MyTwoMillionsAt28 dot com
Posted by Frugal on May 1st, 2006
If I made it through 2000 dot com bubble, the name of my website would be My Two Millions At 28, www.2millionsat28.com. I was once a multi-millionaire on paper. The after-tax value of my stock options if I had the chance of exercising them was more than two million dollars. And guess what happened, two millions became zilch, nada, after stock market crashed. I didn’t see a dime or a penny out of it.
The stock market bubble was such an emotional experience for me and my colleagues at work. Although I knew that the dramatic rise of NASDAQ to above 5000 in such a short time in 2000 was not sustainable, there was not a day that went by without me wishing secretly that I could cash out my stock options. After all, it’s money. And it’s A LOT of money.
My anxiety actually began even before I started working for the dot com company. I hoped to begin my first day at my new company when the stock price of my new company was lower so that my option strike price (which would have been the market price) could be lower. I waited, and timed the market. I was almost making my new boss annoyed by not signing myself into the new company after I got the job offer. After the first sign of the market weakness, I made my inter-state move. Then I lived in my friend’s house, and kept waiting still for a good entry. With the high volatility of the stock market in 2000, the stock price of my new company was soon 20% under the all time high. I thought after all these patience, it was finally paying off somewhat. On the day that I joined my dot com company, I checked the stock price in the early morning at 7:30am PST. It dropped by another 5%. I told myself that this was good enough, and decided that I would start my new job that day.
But on my first day at the new company, I had the lesson of luck. Although the stock price dropped by 5% in the early morning, it rallied all the way to the close, and was eventually closed up by 16%. Since the option strike price only used the market closing price, on that single day my fortune changed by more than one million pre-tax dollars for the worse. I had my early wake up call the first day of my new job. With all of my foresight, planning, and execution, I just could not beat my luck. I never lost a million dollar (of potential option income) in a single day. I cannot describe how fatefully frustrated I felt that day.
Fortunately, my option strike price was set at a lower level because of the delays in my option granting process. While most of my colleagues were exhilarating because of the new found wealth, I was more sober. I wished very much that the party could last long enough until one year of option lockup period was up. But I had learned my lesson on the first day of my job. It was simply beyond my controls. It was my luck, whether it was good or bad.
On the day of my company stock hitting all time high, I went home and told my wife: “hey, we are multi-millionaires now. More than two millions to be exact. Do you want to go out for a celebration?” My wife was skeptical of what I said, especially when I proposed to go to McDonald’s for our celebration. In my mind, I was quite clear that this paper wealth was not real unless I grabbed it firmly in my hands.
Because of my correct but stupid foresight, I did not buy a single family home like some of my colleagues did. Instead, I bought a small condo on my super-low dot-com salary but with hefty dot-com stock options. Thinking back, being smart is not nearly useful as being lucky. Buying a big house would probably have returned much more, and tax-free too.
After all said and done, most people at this dot com company did not get the chance to exercise their options. Many of my colleagues were depressed and felt the total void of losing multi-millions. It was such a year 2000 of seemingly gaining and losing millions. It was MyTwoMillionsAt28 not meant to be. The gift of Millions was up to God I believe. But saving dimes and pennies is up to me.
More related posts:
Digg it Del.icio.us Reddit Furl BlinkList Newsvine Yahoo MyWeb
May 1st, 2006 at 12:00 pm
I went through something pretty damn similar to you (as did countless others during the whole debacle). It sure was kind of fun and exciting at the time though, thinking you were part of something really big, building a new economy and shifting the whole business paradigm. Oh, and getting filthy rich at the same time. I had 80,000 options at one time and thought I’d really made it. Too bad by the time they vested the company wasn’t worth anything anymore. Oh, the good ole days!
May 1st, 2006 at 1:17 pm
Yes, it was such a ride. For me, I just needed the party to last three months longer. So close, and yet so far.
