How a Financial Pro Lost His House

Posted by Kris | Monday, November 26, 2012 | , | 1 comments »

Carl Richards, the financial pro who lose his house
Saw this interesting article about a professional financial advisor that makes a living giving financial advices and planning lose his own house due to his own financial mistakes. It is truly a humbling experience and I salute him for his willing-ness to share his story.

Here is the link: Although the story article is quite old AND long, it can be very relevant to us since we are currently experiencing a persistantly strong property bubble in Malaysia.



Developers are rushing to offer new development with 0% DIBS, free S&P, some bulk buyer aka speculators buying in bulk using mark-up prices. And everyone is rushing and queuing up to buy new developments that will take a few years to build.

I know a fact from my banking friends that an certain area near my place should/would have like 3,000 to 4,000 of new units (provided they get completed) coming into the property market in the next 2-4 years. And with the current prices these property fetches, I wonder how astronomically high these speculators "think" their property will be valued.



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1 comments

  1. Robinsh // 12:08 AM  

    Anyone will lose his/her everything if not having any backup in the mean time of the investment because it moves you on high risk.

    Thanks for this story.