I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???

Monday 4 June 2007

The champagne overdraft



Everyday folk are trying to buy into the celebrity lifestyle of swanky nightclubs and £5,000 bar bills and plunging themselves into penury as a result. Why?
We've all seen pictures of footballers, singers and soap stars stumbling out of "exclusive" clubs and into waiting taxis, label-clad and dripping with jewellery, illuminated by popping flashbulbs.


But what of those who try to follow the same lifestyle, but without the funds?

Gregory, an IT programmer from Walthamstow, was part of this lifestyle, but ended up in debt after losing all his money and savings following months of excessive spending in London clubs.

"I would go out and I would spend a lot of money on drinks, on occasions about £2,000 a night. I used to buy a lot of champagne in the clubs at around £60-£100 per bottle.

"Sometimes I'd buy over 10 bottles for myself and for people around me, you want to feel like you are that glamorous so you will be extravagant you will give glasses of champagne to people that you don't even know and you don't even talk to.

"It's something that can spiral very easily out of control all because you don't want to be who you are, you want to be something more than that."


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