This guy spent 40 years of his life going from janitor to branch manager at McDonalds.
He saved up 250k, and then Wells Fargo sold him an investment that (somehow) lost 100% of its value in 2008.
He and his partner then bought an RV and attempted to live off of $1,100 dollars in social security payments.
Which I thought sounded doable, but they apparently really like to work, so they now work entry level jobs at Amazon.
Color me confused and jaded.
It's an absolute shame that Wells Fargo conned this guy into an investment that took this guy's nest egg of 250k! I mean buyer beware and all, but the guy lost 40 years of savings!
There's no reason he should be working at Amazon right now, and neither should his partner who also lost 200k! They should be sitting on the beach enjoying their golden years, not begging for a factory floor job.
He had 250K invested and was expecting 4K a month in returns.
That's nearly 20% interest year over year!
If you are expecting those kind of returns you can hardly be surprised when you lose _all_ your money.
We don't know if it was a con or a bad risky decision. Either way, it is a sad story but still.... if you get to that age and life/management experience and expect the above to reliably happen (regardless of what someone tells you) it's not a wonder when you wind up in poverty.
This guy spent 40 years of his life going from janitor to branch manager at McDonalds.
He saved up 250k, and then Wells Fargo sold him an investment that (somehow) lost 100% of its value in 2008.
He and his partner then bought an RV and attempted to live off of $1,100 dollars in social security payments.
Which I thought sounded doable, but they apparently really like to work, so they now work entry level jobs at Amazon.
Color me confused and jaded.
It's an absolute shame that Wells Fargo conned this guy into an investment that took this guy's nest egg of 250k! I mean buyer beware and all, but the guy lost 40 years of savings!
There's no reason he should be working at Amazon right now, and neither should his partner who also lost 200k! They should be sitting on the beach enjoying their golden years, not begging for a factory floor job.