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He died broke, anyway, but with his favorite concubine by his side. I suspect that your uncle will die penniless, too, and WITHOUT an inexplicably-loyal female looking after him to the end.
Yeah, but did he die happy? I suspect he enjoyed his unorthodox life style.
I've brought him up in several threads because he's an interesting case and an example of the complete opposite of what most people are told to do. Someone mentioned "bulldogging their way through life." That's exactly what he does and for the most part, it's worked out, but his behavior seems to be getting more erratic.
Before Friday night, I don't think I've seen him in six weeks or so. I used to see him three or four times a week.
I wouldn't be surprised if he actually has no net worth or even negative. This is just the stuff he's told me. I'd wager the true situation is much worse.
The whole point of the thread is how many people do you know that are bucking conventional wisdom like this. When he was 50, twelve years ago, he lived in a very nice home that is on the market for $350,000 now. He upsized from that home to a house near the lake, which is itself on the market at $599,985. His most recent house just hit Trulia and is at $499,985. Amusingly, his last three residences are all for sale at the same time.
Not only did he "upsize" the house when most people are downsizing, he has taken on all these other obligations with the personal problems.
I always enjoy your posts. Keep them coming. Always interesting.
You posted a situation of a guy that has been making between $200,000 and $500,000 a year. A guy that is investing more money to I am only guessing so he can make more money.
What you have not brought up is his actual retirement date. Your thought is he will be retiring soon or within a few years. What are your uncles thoughts? People are living longer. People are putting off retirement. Since he runs his own business he might decide to not ever retire.
All we know is your uncle knows how to make money and that he doesn't know how to stay married. ��
He's guesstimated five years. Of course, this was before he got on the hook with this real estate deal. That puts him at 66. He said he has a plan for the employees to somehow co-own the business, at least that's the impression I got. I don't get the impression he's given the continuation of the business much thought. He'll occasionally do physical work out on jobs, but it's fairly rare. He has been into the party lifestyle fairly heavily for years, and I'm surprised he's in as good of health as he is honestly. He really has no major medical issues I'm aware of.
Quote:
Originally Posted by historyfan
Some people like living with a lot of plates in the air.
As long as he has life insurance to cover his obligations, his dependents will be fine if he flames out.
The kids are all legal adults now. Oldest graduates college next month, youngest is just starting, but she is smarter/more resourceful than her older sister. She's just 18, but would easily be OK on her own.
When this started, youngest was just leaving middle school and I think the oldest was 17. Big difference in a few years.
Quote:
Originally Posted by DaveinMtAiry
Yeah this has crash and burn written all over it, especially with his lifestyle. It never stops amazing me how people smart enough to make huge money are really dumb with their money.
What I don't get is the pure waste - the alimony, child support, divorce settlements, etc. This isn't like he's buying expensive cars or boats - at least in those cases, you have something to use/enjoy.
This is just taking money and burning it. You're familiar with the area and a half million dollars can get you a damn nice house here. He's doubling that, putting the property on a lake that is all but on life support. One of the largest marinas on this lake is opening their bar Friday. You can't even get into the water from their boat ramps without driving through mud. The docks are dry. I'm going out and bringing some friends just to give them some business - the bar is basically keeping the marina folks up at a bare bones level for now.
My personal opinion is that she's going to kick him to the curb again at some point and he'll ultimately commit suicide. On that note, another uncle's wife on that side of the family posted on Facebook that one of my female cousins is in the hospital of an opoid overdose. She lost her job and broke up with her girlfriend recently. I don't know if she was on drugs previously or not, but apparently is getting into them more seriously. She's nearly 40. Her 18 year old daughter dropped out of high school to help provide for her mom/girlfriend, and doesn't even have a GED.
Hard to believe this bunch is heritage.
Last edited by Serious Conversation; 04-26-2017 at 10:13 PM..
