If what you wrote is true, it is one of extremely rare success stories under such circumstances. The odds of working at MCD at min wage and no capital, and then owning 8 within 15 years are astronomical. That reminds me of a joke: An interview with a millionaire is conducted. The reporter ask, "how did you get your first million?". The guy replies, "well I was walking down a street and saw a dirty apple. I picked it up, washed it and then sold it for a penny. I used a penny to buy 2 dirty apples. I then washed and sold them for 2 pennies, which I used to buy more dirty apples and so on. I repeated this process 10 times. Then I got news that my rich uncle died and left me 3 mil.
The only things I eat at McD's are the salads, the fruit, the ice cream and the coffee. And then only sparingly. All the preservatives drive me batty. I'm waiting on a "Green" fast food restaurant to take off. We have one being built locally as a test unit this spring. All of the ingredients are all natural and locally grown. I hope it succeeds.
The point is that one is only limited by their expectations. One doesn't need to open McD's from their experience learned in the grease pit. Coming out of college with blinders on is the kiss of death.
this scenario would not be possible without massive debt to cash flow leverage. Unless he won the lottery. More have been ruined by this strategy then succeed. But you can always point to one case and say anybody can do it just go and pyramid your cash flow into debt. Any moderate reduction in cash flow will collapse the house of cards.I don't know if calling young people lazy, because they do not pursue a individual ponzi scheme is correct as Neenisti concludes
If the Average American wage drops to 8 dollars an hour, wont that mean deflation? Housing will go back to average of 35K to buy a home, 8K to buy a car etc.. like in the 60s?
yeah.. except now there is double the population competing for the same amound of land. and wait, about a billion chinese upgrading their mud huts to bricks and mortars competing for your prime materials as cement, wood and iron. I propose a worldwide tax on childbirth ;-)
At 8 bucks an hour, you could get the house for free but unable to pay the taxes on the property, or heat it. Fixed costs ain't going to deflate.