hay hauler 1997 Suzuki Sidekick 4x4 1993 Toyota 4wd Pickup 226K and counting |
#14
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Life can be rough
Caviar Helper.
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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ... 1995 E 420, 170k "The Red Plum" (sold) 2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp 1967 Mercury Cougar, 49k 2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold) |
#15
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If you aren't going to read the article, why participate in the thread and make smart-alek comments about the things being discussed?
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Bookmarks |
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