It did't sound like he waisted it but timing is everything............... and also do YOUR DUE DILIGENCE on anything your going to invest in and IF you don't have the knowledge get second and third opionions on it....
Remember your banker is not always your friend.... THEY are A business to make money for the Bank period.....
I always look at a investment as IF it doesn't pay you to own it .... It's costing you so its not a investment. I would have to agree though that horses and a house on the lake are wants not needs or investments.