May 2nd, 2006 at 9:32 am
Unfortunately your story is true for me and dozens (if not hundreds) of people like me. I was 27 at the time and thought I had made it! I was worth $3 million and only 27! Let me type that again: I WAS WORTH $3 MILLION!!! Six months later I was worth about $190k (mostly saving from my salary) — the $3 million was gone. Company gone. Friends gone. Job gone.
Now, I’m 33. I feel I’m more wiser and paitent now. But . . .
For all it was worth I’d do it again in a heartbeat. The ride was fantastic.
May 2nd, 2006 at 2:19 pm
Randy & Steve & thousands of people out there,
I totally feel your loss. I always wonder about what if…. But I guess now we all need to get rich the old ways, or the non-dot-com way.
Regards,
frugal
May 4th, 2006 at 10:20 am
Frugal, Randy, and Steve,
Sorry to hear about those sad episodes. Could you have bought protective puts? Or shorted before the lock-up period?
I currently have some above-water stock options in my employer as well. The value is nowhere near what you had but still significant to me. Our company policy actually forbids us from buying/selling any options or short selling. My options are all vested so it’s not a big problem for me. But if my situation resembles yours in anyway, I would have been trying to get around it.
May 4th, 2006 at 12:44 pm
My dot com company also forbidded any shorting or put options purchase, or else they could fire me. Buying puts were not really an option for me, because it would take some 1.5 million to hedge against all of my options. The put option was extremely expensive in 2000. It was slight more than 20% of the full stock value at that time, and was more than 50% of my unvested option value on paper. The only way that I could have preserved the option value was to short the stock with the risk of getting fired, and borrowed as much as I could from all of my relatives to prevent any margin calls on my short positions. But the worst scenario for this strategy is that I get fired at the time when my short positions are bleeding. Then I will end up with a negative million at 33, instead of a positive million at 33.
Looking back, there are always lots of “what if”, and “I could have”. Besides the lessons learned, I don’t look back. Everyday is a new day. Everyday I strive to do better.
May 4th, 2006 at 2:24 pm
I hear you. Hind sight is 20/20. I admire the way you have overcome that experience.
May 8th, 2006 at 6:17 am
It is great to hear that you were able to rebound. Having that ability is an important part of life. It is not how you get through the good times, but how you persevere through the bad times that defines us.
May 8th, 2006 at 5:03 pm
$2.5MM here… I owned 10% and we did a private placement that valued the company at a bit over $25MM. I felt rich for about 10 minutes then the reality set in that it was not at all liquid. The company still exists (sort of) and I still own the stock but I don’t hold out any high hopes for it.
May 8th, 2006 at 9:52 pm
Yes, G., you’re very right. But actually this is not my worst experience.
Rebound one must, because there is simply no other ways.
May 8th, 2006 at 9:56 pm
Wow, Personal Finance Blogger, I’m losing count of all the zeros after 25. That could have been 25 lifetimes of my hard-earned savings.
May 10th, 2006 at 10:05 pm
Frugal, I can feel your pain. But it’s good that you were only with that first company a short time, and didn’t have to go through that experience after working there for many years.
I went through a similar situation but from a different angle. I didn’t work at a dot-com, but my company went public around that same time after I worked there for 5 yrs. Our stock went nowhere during our IPO year, while the dot-coms and networking companies were shooting to the moon. I listened to my financial advisors and diversified out into other holdings. I lost most of the money I diversified out. Meanwhile, my company’s stock hit its highs years after the 2000 peak, but I had already sold a big chunk of my holdings. I would have made $40 million if I had never sold. I still did pretty well. But folks who joined the company several years after me actually did better because they weren’t vested yet, and so could not exercise their options. Ironic, right? It’s like the opposite of what happened with you.
That just shows there are many ways to lose millions of dollars.
The last several years were a crazy time, with major redistribution of wealth, much of it dependent on luck and timing rather than ability or hard work.
Regarding what you said about single family homes, those who bought 3+ million dollar houses in 2000/2001 did a lot “worse” (can’t be doing bad if they paid that much for a house). The prices fell by 50% and even during these past few crazy years, the prices still haven’t recovered.
