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Old 02-26-2018, 01:33 PM
 
Location: Austin
10,789 posts, read 6,067,618 times
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it is impossible for me to feel sorry for someone who once had at least $40 million dollars and now claims to be "broke".
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Old 02-26-2018, 01:35 PM
 
4,855 posts, read 4,556,872 times
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Quote:
Originally Posted by Ghengis View Post
wasn't she married to Nicholas Cage for a week or so? maybe he would send her a bus ticket to Graceland and she could get a job as a tour guide

I doubt it, after hearing her refer to him as "that little maggot".
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Old 02-26-2018, 03:23 PM
 
Location: Texas
5,938 posts, read 2,121,015 times
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Originally Posted by John1960 View Post
Daughter of Elvis claims ex-manager squandered her fortune, but he blames her.

The large trust left behind for his daughter by the King of Rock and Roll has been reduced to a reported $14,000 in cash, and Lisa Marie Presley is now suing her former manager for $100 million because of it. Presley—who is reportedly $16 million in debt—argues her fortune was lost because Barry Siegel failed to alert her to inappropriate spending (on expensive homes, mainly) and made a bad investment, reports TMZ.

Lisa Marie: I'm Broke, and I'm Suing

Is she too dumb to manage her own finances?
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Old 02-26-2018, 09:08 PM
 
889 posts, read 491,703 times
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This is too funny. Was just telling someone tonight, you see these rich kids with 100 million going broke. They have no clue how to work, appreciate money, or prepare for the future.
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Old 02-27-2018, 03:24 PM
 
17,756 posts, read 11,283,730 times
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Years ago smart money arranged finances for their heirs to ensure some sort of limited access or whatever to plan against squander. Girls in particular had things arranged so their money couldn't be kissed or kicked out of them. This all of course relies upon competent, capable and above all trustees and others managing that money.


As for wealthy heirs squandering their fortunes, this is nothing new; Barbara Hutton comes to mind: The heiress who blew the Woolworth's billions on vodka breakfasts, seven husbands and jewels galore | Daily Mail Online


OTOH Doris Duke managed far better: https://en.wikipedia.org/wiki/Doris_Duke
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Old 02-27-2018, 03:29 PM
 
Location: Omaha, Nebraska
6,211 posts, read 3,373,649 times
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Originally Posted by PriscillaVanilla View Post
Is she too dumb to manage her own finances?
Yes.
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Old 02-27-2018, 03:58 PM
 
17,756 posts, read 11,283,730 times
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Quote:
Originally Posted by PriscillaVanilla View Post
Is she too dumb to manage her own finances?

Think problem many heirs of great fortunes run into is that they didn't earn the money, and thus have no clue about finances. This and or failing to grasp that they are being handed a lump sum, and once it is gone, that will be that.


Large part of any such inheritance ought to be placed into investments of various grades of risk (high, medium and or low) in order to provide returns. In a perfect world little of the main capital should be put at risk, and people should try to live off the interest/investments.


What often happens is people hear "forty million dollars" and believe they couldn't possibly spend that much money down; that is until they do.


But this happens and or has happened to many celebrities past and present. Johnny Depp is suing his financial advisors: https://www.hollywoodreporter.com/fe...llions-1001513


Dionne Warwick is basically penniless. Judy Garland was ripped off by her financial advisors and faced huge IRS bills because of it; something that kept her on the road/performing when she really didn't want.


Then you had the sad tale of Gary Coleman whose parents apparently spent away his fortune.
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Old 02-27-2018, 09:28 PM
 
Location: Iowa
2,506 posts, read 2,850,341 times
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I think some of the problem with heirs of rich people, such as those who are not very smart with money like Lisa Marie, has to do with lending companies like JG Wentworth. I imagine anyone with a structured settlement or inheritance which has fixed monthly payments (for their own protection by executor of will) can get around that if they wanted to, and the dumb ones always want to. It's really the same concept as payday loans for working stiffs, only they can borrow a whole lifetime worth of payments in one lump sum. I'm guessing the lump sum adds up to about half of what a lifetime of monthly payments would add up to. Not really sure how you could set it up to prevent them from doing that.

Gosh it's been almost 25 years since the happy couple Lisa Marie & Michael Jackson appeared on Daily Affirmations With Stuart Smalley, which I tried hard to forget until I saw this thread, lol. I wonder if Stuart will be able to get his old job back at SNL, since he has plenty of spare time on his hands now. I tried to forget his movie "Stuart Saves His Family" too, but nope, I still recall the feud they had with the neighbor in trying to sell his parents house. It was better than the Pat movie, lol.

Yum Yum Gimmie Some

Watch Daily Affirmation: Michael Jackson and Marisa Tomei From Saturday Night Live - NBC.com
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Old 03-03-2018, 03:28 PM
 
8,358 posts, read 2,202,302 times
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Quote:
Originally Posted by texan2yankee View Post
it is impossible for me to feel sorry for someone who once had at least $40 million dollars and now claims to be "broke".
A friend of our family was worth 100 million in the early 1970s. He died in the 2000s in his 80s, and he lived the last 20 or so years of his life in a rented bedroom in an apartment, living on SS. Divorces catching up with you (5 or 6, IIRC) and multiple business bankruptcies can do that to you.
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