Four years ago, Gary Thomas sold his small auto repair shop in Southern California for around $1 million. He moved to Kingston Tennessee, where he was able to pay cash for a $70,000 lake house and his first new Corvette. The remaining $800,000 went into GM bonds. He’s been living off the $40,000 a year in interest payments since retirement, and planned to pass the principal down to his only son. “It was my entire nest egg,” said Thomas, who beats himself up now for not being more diversified. “I’m not a whiner and I don’t want special treatment. I’m just trying to figure out a way to make it to 65 so I can start drawing my social security.”
Gary is currently living in the basement of his house and trying to rehab the upstairs in case he is forced to sell the place. In the recent days since I shot this, GM officially declared bankruptcy, making Gary's $800,000 worth only $80,000. Gary also has a large tumor growing on his neck. He is currently living without health insurance and was hoping to pay cash to have it removed and treated. Now, having lost 90% of his investment, it will have to wait.
Slideshow
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