Nothing to Lose

Nothing to Lose

"No matter how much money you make, the world is designed to take it away."


I'm sitting here writing this from the Starbucks in Beverly Hills on a Saturday night, when there's seemingly a million other, more important things that should probably be getting my attention. Instead, I'm here wondering why I'm still not where I feel like I should be. I'm managing multiple businesses that I own at this point, yet I can't help but feel like I'm not much farther than I was at the beginning of the year.

I'm choosing to write about the topic at hand because, like a lot of people, money has always been paramount to every decision in my life. At 18, I was able to generate a more than adequate income at a very rapid rate. As some of you may know, 3 years after starting my first business, I finally started to see some significant growth, and that left me hungry for more every single day. 

Just to throw some numbers out there, I was netting about $1,500 a day for quite a few months. At a few points, I was pulling in way more than that. After some time, things started to level out, but my lifestyle didn't. I was nearly blowing the money as quickly as it came in, leaving me with about as much money as I had started with.

I remember the day me and a friend went to a rent a Lamborghini Gallardo for a couple weeks; I walked in with about $12k in my pockets, in cash. Immediately after, I spent about $20k at the Houston Galleria. Not too long after that, I was arrested for speeding and reckless driving; luckily I had about $2k in my pocket that night, I immediately bailed myself out and took an Uber to the impound to pick up my car. At the end of the night, the incident cost me close to $1,000, which I mostly forgot about the next morning.

No matter how much I spent, I've always been confident in the assumption that could always make it back faster. It was only a matter of time until I hit a wall, where I could no longer sustain my extravagant lifestyle. Recent events have given me a new perspective on a lot of things. I've developed a much better grasp on managing my finances as well as my business's, which is something I feel has always been a struggle for me in my life. As I see it, the money was never wasted, because the knowledge and experience I've gained is far more valuable, and I intend to make use of it.

As for today, I'm taking life one day at a time. It's the only way for me to face what's ahead of me with certainty. I've finally made some progress with solving the issues I'm having with Wells Fargo; someone from the executive level reached out to me because of my previous post.

Although my first priority is the growth of my current businesses, I've always wanted to get my hand in the world of real estate investments, and I'm finally taking the necessary steps to do so. Time will tell how that will go. Thankfully I know I have the persistence to ensure it's success. I've got nothing to lose, I started from nothing and I've never been afraid to risk it all.

Here’s to wealth and prosperity.

How I got a lifetime ban at Wells Fargo

How I got a lifetime ban at Wells Fargo

I've had the misfortune of primarily banking with Wells Fargo since 2007; I wonder why they even bother printing the year you became a customer on the cards, seeing as the amount of years you spend with them means nothing. A couple weeks ago, I walked in their branch on Sunset to pick up a cashiers check for rent; since I never received the checks I've ordered a month and a half prior. 

As soon as I spoke with a teller, I was informed that a hold has just been placed on my account, and to contact customer support to resolve the issue. I tried to speak with a banker, but everyone in that branch wanted nothing to do with the issue at hand, and was very quick to send me out of the branch and speak to customer support over the phone. 

After a 30 minute hold, which I was forced to waste my time with because I needed to access my funds the same day, I was informed that the hold placed on my account was in fact not temporary, but they have decided to permanently close my accounts, including all of my business accounts, which multiple people have access to. On top of that, I am banned from any kind of relationship with Wells Fargo in the future. They refused to tell me the reason, or even transfer me to a supervisor. I'm very confused at this point; my accounts have always been in good standing. 

After going to the Beverly Hills branch on Wilshire, where I opened my latest account, it turns out the reason behind the hold is a check I tried to deposit about a month ago from the city of Webster. My next step was to contact the court in that city. Three weeks prior to the deposit, the city of Webster sent me a $86 check as a refund to a speeding ticket I got in February. Since they mailed it to my old Houston address, it took some time for the mail to be forwarded, and it arrived in California three weeks later. By that time, Webster assumed the check was lost or sent to the wrong address since I haven't cashed it, and put a stop-payment on the check and sent another one to the same Houston address. Because of that, the deposit returned as unauthorized, and Wells Fargo put a hold on my account for that reason. Understandable. But on top of that, Wells Fargo accused me of creating the check myself, and that if I wanted any chance of having an account with them, I needed to send them proof that the check was legitimately issued.

The issue seemed simple, and I still needed access to my funds that same day. I immediately called the court administrator, and asked her to fax a letter to the branch stating that they did issue a check to me, and she did so within 20 minutes and further explained the details of the stop payment to them, and how it was placed on the check in error. The branch then immediately forwarded the letter to the loss prevention department, who was responsible for the hold on my account, then gave me a direct number to contact that department. Calling loss prevention only led to me being redirected to either the checking or credit department to discuss my accounts, who in turn just directed me back to loss prevention. I gave up at this point, the system they had in place was completely useless; it was impossible for me to speak to someone capable of giving me any type of information other than stating the obvious, that there was a hold on my account. 

I didn't get an update until the next day, when I spoke with a banker, Rob, at the Beverly Hills branch. Not only did loss prevention decide that the evidence was "not acceptable", they stuck with the decision to permanently close my accounts. What form of evidence do they consider acceptable? I had the check issuer write them a signed letter stating that it was legitimate and that the stop-payment was placed in error.

I couldn't care less about my checking accounts being closed, Chase offers an equally good solution, with the added benefit of being able to get cards printed in the branch (I've only been to the Chase branch in Beverly Hills, and the one on Sunset so I'm not sure if that's available everywhere). I've only stuck with Wells Fargo so long because I didn't see a reason to switch in the past, and they also had the courtesy to waive miscellaneous service fees for me every time I spoke to someone at a branch. Not a big deal, but enough to retain my business since 2007.

The biggest problem with this is that they are closing my credit card, and sending the remaining balance to collections without allowing me a chance to pay it off. The balance is negligible, I had the cash in hand to pay it that day. So I'm now apparently taking a hit to my credit for no reason at all. I opened that credit account with the sole intention of using it to build my credit. I've haven't missed a single payment, and I never planned on closing it anytime soon since it adds to the amount of time I've had open credit accounts. I've provided ample evidence that the check was legitimate, yet the balances on both my credit cards I have with them are immediately being sent to collections, since I am now "too high of a risk" for them.

So currently my accounts are still frozen and will soon be closed for no reason at all. I've already hired an attorney at this point, I have no intention of letting them damage my credit without a legitimate reason.