Family Financial Fail: Parents Spent $100,000 on Beanie BabiesSunny Chanel
There are certain investments that are safer than others, such as bonds, real estate, and gold. And then there are those that have a short lived inflated price, with no inherit value like the Furby during the holiday season, a Barry Bond’s rookie card, or the one time popular Beanie Babies. And investing in the the last one turned out to be one big financial fiasco for one family.
The Robinson family of Los Angeles made the oh-so-not savvy decision to invest reportedly about $100,000 on these tiny Ty toys. In the heyday of the Beanie Baby, the small stuffies were traded for serious amounts of cash. An example, a royal blue Peanut (an elephant Beanie Baby) sold for $3,005 back in 2000. The lure of a quick buck for the Beanie Baby was strong for the the Robinsons and they believed they could invest in thousands of these toys, make a big profit, and help fund their kid’s college tuitions. But the Beanie Baby bubble burst, and it burst hard. Now the family is stuck with thousands of near worthless Beanie Babies. It’s a sad yet fascinating story, and one of the Robinson clan decided to explore his family’s financial folly in a short documentary called Bankrupt By Beanies, which you can check out below.
What is your worst financial investment?
Photo Source: Amazon – Prance the Cat available for $2.90.