I stumbled on to this article about Greg Lasrado. He started an internet porn business when he was young and in college. At one point he had 100,000 people worldwide paying a monthly fee to access the porn sites he ran. He bought houses, many nice cars, traveled all over the world and even held $100,000 parties in Las Vegas. He was on top of the world.
He now lives in his parent’s house and has absolutely nothing. Somehow he managed to burn through over $60 million. As I read through the article, it became pretty darned obvious how someone can burn through that much money.
Anyway, it’s well worth reading:
http://www.aol.com.au/lifestyle/story/the-rise-and-fall-of-a-porn-king/459771/index.html
It’s unfortunate that Greg had to choose this line to apply his clearly ample business skills.
Maybe he has seen the light and will arise again soon. Let’s hope he chooses a better more useful business line.
I don’t care what his business was, as he obviously had businees skills. However, he obviously didn’t have money skills. Maybe his next business should be a personal finance blog to help him find his way.
Yeah, I’m not all that concerned what the business was either as long as it was legal. The thing that I find most interesting is that he created this massive income stream and couldn’t find the smarts to put any of it away to keep the income stream going. If he could have only put $10 million away in ultraconservative CD’s, he could have created an income stream of about $500K per year. That sure beats living in your parent’s basement.
Well, I don’t know how many of you will take this but I believe that money made my businesses like that will never stay for ever. If had channeled all his abilities in something else… say affiliate business, he might have made a lot of money and one that wouldn’t frown upon! I guess a lot of people will totally oppose me but I am one of those people who also believe in work ethics and morals.