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But he went from being a college student in debt to owning a $1.6 BILLION

For every story like that there are hundreds of stories of people that pissed away the difference on consumable goods and ill fated investments. His odds of hitting it that big when he started were no better than the odds of hitting a progressive jackpot on a slot machine. Maybe we should all rent so we can invest the savings in horse track futures.

For every story like that there are hundreds of stories of people that pissed away the difference on consumable goods and ill fated investments.

And there are millions of people pissing away their money by "trading up" in houses every other year, with a negative equity, interest-only mortgage, who take out a house loan to buy plasma TVs and Hummers who are barely making payments because both husband and wife work. If one gets laid off or if there is a downturn in real estate prices then they are belly up.

Foreclosures Up on Subprime Mortgages
MSN Money - Dec 20, 2006
... greater Washington, DC, area can expect a high rate of subprime foreclosures.".

Foreclosures up 60% across county
Concord Monitor, NH - Dec 18, 2006
... of Consumer Credit Counseling Service of New Hampshire and Vermont, said the increase in foreclosures can be

Mortgage foreclosures up in the Midwest
Sioux Falls Argus Leader, SD - Dec 12, 2006
... up from 120,298 filings in 2005, according to the company’s data.

Foreclosures Up on Auto Industry Fallout
Business Wire (press release), CA - Dec 11, 2006
... Missouri: 14,000 filings to date in 2006, up 64.7% over 2005’s total 8,500 foreclosures. Fueled by filings in eastern central ...

Bankruptcies, foreclosures on the rise again
Times-Mail (subscription), IN - 2 hours ago
... This year, she handled 193 sales, which is up about 50 over the 2005 foreclosures. And, already for 2007, she has 23 scheduled to sell in January. ...

Foreclosure rates likely to stay high
Fort Worth Star Telegram, TX - 19 hours ago
... spokesman for RealtyTrac, a California-based company that watches foreclosures. But they will rise, he said. The cost of living is still going up, with higher ...

Georgia leads nation in bankruptcy filings
Atlanta Journal Constitution (subscription), USA - 10 hours ago
... Foreclosures are up and are expected to continue to increase —- and foreclosures are one of the biggest factors in the state's bankruptcy figures. ...