Web Site to Reward Biggest Financial Failure
While the rest of the world scrambles to recover from the ravages of the stock market’s crash last year and the recession that has since rocked the world’s economy, the web site Hedgable.com has initiated a contest in the style of the television show The Biggest Loser
to find the investor who has lost the most money in the recession.
Who’s Eligible to Enter?
The contest web site invites Any Americans who held a portfolio of three or more stocks, ETFs, or mutual funds
between October 2007 and March 2009 to enter the contest. Entry is free and winners get the following prizes:
- First Place: All expenses paid trip for two to Rome, which they tag as
the last great empire to collapse under a mountain of debt, devalued currency and out-of-control spending.
- Second Place: A trip for two to Iceland, home of the
world’s worst-performing stock market.
- Third Place: A trip for two to Las Vegas, the
foreclosure capital of America.
The deadline for the contest is October 7th, and winners will be announced within a week of this date.
When it’s not hosting contests to reward failed investments, Hedgable.com apparently provides online resources, tutorials and suggestions for people interested in managing and investing money.
A Bigger Lesson: Preventing a Similar Crash
While the contest is perhaps a creative marketing ploy, it highlights a much larger problem in the United States today. Millions of Americans lost money because of investments they didn’t fully understand – and millions more are essentially losing money every week because they don’t have savings or checking accounts.
And, while the occasional celebration of extreme failure may be entertaining or amusing, addressing the underlying issue may be the only way to prevent a repeat experience.
For more information about developing and improving your financial literacy, check out the finances section on Total Bankruptcy which include tips on:
- Getting a fair loan
- Living a financially responsible life
- Protecting and improving your credit
- Dealing with creditors
- Dealing with medical bills
- Recovering after bankruptcy
- Preventing identity theft, and more
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