We got a hold of former Pay By Touch CEO John Roger's public bankruptcy filing. In the document, Rogers had to declare his remaining personal assets. And for a guy who celebrated his 40th birthday with a cake decorated "240 by 40" — celebrating the fact that he'd raised $240 million in financing for his companies by age 40 — he's doesn't have a lot to show for it. There's $1,275.68 in a Schwab account, $93.23 in a UBS account, $4,335.21 at Wells Fargo Bank, an $8,000 security deposit with his landlord, $2,000 in household goods, and $2,500 worth of clothing to his name. But no wonder, considering the monthly expenses John Rogers detailed in the filing. Spending $1,000 on clothes each month really adds up. He owes American Express a grand total of $68,272.67. And there's more, too.
According to his bankruptcy filing, Rogers spends — or hopes the bankruptcy court will believe he spends — $2,000.00 a month on electricity and heating fuel, $1,000 for water and sewer, and $1,000 for his telephone line, and yes, $1,000 for clothing.
Now, before you get to feeling self-righteous, do note that Rogers also set aside $500 per month for "charitable contributions," the very exact same amount he spends on "recreation, clubs and entertainment, newspapers, magazines, etc."
Here's the page from the filing detailing Roger's expense. Click on the image to expand.