Saturday, 29 January 2011

How to prevent a personal financial crisis
(Part 3 of 4)


Unfortunately, he overextended himself by investing in ruinous printing and publishing ventures, as well as by purchasing a large extension of land and building a majestic residence. When the businesses in which he had invested went bankrupt in 1826, he still had to face massive personal debts, that he was unable to reimburse.

During the next years, he worked frantically, trying to write more books to pay off his debts. His health deteriorated rapidly and, finally, he died in 1832, physically and financially exhausted, when he was only 61 years old. Was it worth it that he had incurred huge personal debts in order to build a mansion? These are some lessons to draw from such stories:

To be continued in Part 4

[Text: http://johnvespasian.blogspot.com]

[Image by Clifford DMello under Creative Commons Attribution License. See the license terms under http://creativecommons.org/licenses/by/3.0/us]

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