I noticed a new face on the MyBlogLog widget Thursday night and found myself introduced to the Debt Kid, another Casey Serin-like real estate investors who now is completely over his head.
One major difference, and for this I give the kid some credit … rather than just walking away from his debt, he sold his property short. But he’s still carrying a $300K debt load, according to the website’s banner.
I only glanced at the front page and noticed the poker game and trading of Forex futures. (Amazing to see how quickly he learned that you end up back at zero or under more often than not when trading futures and options – that coming from the mouth of a former equity option dabbler.)
Of course, the worst I ever did was watching a $250 spot award disappear in a matter of minutes on a poorly-timed Dell option purchase on expiration day. (Fluffy bunnies Philly Options Exchange – I’m glad you’re all but gone.)
Like DebtKid and Casey Serin, I was broke in my earlier 20s. Working in journalism will do that to you, especially at a small paper like the Sun City Daily News-Sun. But never did the idea of going $300K in debt make the slightest bit of sense.
I’m not sure whether to feel sorry for these guys, laugh or just shake my head. My dad used to tell me my mouth was writing checks my ass couldn’t cash. But that only was a figure of speech.
[tags]real estate investing, Casey Serin, Phoenix real estate[/tags]