World's Number One Real Estate Agent, Now Bankrupt

The motto means, less literally: "Courage, not pomp." Source

I came across this article in the Business Insider about the world's number one real estate agent recently filing for bankruptcy.

The article traces the path taken by John McMonigle, an Oklahoma native who arrived in California in 1989 with just US$ 73 in his wallet and who posted US 2.1 billion in home sales in just 5 years. Reportedly, along the way he spent excessively and gambled on lavish houses, which in  the end left him bankrupt with a $50 million debt.

My wife Maita and I are both real estate professionals. We are aware that the practice of real estate service does have its peaks and troughs, thus the importance of  personal financial planning and discipline.

This is one reason why I put up another blog:  Finding VFM-- http//:findingvfm.blogspot.com. It is my journal of sorts as a father searching for everything VFM (value-for-money) to me. I want to teach my children the value of money and the need  to fight-- reasonably-- for every cent.

Going back to John McMonigle, if there is any consolation, he remains upbeat about the situation. He is quoted saying...

"I get up every morning grateful to be alive and healthy... I understand that in this type of market there are equal parts catastrophe and opportunity. I have experienced the former, I anticipate the latter."

Now that's the spirit. Viewed  in  another way,  to me that's fortitude.  Proof that we all need virtues to bounce back in --and to-- life. GPS

Please click here to read the full article on John McMonigle.