And guess what he does now?

[badger7579]

To be fair, it's not like he blew it on coke and hookers in the first month. He tried to build a business and invest in property to achieve long term security. I'm sure many of us might attempt the same if given an unexpected windfall like that.

Maybe, but he obviously just expected the boom to keep going and going as he states the credit crunch did most of the damage. He obviously didn't plan for any down side which should be common sense..

[vetran]

take £100K as blowing money. Holidays, meals & money to family etc.

pay off mortgage, buy a few rental properties, Gilts etc.

Contract 3- 6 months a year travel / mess about the rest.

[badger7579]

And anyone who thinks setting up a business which fails makes you an idiot really doesn't know squat.

My business doesn't fail because I'm prudent in my financial matters, plan long term and don’t squander cash on unnecessary luxury items as this person did...

Would it have hurt to place a substantial amount in some safe assets, accounts for the long term in case things went belly up? Obviously too boring for this guy.

[d000hg]

Maybe, but he obviously just expected the boom to keep going and going as he states the credit crunch did most of the damage. He obviously didn't plan for any down side which should be common sense..

Hardly an uncommon thing though... common sense is not the norm!

[d000hg]

My business doesn't fail because I'm prudent in my financial matters, plan long term and don’t squander cash on unnecessary luxury items as this person did...

You spend £200k on a business and squander £1.5m on personal luxuries... what does that have to do with your business? Your business is not your personal money so if you squander your personal wealth tat's irrelevant to the business failing.

[Gibbon]

Yes but you're a wannabee academic.

wannabee is correct, mightneverbee is also a possible outcome.

Most people surely have some other interest outside work which they could pursue more fully if they were work free.

Just trying to make more to consume more is an empty place to be IMHO.

Just bought this, my idea of conspicuous consumption.

Barrington Atlas of the Greek and Roman World: Amazon.co.uk: Richard J.A. Talbert: Books

[BlasterBates]

Worth noting for all those who want to start a business:

Startup Business Failure Rate By Industry | Statistic Brain

71% of all startups fail within 10 years.

which basically means if you do start a business it will probably fail.

[VectraMan]

Worth noting for all those who want to start a business:

Startup Business Failure Rate By Industry | Statistic Brain

71% of all startups fail within 10 years.

which basically means if you do start a business it will probably fail.

Those are US figures, but I guess the same more or less applies. Interesting that the number 2 biggest management mistake is "advice from family and friends". Too true.

[bless 'em all]

Worth noting for all those who want to start a business:

Startup Business Failure Rate By Industry | Statistic Brain

71% of all startups fail within 10 years.

which basically means if you do start a business it will probably fail.

Businesses with Best Rate of Success After Fifth Year
1 Religious Organizations

I'm shocked! Who'd have thought organized religion was in it to make money?

[OwlHoot]

My business doesn't fail because I'm prudent in my financial matters, plan long term and don’t squander cash on unnecessary luxury items as this person did...

Would it have hurt to place a substantial amount in some safe assets, accounts for the long term in case things went belly up? Obviously too boring for this guy.

this guy's wife

Sounds as if she urged him into some of their riskier ventures, and what else could he do to avoid marital strife or even her walking out?