May 10th, 2006 at 11:29 pm
Yes, the past years and possibly the coming years will be very volatile in all kinds of markets. Any mis-step will be costly. Regarding your loss, that is probably a worse loss than my kind. I’m completely aware of that possibility, and that is why I still have substantial networth in my current company holdings, and I’ve also written a post on How to deal with company stocks & options.
May 17th, 2006 at 8:51 am
I still have substantial net worth tied up in my current company holdings, as well. The year of my company IPO, I diversified out only about 25%, it’s just that my company stock has gone up some 20x from IPO. I mean, when do you sell more, at 3x, 5x, 10x, or 20x, lol.
My net worth is a bit misleading (for one thing, some of it is in after-tax dollars). I also made no mention of donations to charities and the educational institutions that raised me. My $1M after-tax house is probably worth $10M in current-year pre-tax dollars, and my luxury car is probably worth $1.5 M on its own, but I’d still make those same purchases given the same situation.
May 18th, 2006 at 11:06 pm
What the heck are you driving??
May 26th, 2006 at 12:33 am
Without being too specific, I started an advertising company in back in 97 with the goal of being acquired by one of the two big banner ad network players at the time. Sure enough, not even after 1 year in operation they both came a knocking. A deal was struck with another company to form a joint venture and that JV would acquire us. Got several million, some cash, mostly stock in the JV. That JV eventually listed on NASDAQ in 2000, and my stock shot up to $80 million or so before settling at around $16mil for a while. Not bad for mid 30s. I watched the company grow from a single office and six employees, to nearly 300 in 10 offices, in appx 9 months! The burn rate was astronomical!
Sadly, it soon became evident that certain early investors were not at all interested in making a successful venture, but only to get rich quick, and then it became obvious that our company was cleverly being ‘used’ by our JV partners (we had several at this point) who used our business to keep short term losses off the books of their own primary listed vehicle. Despite having some very talented and devoted employees, the whole operation was a shambles and also utterly mismanaged. Broken deals and lawsuits were commonplace and after a few more years the company’s true destiny came to fruition and was liquidated for a few cents per share. I only have myself to blame for not cashing in my chips when I could have — I, stupidly, actually believed in my company….
Well, they say the first million is the hardest, so I’m back at it, this time a hellava lot wiser.
May 26th, 2006 at 12:55 am
Amos,
I can only say that your journey was 10X to 20X incredible than mine. That was such a big pity that you couldn’t hold on to those wealth that you created and deserved. The ups and downs in the financial worlds in the past decade have been so much bigger that you can easily gain a big fortune, or lose a big fortune, or both in a very short timeframe. I think even twenty years ago, such things cannot possibly happen.
I have to constantly remind myself to tread more carefully in a more volatile world.
Frugal
September 12th, 2006 at 3:53 pm
My condolences to those who didn’t see the warning signs, but c’mon, if anyone was so greedy that they didn’t cash out at least part of their winnings, they deserve what they got. I worked for one of the bigger tech firms from 95 to 2000 and when I looked at the numbers, I knew there was no way that stock was going any higher. There was only one way for the whole thing to go - and that was down. I sold every scrap of stock (2mm) and walked away. Bought a house in 2000 and watched that go up. No regrets.
September 12th, 2006 at 4:00 pm
Bubble Winner,
You were lucky. Almost all companies have at least 1-year of lock-up period before you can exercize your options. Unfortunately, I did not get the chance to have my options vested before that. Majority of the people that I know did not have such chance to exercize either.
You got to feel lucky.
Even I had the foresight, I could not doing anything about it.
Regards,
September 13th, 2006 at 12:11 pm
But on my first day at the new company, I had the lesson of luck. Although the stock price dropped by 5% in the early morning, it rallied all the way to the close, and was eventually closed up by 16%. Since the option strike price only used the market closing price, on that single day my fortune changed by more than one million pre-tax dollars for the worse. I had my early wake up call the first day of my new job. With all of my foresight, planning, and execution, I just could not beat my luck. I never lost a million dollar (of potential option income) in a single day. I cannot describe how fatefully frustrated I felt that day.
correct me if i am wrong, but if 21% of what you had was $1m, then you should have been worth more like $5m not $2m at 28. am i missing something in the maths?
