Many people seem to think that if someone owns a particular business, they are most likely rich and own half the city. If you have never owned property or been a business owner yourself, your imagination can become a little stretched on the value of a business owner.
I have never owned a business, but I did own a house for 8 years. I was amazed at how people thought I was so rich. In reality I was very poor and my house was near foreclosure. I was barely paying for the property taxes that the city so coveted. That was it. Sure, I never felt like I needed to apply for Food Stamps, although I certainly did qualify for them.
I had a multitude of people come to me for a loan or to help with a business deal. I had to turn the majority of them away. I wasn’t a real business person, I just owned a home to live in. I needed to find work somewhere to pay for my living. Plus, I needed to rent out spare bedrooms to get by.
I was able to hold onto my home until the Housing Market crash. The jobs dried up and I was forced into a decision over whether to eat or have a place to live. I needed the money, and freed it up by selling my house.
Then I tried to quickly find something to invest my money in. Unfortunately, I made a terrible bet with Prosper and lost a lot of money with them.
Now, I have no home, no investments, I stretch my Food Stamps as much as I can each month by reducing my food consumption. I make pennies each day trying to do website promos that pay by the click. I rejection after rejection from employers. Things are not looking good for me.
So, if you know a rich person, just remember, in 5 years, they can become just as poor as you, if not more poor by making the wrong investment.