Ever know anyone who went totally broke

myshirt · 20-07-2017 05:17PM

The Man who drank the Farm, I can see it now, a best selling sequel to An Beal Bocht.

messy tessy · 20-07-2017 05:22PM

....... wrote: »

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20-07-2017 05:24PM

One of the best buddies was a very good plasterer, employed a few lads pre & during boom. Was out of work for years during recession. Was totally broke I suppose. Was on SW etc.

ScumLord · 20-07-2017 05:29PM

seachto7 wrote: »

I can't understand how developers who went broke, still drive around in Mercs. There's no cutting your cloth to measure.

One in Limerick, when they went bust, managed to build a huge gaff at the same time. Don't get it.

If you look online at these developers they'll often have a trail of broken companies in their wake, they have no problem dropping a company like a hot potato when it suits them leaving everybody else in the lurch.

People in family business often have a sense of loyalty and pride in the business and end up carrying huge debts as guarantors beyond anything a normal person could pay to try and keep the business afloat.

Subcomandante Marcos · 20-07-2017 05:35PM

Friend's auld lad owned a few businesses, divorce and the economic crash hit him at the same time and he fell apart.

Went from big house in gated community and nice cars, holiday home, the lot, to living in sheltered accom in the space of a few years.

FireFoxBoy · 20-07-2017 05:36PM

My parents went broke during the recession. They took out a mortgage they couldn't pay back. Their repayments were 1500 a month which isn't much if you're working but neither of them were at the time.
I don't know how they were paying for it but they lost it in the end.

Cervantes2 · 20-07-2017 05:39PM

Really broke or Sean Fitzpatrick broke?

FireFoxBoy · 20-07-2017 05:41PM

Really broke

myshirt · 20-07-2017 09:02PM

Wasn't there a Donegal guy on here before who was part a family of ten but they only had one set of shoe laces between them, and they didn't even own a shoe.

Now that's what you call broke. Really humbled me. We have all fallen on hard times, but Christ that's bad.

20-07-2017 09:13PM

myshirt wrote: »

Wasn't there a Donegal guy on here before who was part a family of ten but they only had one set of shoe laces between them, and they didn't even own a shoe.

Now that's what you call broke. Really humbled me. We have all fallen on hard times, but Christ that's bad.

A yes but in a block buster book he rises from humble plaster to become one of the UK biggest property developers.

Sam Kade · 20-07-2017 09:21PM

hinault wrote: »

What does going broke mean?

It means that you haven't a pot to piss in or a window to throw it out.

Sam Kade · 20-07-2017 09:26PM

duffysfarm wrote: »

a good fried of my fathers inherited a good sized farm (200 acres) which was fully stocked and living at home with hiw widowed mother. this was about 30 years ago. I always remember him hanging round my parents house having the craic etc when i was a kid.
he was an only boy and spoilt i suppose, never used to working. over the years he has sold over 100 acres, 5 sites for houses and married and built a house for himself. the wife has since left and the house is up for sale and any remaining land rented. he is working for some one else doing the same job that he should be doing for himself i.e. farming. An ufortunate case as he has lost his life and his family but he should be one of the richest men around if he had kept things under control. he just lived the good life for too long and never looked after what he had when he had it. nobody can figure out where the money went and while i dont feel particularily sorry for him as he is not the nicest person around I feel sorry for him i do feel sorry for his family.
I have seen other people lose everything but similar to another post, a lot of them hit the bottle soon after and things only go down hill further.

So owning and farming 200 acres will make you rich in your opinion.

mikeybrennan · 20-07-2017 09:32PM

A lot of impulsive types seem to go broke .

mikeybrennan · 20-07-2017 09:34PM

Subcomandante Marcos wrote: »

Friend's auld lad owned a few businesses, divorce and the economic crash hit him at the same time and he fell apart.

Went from big house in gated community and nice cars, holiday home, the lot, to living in sheltered accom in the space of a few years.

Be worse if it was unsheltered

mikeybrennan · 20-07-2017 09:35PM

Sam Kade wrote: »

So owning and farming 200 acres will make you rich in your opinion.

Farmers don't actually make money.

They just don't spend any

Burial. · 20-07-2017 10:04PM

I know quite a lot of poker players and with that sports bettors so I know quite a few who lost every cent they had plus owing a lot lot more to friends/other players. One memorable occasion was a guy losing 6 figures in the space of a week and wiping out his entire bank account. Money is passed around in the poker community ridiculously easy. If I needed 10k all I'd have to do is message the group chat and I'd have it pretty much there and then.

Permabear · 20-07-2017 11:57PM

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dreamers75 · 21-07-2017 12:06AM

My bosses went broke in the 80s real estate market and made a last gasp play for the market I work in and 30 years later are millionaires with numerous interests.

They are nice guys and worth about 100m between them but at end of the 80s had about 50p between them.

I have been totally broke on numerous occasions. Not broke now but not far off.

hinault · 21-07-2017 12:17AM

Sam Kade wrote: »

It means that you haven't a pot to piss in or a window to throw it out.

Does it mean just that?

I think there are different types of "being broke".

You've the ones who own nothing, but who owe nothing, and live week to week. They're broke.