- s.b.
September 13th, 2006 at 1:33 pm
It’s stock option. Option gives you the right to purchase the stock at certain pre-set price. Your gain is in the difference of the market price and your pre-set strike price. So if the share is trading at $100, and your option price is at $120, there is no value in your options. But if the share is trading at $120, while your option price is at $100, then for every share you get $120 - $100 = $20.
Let’s say I have 5K shares of OPTIONs of XXX which is trading at $1000 per share. The market controlling value is $5M. But because I got into the company 1 day late after the 20% run-up, my option price is set at $1200 instead of $1000. Option price is the price that I will need to pay when exercizing the option. So if I got into the company 1 day earlier, my price would be $1000 instead of $1200. In that case, after the first day, my option value will be worth ($1200 - $1000) * 5K = $1M. But since I got into the company 1 day late, my option value will be ($1200 - $1200) * 5K = 0.
In such example, my networth changes by $1M in 1 day.
October 1st, 2006 at 5:04 am
Randy:
you were “more wiser”…? hmmmm…..
December 10th, 2006 at 4:54 pm
Another way to play it: I am a tech worker who was in one of the long-standing companies,
who coincidently was anot doing well in the bubble period. So I never got on a dot-com bubble ride. The company didnt rise as much, but it did fall with all the other tech companies post 2000.
Yet I made my first million by late 2001. How? I was shorting many of the post-IPO lockups,
telecom bust companies and other ‘bubble’ companies, include a few outright frauds. Companies like RHAT, LNUX, Covad, Copper Mountain, GENI, and many others were excellent short candidates.
So, 20/20 hindsight for somone in a startup. You could mitigate your own company exposure risk by shorting or buying puts on competitors in the same industry, should you get the sense that the industry as a whole is over-valued.
December 12th, 2006 at 11:04 pm
To A Nony Mouse,
I was not willing to take such risk through cross-bets. Besides, to short the equivalent amount of my option values, I had to have close to 1 million (which is what I didn’t have). I tried shorting with about $60K, and I got a margin call within a month. The value of stock that I could short was insignificant compared to my options at that time.
Not sure how you had so much money as colateral for shorting?
January 26th, 2007 at 7:25 am
It seems that all of your sad stories have an eerie similarity. Supposedly made huge gains and lost it all, or alot of it. It seems the situation is a case of investing from the outside instead of the inside. Buy the time you all did what you did in the market, the big money was already made and wealthy investors, the true investors were on to something better. You talk the talk, puts, calls, seeling short, etc., but you are still all average investors. The main difference between an average investor and a sophisticated investor even an ultimate investor is how you view the risk. As Amos said, he stupidly believed in his company. No, he was emotionally involved and did not recognize the risk and have a planned exit straegy and stayed in an investment that he should not have.
In real estate, the money is made when you buy, in investing, its in your exit strategy. You all talk about the ride and the rush. Actually, investing to become rich is quite boring, more like following a bread recipe. Anyway, thank you allowing me to share my obervations.
January 29th, 2007 at 1:09 am
Cowboy,
Thanks for your comment, but you don’t understand how stock options work. They almost always have 1 year of lock up period, and you are not able to sell. Even if I’m allowed to use put option to hedge my position, the needed put option for 1 year out was extremely expensive and cost more than 1 million dollar in total because the volatility was too great (I definitely checked the price at that time). I could have spent more than 1 million to hedge, and end up with nothing.
Long term wise, stocks have a higher return than real estate. Controlling risks required money that I didn’t have, nor was I allowed to do it due to company policy.
February 16th, 2007 at 5:55 pm
I can totally relate to that story. The ride was fun while it lasted.
My options were worthless when vested. From a high of $345 they were now worth $65(my strike price was $70).
