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There's no connection between this story and why it's "not so great to be rich".
All this story is an example of is an angry, foolish and impulsive man who has a fortune handed to him and finds any stupid way he can to blow his money.
For anyone with some very basic, remedial, financial sense, $10M is more than enough to be comfortable forever. Many people are able to live a very comfortable lifestyle perpetually on a far smaller amount.
Ah, the curse of money that falls from the sky. Why should he have invested it wisely? he didn't earn it. Look at what he did with it-- spent millions of his unearned money on expensive toys and fanciful real estate-- I mean, a "stunning three-story boathouse?" It's hard to imagine someone with $100 million blowing money on something so frivolous, much less a guy with only $10 million. He and his foolish family deserve what happened to them.
Those who have made (and I mean MADE, as in earned somehow) great fortunes are usually wise enough not to just hand the fortunes to their children. Warren Buffett's already let his children know that what he leaves of his estate is going to his foundation, not to them. Money that falls from the sky corrupts absolutely.
People who inherit money, just like those who win the lottery, almost inevitably lose it all.
The people who accumulate all or most of their wealth on their own are the ones who hold on to it.
To accumulate and hold on to wealth requires a certain mindset and a certain set of habits. Most people don't have those habits...which is why they don't have any money. It's also why if most people are given a fortune, they will blow that fortune.
It's all been explained in several different books, notably these:
As just one example, suffice it to say that only a small portion of millionaires live in opulent homes, as the guy mentioned in this article did. Most don't have their own homes custom built...they live in pleasant, but more ordinary digs.
To summarize: A story of a not-too-wise fellow and how he squandered a fortune. Like most, he claims he knows it is "his fault", but actually blames others.
Money that falls from the sky corrupts absolutely.
Well said. I happened to know some "daddy's little boys and little girls" : they were vain and hollow, all had some flaw in character..
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