Perhaps off topic, but there was an interesting segment on NPR this morning about student loans. Part of it concerned the debt burden that parents take on and often carry into retirement for their children's college loans. In some cases their social security is reduced to pay the debt. Universities offer take-it-or-else financial aid packages that require parents to take on significant debt to get the kid, or kids, in the door. Some of those kids wash out after a year or two or can't keep their scholarships going. On top of that, some of the retirees were still paying on their own student loan debt. Things are out of control if that is a common experience.
The recommended debt solution seemed to be avoiding it in the first place. That includes lowering the expectations on what schools to attend and considering two-year community colleges and then transferring for graduation.
And why not? You keep reading all these additional gossipy, salacious details.
Besides, who knows who is whom around here. SC could be talking about himself for all we know.
No, I really don't. The longer the post, the less likely I am to read it. But I got the gist and it certainly caught my eye when I saw "domestic assault".
You posted a situation of a guy that has been making between $200,000 and $500,000 a year. A guy that is investing more money to I am only guessing so he can make more money.
What you have not brought up is his actual retirement date. Your thought is he will be retiring soon or within a few years. What are your uncles thoughts? People are living longer. People are putting off retirement. Since he runs his own business he might decide to not ever retire.
All we know is your uncle knows how to make money and that he doesn't know how to stay married. 😀
We are close to his uncle's age, also self employed, and no way are we close to being able to retire.
I also have an uncle like that, in his early 80's, supporting 2 wives, still running his own businesses and buying property and big toys and in a lot of debt. He and my dad were talking once about debt and his attitude was, who cares, it doesn't matter? Live now.
Well, my dad recently passed away and he had some debt and no savings, and been thinking a lot about this. It didn't really matter. He had a great life,healthy, worked until mid 70's (his choice) and lived to mid 80's on his pension & social security, mom will sell the big house and be okay financially as well.
We are close to his uncle's age, also self employed, and no way are we close to being able to retire.
I also have an uncle like that, in his early 80's, supporting 2 wives, still running his own businesses and buying property and big toys and in a lot of debt. He and my dad were talking once about debt and his attitude was, who cares, it doesn't matter? Live now.
Well, my dad recently passed away and he had some debt and no savings, and been thinking a lot about this. It didn't really matter. He had a great life,healthy, worked until mid 70's (his choice) and lived to mid 80's on his pension & social security, mom will sell the big house and be okay financially as well.
There was a piece on TV last night about Donald Trump, taken from the run up to the election, He is almost 71 years old. He said he loves debt, has always sought and enjoyed debt, and loved life with debt. (Not verbatim - just from memory). He said he loved to apply for debt, and use debt for his own good. He has borrowed from all the major banks, and also from the Russians. He seems to be doing okay for money. Works for some. Even has been bankrupt several times. I guess you can live like the uncle above, and survive.
I had a brother who lived like that. He lived life big, with a lot of it off his wife's inheritance. His wife was 10 years younger, left with a little savings but no pension. She is frugal though.
There was a piece on TV last night about Donald Trump, taken from the run up to the election, He is almost 71 years old. He said he loves debt, has always sought and enjoyed debt, and loved life with debt. (Not verbatim - just from memory). He said he loved to apply for debt, and use debt for his own good. He has borrowed from all the major banks, and also from the Russians. He seems to be doing okay for money. Works for some. Even has been bankrupt several times. I guess you can live like the uncle above, and survive.
I had a brother who lived like that. He lived life big, with a lot of it off his wife's inheritance. His wife was 10 years younger, left with a little savings but no pension. She is frugal though.
One of my exes' dad lived like that. Leveraged to the hilt. He never reached the Trump level but was in a similar line of business. Last I checked he was destitute.
This Country is great not because we can succeed but because we can fail. Show me a successful person and I will show you someone that failed.
I'm not sure how this relates to my post. If you are smart enough to succeed in life then how are you so dumb that you can not manage your finances intelligently?
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