I was later given some grants at $9 but then the stock went to 70 cents. the execs all bought millions of shares at 70 cents. meanwhile, i sold mine and netted about $2,500 before tax. today the stock is trading at $50 and instead of frustration or heartache, I think its incredibly funny how it played out.
but i’m happy to have gone through it. i now know how money works and can generate my own wealth!
February 17th, 2007 at 4:36 pm
Adventures In Money Making,
That is the wildest ride that I’ve heard so far. Good luck.
February 27th, 2007 at 6:56 am
I read how you should not have more than 10% of your portfolio in your employer’s stock. Despite this being an over-simplified formula for success, it is very wise advice.
Your portfolio and your paycheck should not be in the same basket. Because if your employer goes bankrupt, you lose both your paycheck and your investments. You’re done.
Much like you, imagine someone who worked at Enron who happen to also have most of their stock in Enron. When the Enron went belly up they lost everything.
Keyword: diversify.
May 11th, 2007 at 7:22 am
Very interesting stories…I’m going to bring this off-topic now;)
“The gift of Millions was up to God I believe.”
I find it hard to believe God would take a personal interest in making anyone rich or poor. In fact, if God took any real interest, I would be to help distribute wealth more evenly, to have the rich share with the poor, help the leper, yadda. I personally am not religious. But if you’re going to lust after money as a goal in life, I find it difficult for that to coexist with a true belief in most religions — which tell you to give up your worldly possessions to live a life devoted to God and others. I have no problem with believers or non-believers … I tend to meet a lot of hypocrites though. There are many examples of benevolent sharers of their wealth, which do very good things … I just see of lot who seek after wealth, money, cars, posh lifestyle as their life goal, to benefit themselves, while still claiming to have a strong “faith”.
It’s each person’s choice, but we can be fairly certain God doesn’t take a personal interest in whether or not you will amass wealth, in the same way God has no impact on whether a football player makes an amazing catch…and I’m guess God might even prefer those who life a humbe lifestyle, as wealth tends bring people further from religious teaching, yadda yadda. Just wanted to hear people’s thoughts on this.
john
May 14th, 2007 at 12:18 am
My personal faith is not Christian in the traditional Church’s way. I won’t elaborate on it since it will be so off-topic.
I’m actually borrowing from a Chinese saying (not in exact words): “Small riches can be achieved by personal efforts. Big riches require some element of luck.”
Anyway, it’s something to think about (but doesn’t make it right or more right in any way).
November 11th, 2007 at 1:40 pm
I’m happy I just found your blog… wow, looking back this is very similar to the recent real estate market in some areas… I’m sorry for all your losses, I’m glad you all are still going strong!
November 12th, 2007 at 9:26 am
Hey, Here is an opportunity to invest like the super wealthy in a private placment program.We have access to a 100,000,000 platform!
Realize returns that you won’t believe without risk to your pricipal investment. Confidentiality and non-disclosure required.
February 13th, 2008 at 2:53 pm
I just got a wire into my bank for $1,422,752.18! I worked very hard at a company for 5 years from July 2000. I stayed man nights working on the system. I was given 100,000 options at a strike price of $3.00. Then fortunate occurred, (dot com failure), the company went in the red and was strapped.. They fired all my 1/8 of my workers and told me to finish the system with a skeleton crew with me doing most of the programming. Turns out in return - I would get in return is 1.5 million shares of restricted stock (owner’s stock for .01 shares). 5 years later, I downgraded from CTO to programmer. Owners were railroading me with the best they could “legally” hoping I would run out the door. Brought in a consultant turned “CTO” and then later downgraded himself (basically the worse boss to work for). Although 1 1/2years later, I was contemplating to leave, I decided to stay and do the minimum… Then even more shit happened. Bought a million dollar house on 90% mortgage, and loss $170,000 in the market trying to be a wannabe day trader in the stocks of GOOG and TIE, dumb ass I was! Things seemed to just getting worse, having over $257,000 in debt (136K in credit cards and the 0%APR intro running thin, 140K in second line of credit at 8%), Things got pretty tough.. BMW payment, pre-school tuition, 20K in property tax… gotta suck right??? Then right before Thanksgiving, my “year of the golden pig” luck finally arrived. Wham selling company for 60Million with 6% going to me. As you can see life is good now… Payed all my debt with $200K left over (50% down on my mortgage, payed off second line, payed off BMW, payed off credit cards except 0%, payed off anything and everything I could), pay off my partner (IRS 45%)! What’s sweet is I still have $1.483M pretax in stock and over the course of 1 month, it has increased by 20% to a value of $2M.. The moral of the story: NEVER GIVE UP! and once you got the money. Be smart and don’t FUCK it up!!!!!!
