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Old 11-30-2010, 12:11 PM
 
Location: Planet Eaarth
8,955 posts, read 18,793,981 times
Reputation: 7193

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This true story tells why it's not so great to be "rich"...........

http://www.nytimes.com/2010/11/26/bu...%20Hard&st=cse
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Old 11-30-2010, 12:14 PM
 
Location: Stuck on the East Coast, hoping to head West
4,461 posts, read 10,321,397 times
Reputation: 9343
These people are idiots. Just goes to show money can't buy common sense and why we can't keep throwing money at problems.
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Old 11-30-2010, 12:28 PM
NSX
 
867 posts, read 1,936,860 times
Reputation: 686
Quote:
Originally Posted by Tightwad View Post
This true story tells why it's not so great to be "rich"...........

http://www.nytimes.com/2010/11/26/bu...%20Hard&st=cse
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.
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Old 11-30-2010, 12:48 PM
 
Location: South Carolina - The Palmetto State
1,147 posts, read 1,665,286 times
Reputation: 1459
Quote:
Originally Posted by Tightwad View Post
This true story tells why it's not so great to be "rich"...........

http://www.nytimes.com/2010/11/26/bu...%20Hard&st=cse
So, are you and other members of C-D jumping up and down in glee that this guy is broke??

Rest assured, I can attest that living poor is not all rainbows and unicorns.
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Old 11-30-2010, 12:53 PM
 
Location: Houston, TX
17,031 posts, read 28,265,334 times
Reputation: 16222
I think its more a story about being foolish with your money. If they had put half into T-bills and collected interest they would still have it.

I've been poor and it sucks.
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Old 11-30-2010, 07:42 PM
 
Location: NC
5,135 posts, read 2,151,562 times
Reputation: 2395
I'm sure blowing millions on stupid crap must be hell!
How can they go on?

Just because they don't know how to spend their millions wisely doesn't have anything to do with it being great to be rich.

A fool and their money are soon parted.
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Old 11-30-2010, 10:13 PM
 
Location: in a pond with the other human scum
2,250 posts, read 2,145,994 times
Reputation: 2604
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.
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Old 12-01-2010, 12:19 AM
 
28,794 posts, read 31,474,099 times
Reputation: 29963
Quote:
Originally Posted by Tightwad View Post
This true story tells why it's not so great to be "rich"...........

http://www.nytimes.com/2010/11/26/bu...%20Hard&st=cse

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:

Millionaire Next Door

http://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=sr_1_1?ie=UTF8&qid=1291184172&sr=8-1

and my personal favorite:

The Difference

Amazon.com: The Difference: How Anyone Can Prosper in Even The Toughest Times (9780307407146): Jean Chatzky: Books


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.
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Old 12-01-2010, 05:36 AM
 
4,642 posts, read 3,247,264 times
Reputation: 2939
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.
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Old 12-01-2010, 06:09 AM
 
5,823 posts, read 10,744,751 times
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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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