You've others who possess a lot, but what they possess has money still outstanding on what they possess. They're broke.

Then you have those who's business owes money to people, but their business hasn't sufficient money to repay what the business owes. They're broke.

LirW · 21-07-2017 12:44AM

Actually a good story I got there: Back in Austria I know this guy who is a self declared Marihuana activist, the kind of activist who uses medical as an excuse to be high 24/7. He actually smoked his brain away, I'm sure about that. Compared to that this guy is extremely naive and posts everything about his life on FB. He married young and got divorced, never really had a job, do financially never really in a good position.
Anyway, a few years ago he decided (even though everyone told him to leave it) to open a head shop in a rural town which is an inofficial drinker capital and very conservative. He had to close after 6 months and his GF kicked him put. Even though everything was f all, he had another great idea of hosting a Raggae festival in the middle of nowhere and he invited some famous artists in the scene.
His partner f'd him big time, disappeared with the whole money on day 1 of the festival and called the cops on the place so they had to shut down at 10pm each evenimg for the whole weekend. Nobody got paid and he was taken to court.
He ended up homeless for a while, but got a place in the end and a job that he lost after 2 months because of his open Pro cannabis agenda and a lot of "f the system acab" posts that were public on FB. He was working with kids at that point.

After a few dramas, one of them losing his driving license after being caught with a high amount of THC in his blood in Bavaria, he enrolled in university to get state benefits (you get them, a few hundred a month but you have to reach certain amount of points, which in fairness is really easy). During that time he was going full activist "I need my medicine!!!11". He failed every exam and got a letter a few weeks back that he need to repay the full amount of the benefit he got which is more than 8k.

He still doesn't work and blames the state for his failure in life.

LirW · 21-07-2017 12:45AM

Actually a good story I got there: Back in Austria I know this guy who is a self declared Marihuana activist, the kind of activist who uses medical as an excuse to be high 24/7. He actually smoked his brain away, I'm sure about that. Compared to that this guy is extremely naive and posts everything about his life on FB. He married young and got divorced, never really had a job, do financially never really in a good position.
Anyway, a few years ago he decided (even though everyone told him to leave it) to open a head shop in a rural town which is an inofficial drinker capital and very conservative. He had to close after 6 months and his GF kicked him put. Even though everything was f all, he had another great idea of hosting a Raggae festival in the middle of nowhere and he invited some famous artists in the scene.
His partner f'd him big time, disappeared with the whole money on day 1 of the festival and called the cops on the place so they had to shut down at 10pm each evenimg for the whole weekend. Nobody got paid and he was taken to court.
He ended up homeless for a while, but got a place in the end and a job that he lost after 2 months because of his open Pro cannabis agenda and a lot of "f the system acab" posts that were public on FB. He was working with kids at that point.

After a few dramas, one of them losing his driving license after being caught with a high amount of THC in his blood in Bavaria, he enrolled in university to get state benefits (you get them, a few hundred a month but you have to reach certain amount of points, which in fairness is really easy). During that time he was going full activist "I need my medicine!!!11". He failed every exam and got a letter a few weeks back that he need to repay the full amount of the benefit he got which is more than 8k.

He still doesn't work and blames the state for his failure in life.

Edit: forgive me, I don't english good that late.

Toots · 21-07-2017 12:51AM

Permabear wrote: »

This post had been deleted.

Apparently it's quite common worldwide - people suddenly end up with more money than they know what to do with and feel that it's so much that it'll last forever.

worded · 21-07-2017 01:05AM

Toots wrote: »

Apparently it's quite common worldwide - people suddenly end up with more money than they know what to do with and feel that it's so much that it'll last forever.

How do you spend 315 million in 4 years ?

Ok I've done the math just now, that's 660K per weekend for 4 years.
I'd probably only last 3 years on that money

It was dollars and tipping is compulsory in USA so ....

Permabear · 21-07-2017 01:25AM

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wonderwall900 · 21-07-2017 01:33AM

Akrasia wrote: »

less than a year later, those same shops and dealerships were re-opened but instead of being called 'Joe Bloggs Motors' they were called 'Bloggs Moters'

How is this in any way legal? I thought Ireland's bankruptcy laws has been tightened up. Obviously not!

duffysfarm · 21-07-2017 07:25AM

Yes it would but also if you read my post he sold half of it along with 5 sites and has nothing to show for it now.

Sam Kade wrote: »

So owning and farming 200 acres will make you rich in your opinion.

draiochtanois · 21-07-2017 08:27AM

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L1011 · 21-07-2017 08:40AM

A local taxi driver used to run a business that employed hundreds, family firm for a few generations. Apparently he was lucky to keep the car when it failed.

Wanderer78 · 21-07-2017 08:50AM

I know two lads that were homeless for a while at a very young age, still deeply affected by it and probably never will be ok. one in particular has deep scars, regularly suffers from depression and suicidal thoughts

Sam Kade · 21-07-2017 09:21AM

draiochtanois wrote: »

This post has been deleted.

But you can't sell it if you farm it and most farms are passed on. You say farmers are useless business people but a lot of that is down to farmers being price takers.

Ever know anyone who went totally broke

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