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Speaking of that night in 2018, a well-known restaurant in the western suburbs of Shanghai exploded.
That night, a guy named Jiang Xin and his friends spent nearly 900,000 yuan in this restaurant.
Think about it, what did they eat? Sake jelly of half an abalone, wild yellow croaker weighing a few pounds, and other high-end liquors.
It's a luxury.
The average consumption per person is as high as 50,000 yuan, which is really jaw-dropping.
Jiang Xin, his life is really luxurious and show-off.
He often posts his fleet of luxury cars on the Internet, and he also has a museum-like garage in the mansion.
There are supercars such as Bugatti Veyron and Ferrari Enzo parked inside, which is simply dazzling.
This luxurious lifestyle is like a daily routine for him.
Speaking of Jiang Xin's father Jiang Quanlong, he is also a legend.
Back then, he was still an ordinary farmer, but he made a fortune by investing in the rare earth industry.
Starting from 3,000 yuan to finally building a large enterprise worth billions, this speed is simply faster than a rocket.
It's a pity that although the father and son have money, they don't know how to spend it.
In the end, their wealth was squandered like flowing water.
Jiang Xin has also been involved in the e-sports industry.
He once threw tens of millions of dollars into it, wanting to build his own e-sports brand.
It's a pity that enthusiasm comes and goes quickly, and in the end I chose to sell.
This incident also shows his attitude towards wealth, that is, to spend it as he pleases, without thinking about the consequences.
This series of events not only reveals Jiang Xin's extreme attitude towards wealth, but also reflects that after a short period of glory, he fell into the whirlpool of wealth consumption.
The investment myth of his father, Jiang Quanlong, and his consumption behavior are simply a picture of getting rich quick and going bankrupt quickly.
Back then, Jiang Quanlong also started from the bottom.
He worked in a refractory factory, and with his excellent skills and ability to seize opportunities, he was soon promoted to deputy director.
Although the position is quite stable, he is not satisfied.
By chance, he discovered the huge potential of the rare earth industry, so he resolutely resigned from his stable job in a state-owned enterprise and devoted himself to this industry.
He took the money he had saved up and started his own small business.
In the beginning, it was just a small township enterprise with a small name.
But his business acumen and tireless efforts led to the rapid rise of the business.
Within a few years, he built a professional rare earth separation plant and gained a firm foothold in the rare earth market.
In 1994, he integrated resources and established the famous Sunway Group, which was successfully listed in Hong Kong.
The company was also renamed China Rare Earth Holdings, and his career reached its peak.
However, as wealth snowballed, Jiang Quanlong and his son Jiang Xin began to live a life of indulgence and luxury.
They buy luxury cars, gamble, eat expensive meals, and invest in e-sports, and they really do everything they can to show off and consume their wealth.
Unfortunately, the good times were short-lived.
With the adjustment of national policies and the loss of control of the internal management of enterprises, their rare earth empire finally failed to withstand the cruel blow of the market and went into decline step by step.
As time passed, their vast wealth slowly disappeared like flowing water.
This once beautiful father and son have gradually faded out of people's sight.
I think that Jiang Quanlong started with 3,000 yuan and built a business empire of 10 billion yuan.
Unfortunately, due to excessive profligacy and repeated losses, his wealth quickly shrank.
This is also a wake-up call: modern society's views on wealth and consumer culture are complex.
If you're not careful, you can end up in a situation from which you can't recover.
The story of the Chiang father and son shows us a profound truth: even if you reach the pinnacle of success, if you don't know how to manage your wealth properly, you will still end up facing great risks.
Their lives were so extravagant and ostentatious, but the result? In the end, he could not escape the curse of overconsumption.