hey readers my name is grow with guru and i will talk about some of my past stories and in last we will talk about conclusion okay let's start today's story
A man named Richard Fuscone was in news
Richard was everything Ronald Read was not. Wait you don't know about Ronald Read! Know About Ronald https://tazablogs.blogspot.com/2023/05/the-power-of-compounding.html Go and read his inspirational story
A Harvard educated Merrill Lynch executive with an MBA, Fuscone had such a successful career in finance that he retired in his 40s to become philanthropist. Former Merrill CEO David Komansky praised Fuscone's Business savvy leadership skills , sound , judgment, and personal integrity. Crain's business magazine once included him in a 40 under 40 list os successful business people
But then like manish everything fell apart Wait you don't know about manish! Know About Manish https://tazablogs.blogspot.com/2023/05/the-power-of-compounding.html Know about him and don't become manish okay?
In mid 2000s Fuscone borrowed heavily to expand an 18000-square foot home in Greenwich, Conecticut that had 2 bathrooms, 2 elevators, 2 pools, 7 garages,and cost more than $90,000 a month to maintain
Then the 2008 financial crisis hit
The crisis hurt virtually everyone's finances. It apparently turned Fuscone's into dust. High debt an illiquid assets left bankrupt. I currently have no income, he allegedly told a bankruptcy judge in 2008
First his palm beach house was foreclosed
In 2014 it was the Greenwich mansion's turn
Five months before Ronald Read left his fortune to charity
Richard Fuscone's home-- where guest recalled the thrill of dining and dancing atop a see through covering on the home's indoor swimming pool --- was sold in a foreclosure auction for 75% less than insurance company figured it was worth
Conclusion
I have to say only two thoughts
First you don't buy an illiquid assets like Greenwich house etc because their price don't grow illiquid means not like liquid I have example to show you like water is liquid and its always flowing not standing still, water is liquid asset and its price is always rising not standing still and illiquid assets mean it's price not gonna rise up because it's illiquid assets
and second A genius who loses control of their emotions can be financial disaster. The opposite is also true Ordinary people with no financial education can be wealthy if they have a handful of behavioural skills