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Old 07-26-2019, 01:14 PM
 
2,233 posts, read 765,943 times
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My Ex was brilliant but bipolar and an alcoholic (which is sometimes a way of "self-medicating mental illness). He was raised in a wealthy family in Upper Saddle River, NJ (Nixon lived there in his last years); father was a successful trucking entrepreneur. Sister and her husband founded a business using investors' money to buy cable TV franchises, add to them and sell them at a profit. (Yes, they DID wind it down at the right time.) Ex was a brilliant inorganic chemist but eventually his company got out of that end of the business and he couldn't find another job due to exalted expectations and a difficult personality. I propped him up for 5 years but finally divorced him. He'd been unemployed the last 5 years of the marriage and had gone through what he'd inherited from his parents paying a share of the household expenses (I was working FT) and buying himself nice stuff.

He left the marriage debt-free with $100K in 1997. Since it was from the sale of the marital home it wasn't taxable His sister put him through rehab- twice. He died far from family, penniless and living off social programs, in 2010. The cause was cirrhosis of the liver.

The inheritance form his family was $200K worth of Comcast stock in the early 1980s. I was buying it then and my cost basis after splits was about $2/share. It's now worth $45. Do the math.
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Old 07-26-2019, 02:16 PM
 
2,576 posts, read 2,940,507 times
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I have a very distant relative who was a multi-millionaire in her 30s, at least she was on paper. She did not manage her small business well and lost it all even before the Recession a decade ago. She was a big spender while she had lots of money. She lost everything, including her home.

She's just average lower middle class with major health issues in her 50s and unable to work. I suspect she's bipolar but was not a drug abuser to the best of my knowledge. Last I heard she was applying for disability.

A lot can change in a relative short period of time for any of us.
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Old 07-26-2019, 02:55 PM
 
17,793 posts, read 4,135,676 times
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Quote:
Originally Posted by celticseas View Post
We hear the opposite all the time, someone who came from a council estate/ghetto and built themselves up (though it's not as common as the sensationalized stories).

The reverse I imagine must be even more so uncommon, middle class to extremely wealthy people who later lose everything and become homeless or live in abhorrent conditions.

People say that stories like these happened in the recession but is that really true? How many of those people were stable beforehand and owned their house, car, etc...fully without being on a mortgage/loan. Can a multi millionaire who has actual million dollar assets lose everything?
I guess you could say im a riches to "rags" story myself.I added a lot to my net worth in my mid-20s with my oil company and now my part of the industry has slowed way down and im worth a whole lot less than i was a couple years ago.
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Old 07-26-2019, 03:02 PM
 
3,639 posts, read 1,429,670 times
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short story: high school friend married local rich guy. from her trailer to three houses and two horses in twenty seconds.
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Old 07-26-2019, 03:04 PM
Status: "Disagreeing is not the same thing as trolling." (set 26 days ago)
 
Location: Texas
9,878 posts, read 3,757,706 times
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No.

I knew some who grew up poor, and elevated themselves to middle class level or upper middle class. But not becoming wealthy, ever.
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Old 07-26-2019, 05:41 PM
 
Location: Myrtle Creek, Oregon
12,348 posts, read 12,575,240 times
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Decades ago I worked for Del Smith, owner of Evergreen Helicopters and Evergreen International Airlines. He's the guy who retrofitted the 747 as a tanker for fighting forest fires. By the time he died he was bankrupt. At a guess, a lot of his air freight business was for the CIA during the Vietnam era. He lost the CIA contract, and had trouble servicing debt.

Then of course, there is always Bernie Madoff, who is living the high life in a prison cell.
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Old 07-26-2019, 05:52 PM
 
Location: Log "cabin" west of Bangor
5,682 posts, read 6,795,793 times
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Sure, I could tell several stories about myself, going from nothing to well off and back to nothing again. Sometimes, scat happens...but as long as you get up one more time than you fall down, you're doing OK. Right now, I'm doing OK, sure, I could lose it all tomorrow...but it wouldn't be the end of the world.
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Old 07-26-2019, 06:16 PM
 
Location: Wartrace,TN
5,585 posts, read 8,939,780 times
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Look at Jeffrey Edward Epstein. Might not be "Riches to rags" but what good is the money when you're in prison for the rest of your life?

Look at U.S. Grant. He was swindled out of almost every penny due to the Ward & Grant Ponzi scheme. The only thing that saved Julia Grant from poverty was Mark Twain and General Grant completing his memoirs while battling terminal cancer back in the late 1800's.
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Old 07-26-2019, 07:25 PM
 
Location: Knoxville, TN
1,119 posts, read 580,863 times
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This reminds me of the movie Wall Street where Daryl Hannah says:

"If you've had money and lost it, that's worse than never having money at all.."

I believe it.

It is sad that people with mental illness drink to self-medicate.

I fall into this category, but I saw a doctor early on to get ahead of it. Like clockwork, people with chemical imbalances turn to substances.
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Old 07-26-2019, 07:49 PM
 
Location: Myrtle Creek, Oregon
12,348 posts, read 12,575,240 times
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https://en.wikipedia.org/wiki/John_du_Pont
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