Quote:
Originally Posted by sc_rufctr
And another thing...
My cousin declared bankruptcy about 15 years ago. He's generally a good guy but he's always been a "player". He did it to clear an $80,000 dept he incurred when his business failed. (He had a mobile phone accessory store located in the middle of a mall) This wasn't the full 7 year in "doo doo land" bankruptcy instead he did the 4 year lesser version. I'm not sure how that compares to the various "chapters" in the US. So his dept is cleared and he starting again from scratch.
About 2 years later he took deliver of a then new Mazda R8 on lease. I don't know how he pulled that off but I'm guessing he knew the right finance people.
Fast forward to today and he's married with 3 kids and has a new business that's barely keeping its doors open. It's not failing and he does have some income but he's always behind the 8 ball just trying to pay his bills. So he's not losing money but he's not making any either. He also has a large mortgage on a house in the nice part of town and an M3 on lease.
So you have a guy who thinks he's successful but in reality he's not and he doesn't have the talent to pull himself out of his predicament. (I saw him at a family event recently and he was wearing a replica Rolex) I've seen this many times over the years and it never ends well. Using logic only at some point everything will go South in a hurry.
Some people just can't accept their reality and live beyond their means. And they leave a mess for someone else to clean up behind them.
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In the book" The Millionaire Next Door" they call the guy you describe - Big Hat, No Cattle.