February 19th, 2008 at 9:56 am
Hi Frugal:
Stay frugal, live below your means and save 10%-20% of your PRE-tax earnings and you’ll never have money troubles. In the U.S., we have a spending problem, not an earnings problem.
I am pretty conservative financially and have never spent more than 50% of my earnings each year. In fact probably spend less than 20% — I know I am a freak! Anyway, I had started a small business and needed to bank cash for its ups and downs….and had employees. In 10 years I never missed a payroll even by 1 minute. A small business has to be a passion or it’ll never do well for most people.
I have endured a lot. Had a paper networth of $1M at 25, $2M at 30, $3M-$3,5M at 35, and now at 40 it is over $5.5M even in this stock market. Unlike others, my problem is now to spend some money. I still spend like I have $1M on paper even though I have literally millions in cash in high yield FDIC bank accounts.
So I guess why I’m writing is, try to live substantially below your means and you’ll accumulate wealth for the long-term.
Good luck and best wishes.
March 4th, 2008 at 12:57 pm
Dan, I have to agree with frugal living.
I live my life fairly similar but without owning a business. I save roughly 50% of what I make and drive a 10 year old truck.
When I do reach a certain milestone in my savings I know that I can slowly transition into a more relaxed lifestyle and begin to accumulate assets that I have always wanted.
In the meantime I plan on being frugal and will try to stay clear of the $30,000 millionaire mentality.
Matt
March 7th, 2008 at 9:50 am
Invitation:So many of the investments available to the average person today are in the public offering sector can barely stay ahead of inflation and often times, don’t. The average person “feels” safe when they put their money into a CD or money market account because they believe it is guaranteed. It may be but the returns are pathetic. If you want bigger returns, you are told to invest in other areas such as the stock market, etc. You might see returns in the double digits but the risk is that you can loose it all, there are no guarantees. I have found a private placement program that offers returns far beyond what most people can imagine, well into double digits, and your pricipal is guranteed. You can choose the program you want to participate in, 90 days, 120 days, 180 days, and 365 days and the minimum entry point is only $10,000.00 with a return of pricipal and earnings at the end of each term. These trades or platforms have untill now, only been available to the wealthy, the likes of Donald Trump, Bill Gates, Warren Buffet, Oprah Winfrey, etc. Hence the phrase,”the rich get richer”.
These trades require a minimum of $100,000.00 to participate, however, there is an investment company that has been able to make these available to the smaller investor with the minimum being $10,000.00.There is not much information available because it is private and by invitation only but my friends and I have recieved extremely large earnings on this. My daughter invested with $10,000.00 at age 22 and by age 32, she will have over 8 million. There are no rollovers so your principal and earnings are paid at the end of each term and then, you have to re-invest but that is a minor inconvenience compared to the return. I would be happy to share what information I have or you can visit the website.
March 10th, 2008 at 11:51 am
I really doubt it Jim.
