Quote:
Originally Posted by L-Pink
Generally speaking if you are smart enough to MAKE a lot of money you are smart enough not to squander it. Windfalls are a different story. Windfalls are about doing everything you ever wanted to do.
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Generally speaking...you may be right.
Although...
In the 70s my aunt and uncle made it big when the ceramic fad was the 'pet rock' of the era. They started small - teaching classes in a spare room in their farmhouse. Within a few years they expanded to a modest store in a commercial plaza...then opened a large store and distribution warehouse in Toronto. They built a multi-million dollar business out of it, one of the largest in Canada at the time. They sold kilns, greenware, finished ceramic pieces...the works. They even opened a coast-to-coast catalog service.
Along with it, they bought a luxury condo, a huge yacht, luxury car...lavish vacations. They lived high on the hog - demonstrating to the rest of the family just how 'successful' they were.
Trouble was - while they were living the grandiose lifestyle - they failed to realize ceramics was a short-lived fad. Demand died off, creditors came knocking...the business tanked. Yacht was sold, along with the condo...the car.
Sure, they worked hard and took risks and gambles. But they never saw the crash coming before it was too late.
Moral to the story - don't bank too heavily on a fad.