Interesting. One of our regular Saturday Coffee Club members that regularly dispenses economic advice has been bankrupt twice. It amazes me that anyone pays attention to him.
Bankruptcy is not necessarily a indication of being a poor businessman.
You have to look at the whole of his financial history. What have been his highs?
Many of the most successful businessmen in history have made and lost fortunes several times.
The most successful businessmen have been risk takers. With great risk you occasionally have great failures.
Maybe he learned after two times. He’s got experience. That’s probably why people listen.
To some folks, this is FAR different (and interesting) than taking advice from someone who has never filed for bankruptcy. Why? Because you never know if the person you’re talking to is on the cusp of filing and just not being forthcoming.
My uncle (we all thought) owned a successful business for years. That’s only until years later we learned he was sending in every credit card offer mailed to him, and when he did file, he was close to $2M in debt.
He started the business in 1990 or 1991 and it dissolved around 2005. During those 15 years, I doubt the company ever made a profit.
Yet, he was able to be a high-roller and live in an $800,000 house and drive two new cars, etc.
IMO, you should have to go to prison for something like that, but I don’t think he was ever even charged with a crime.
Interesting. One of our regular Saturday Coffee Club members that regularly dispenses economic advice has been bankrupt twice. It amazes me that anyone pays attention to him.
The problem with economics is that those who claim to be economists are the worst when it comes to economics
I someone earns $50k and buys a $5k used pickup truck camper, I doubt he'd be criticised for it.