Investing In Vodka Seems Smart
NEW YORK (CNNMoney) — Don Poffenroth spent more than 20 years watching his 401(k) eke out returns of 3% to 5%. Until, in 2007, he decided to take a bold step: He emptied out his 401(k) into a self-directed IRA and funneled all of his savings — $300,000 — into a vodka distillery.
At the time, there were only a handful of players in the business and about 40 distilleries in the country. “There was all sorts of potential there,” said Poffenroth.
Three years later, the vodka distillery, which is based in Spokane, Wash., is bringing in annual revenue of more than $1.5 million. And Poffenroth estimates that his 60% share of the company is worth about $1.2 million.
The money the distillery brings in goes directly into Poffenroth’s self-directed IRA, where he says it will sit until he retires.
Source: CNN Money
When the stock market crashed in 2008, I heard from so many people that they lost their life savings. Now you have to be smart with your money. Do you put a little bit into Apple even though iit’s high right now? Is it still a good buy? I say investing in Vodka is never too late. As more and more people lose jobs, they end up drinking more. Why not invest in that, right?
