Former investment banker loses everything and sleeps homeless in park

Discussion in 'Economics' started by Grandluxe, Dec 13, 2012.

  1. mm19

    mm19

    cute :)
     
    #11     Dec 13, 2012
  2. Stay humble brother.
     
    #12     Dec 13, 2012
  3. At least Jim Rogers has better taste in parks...
    And White Suit makes him Alpha Hobo of Central Park.
     
    #13     Dec 15, 2012
  4. I doubt the guy was even ever a millionaire. He lived in a home worth about $800k USD. Assuming 20% down on that home his mortgage would be about $3,500 to $4,000 per month. Since most people get the maximum home they can afford I'm guessing his mortgage was between 25% to 35% of his income, giving him a income of around $10k to $15k per month.

    This explains how its so easy for him to lose everything so fast. $10k to $15k is a good income, but even if you saved a years worth of income, you can blow through it pretty fast trying to save a failing business. His story is pretty common except for the fact that he obviously didnt have any family or friends to turn to now that he needs support to get back on his feet.
     
    #14     Dec 17, 2012
  5. hughb

    hughb

    He certainly isn't missing any meals. It would seem odd if he considers non-skilled labor beneath him while he is sleeping in an abandoned building.
     
    #15     Dec 17, 2012
  6. zdreg

    zdreg

    "This idiot is that fool! "but he is not a witch.
     
    #16     Dec 17, 2012
  7. zdreg

    zdreg

    women marry for better not for worse.
    what happened to the UK welfare that they are not taking care of him?
     
    #17     Dec 17, 2012
  8. southall

    southall

    They later said it took a few days/weeks for the welfare to confirm he was a valid UK resident and entitled to housing benefit.

    Eventually he was able to move into a shared house.

    Before that he was picked up from the park by a homeless charity and slept in a homeless shelter, which he didnt like as it was full of drug addicts. One even threatened to slit his throat because of his snoring.

    They finished the programme saying he was still looking for work as an investment banker.
     
    #18     Dec 17, 2012
  9. Tsing Tao

    Tsing Tao

    Don't tell that to the government!
     
    #19     Dec 17, 2012
  10. Any idiot makes money in a bull market. That is the problem, they think they are a genius when they are just lucky. He is just one of many washed out blown traders who rode the lucky bull market and got wiped out.

    They dont come back.
     
    #20     Dec 18, 2012