Loading ...it was the day I got a $250,000 margin call ….I owed my broker $850,000..
I had 4 kids in College ,a $50,000 mortgage ….and it was all gone for two weeks..The house,the car ,the boat ,the savings,and the business
Then I had an idea ? I had $10,000 put away for a payment I had to make that I owed a company ..I decided to use it to possibly buy some time.
I had a wonderful broker who was in the same situation I was in. WE decided to try to buy some time by using that $10,000 .I had 2 hours to get to the Bank and wire the money to the broker …I did it and that two hours kept me from bankruptsy..It bought some time with the broker…To make a long story short in the next three months I got a bounce back and started raising cash and in three months paid off $850,000 in margin ..all of it….
I went short against the box to get me into the next year 1988 and by February ..I called the broker to send me $54,000 ..He said if you dont mind me asking ..After all you been through “what are you going to do with that money”..? “I said im paying off my mortgage ” ..I had the money in two days and stayed out of debt for the next 30 years…..YES with $10,000 I paid off $900,000 of debt in three months…..Hows that for some fancy footwork ?
The next month I called the broker and all I got was silence on the other end of the line…a voice said “dont you know “? I said whats wrong ?
she said Wesley died(my broker of 25 years) ..I said oh my God what happened..She said he had internal bleeding and they couldent stop it…
I was crushed !….I felt some guilt because I knew it was his effort to keep the firm from selling me out at the bottom that saved me…! He had his money all in and his mothers and it was just too much for him….