March 10th, 2008 at 3:08 pm
I know, I thought the same thing. If you are in the traditional market, you probably don’t have any knowledge about private offerings since the SEC rules are quite clear about mixing the two. That doesn’t mean that they don’t exist. Like Robert Kiyosaki says ” If it sounds too good to be true, you better be checking it out” hence the invitation. I did check it out and found it to be true. I have many other investors who have taken advantage of this opportunity and have earned far beyond what they could have ever done in a risky, volitale stock market or any other traditional investment vehicle. It’s no ponzi scheme, its not MLM, it’s just an opportunity. Let me know if you would like more info.March 10th, 2008 at 4:34 pm
Jim,
I seriously doubt whether the company will be around when your daughter is 32 because these are never “guaranteed”. Warren Buffett does not invest in High Yield Programs, ALL of which are usually located offshore and usually only have email contact info.
They tell you the reason for being offshore is for tax reasons, but really its so they are exempt from US regulations.
good luck with you investments
March 18th, 2008 at 1:57 pm
Jim you remind me of Uncle Rico from Napoleon Dynamite.
March 18th, 2008 at 3:10 pm
Matt,
I don’t know who Uncle Rico is but I do know this, Warren Buffet does invest in high yield programs because some of these are the same platforms that he does his 90 day charitable trades.
Its funny how people, because of ignorance and fear, will bash the very thing that they wish was true, without ever making the effort to investigate or invest in it. Most people are too afraid of looking stupid or having someone call them a foll, that they miss out on all of the opportunities that are presented to them. That is why 3% of the people control 95% of the wealth in this country. It is only a small percentage of people that are willing to take a risk.
March 18th, 2008 at 6:01 pm
there is no way Buffett invests in HYPs. If you want me to believe you, please provide a link.
otherwise remember the motto, “A fool and his money are soon parted”. good day to you sir.
March 19th, 2008 at 7:16 am
Frankly, I don’t care whether you believe me or not. Whether or not you believe it does not change the fact that it’s true. Does your statement come from your personal knowledge about Warren Buffets investments? If you want proof, show me 100,000,000 that you have to invest on this platform. Better yet, show me 1,000,000 that you would have to invest. The reality is that whatever proof I gave you,it wouldn’t be enough. Proof up or shut up. Why comment on something that you know nothing about?March 23rd, 2008 at 12:44 am
Jim,
I have to agree with the consensus. I honestly can’t believe that a 10k investment will be worth over 8 million in 10 years. Even an awesome 20% annual return couldn’t produce those results. I wish making money were that easy.
March 23rd, 2008 at 8:41 am
I understand. I couldn’t beleive it either but making money is that easy. It’s just that the average person has average money. Private placement is by invitation only, offers double and triple digit returns, and normally requires 100,000,000 in discretionary funds to participate so anyone with less than that obviously would not be invited. That is why the average persone does not know about it. However, because of this program, the average person with average funds can participate and recieve the same returns as the person with 100,000,000. The problem is most people can’t understand those kinds of returns because they’ve been led to believe that 6% or 10% or maybe even a “fantastic” 15% return is as good as your gonna get so because they don’t understand, they fear it and because they fear it, they say it’s not true and stay away from it. That way, they don’t have to take action on it. That again is why so few become so wealthy. I have met the principals of the investment company in person, this is not an internet deal, there are documents and contracts to complete, there are physical address, etc. If anyone would like to accept this invitation, I would be glad to e-mail an attestation form which must be sign prior to recieving any investment information.March 23rd, 2008 at 4:49 pm
Jim,
I’m sorry but PPMs are not allowed to be solicted/advertised to investors by law, unless they know for a fact that the investor is accredited.
Posting the website address is a breach of SEC regulations and is ILLEGAL. Ask your lawyer. Oh thats right, you don’t have one because you’re a scam artist.
March 23rd, 2008 at 5:46 pm
Jim,
I don’t want to ban you here. But one more post from you will do.
Unless you show the exact verifiable proof of such return, you are not welcome here. I am going to delete your comments here. I don’t want anyone to accidentally fall into such trap.
Regards,
August 12th, 2008 at 5:14 am
Good points although I disagree on a few. I do respect your opinion however. Read more on the following topics Mortgage watchdog, mortgage advice, mortgage tips, review, low interest rate, fha help, avoid fraud, first time home buyer, cheap mortgage on http://www.brokerpolice.com