big money = big problems

[VitaMan]

Some people are fortunate to make big money. A huge amount of them
get into financial trouble, no matter how much money they make.
A few examples:

Johnny Depp - spending $ 2 million per month. Countersuits by him and his
advisors

Nicolas Cage - looks like $ 150 million lost on real estate

Tim Duncan - Atlanta business manager makes him liable for other companies debts


The list is endless. Is it because they don't have time to manage their finances ?

NOTE: No one cares about your money.

[pervsrus29]

Tim Duncan sounds like an unlikely name. I'm sure somehow he's getting most of it back right?

[Spicoli9]

The reason usually falls on being overly trusting and not properly vetting estate manager types AND of course not having a handle on their finances. Most handle their shit well but then there are these folks.

[Slitlikr]

Lottery winners fail at a high rate.

[GlobeSpotter]

grand children too....

old axiom "rags to riches and back to rags...in three generations "

[Magic8Ball]

As Americans, we're pretty bad about keeping up with the Joneses. Our culture and role models make us want to have it all and spend it all. Kids without a house who have a Cadillac Escalade lease, former NBA rookies working at McDonalds, mcmansion houses in foreclosure.

The best role model is Warren Buffet. He lives in the same 1900 sq foot house he bought in 1958 and drove the same mid-range car for 10 years while being arguably the richest man in America. Stay smart and frugal while enjoying life and you're never go bankrupt.

[Caligula1]

So true magic ball well said....

[VitaMan]

There is some truth to that. However, if we don't consume and buy, there will be fewer jobs.

Bill Gates can afford lasik, but he still wears glasses.

[VitaMan]

Here is another one:

Clive Davis, then-president of Arista Records, personally handed Manilow a $1 million check. "I'll never forget it, because that was the beginning of my career," Manilow tells Forbes. "I didn't tell him I had literally just bounced a check that morning."
Manilow was ill-equipped to handle the windfall. He was passionate about music, but his finances were another matter.
"We are all into the music!" "I came from bouncing checks at the A&P to getting big crazy checks. What am I supposed to do with that?"
So Manilow hired someone to take care of his finances. What he didn't do, however, was think carefully about hiring the right person.
"I hired the wrong guy," "From 'Mandy' all the way through to 'Copacabana,' I didn't see anything. And I didn't know it until my manager, Garry Kief, came along and said, 'You know, you have only got $11,000 in the bank.'

[Caligula1]

So true you da man vita.. Like your posts.

Think of something little more problem solving type more all of us to participate...thanks

[cinderbella]

My mom used to tell me that people with a "poverty mindset" will spend all their money on clothes, jewelry and cars. She said they never would imagine themselves being homeowners, so they overspent on superficial items.

Unless someone is educated about money, they will probably make bad financial decisions and choices.

My mom also told me that if you gave the poorest person imaginable a million dollars and returned in a year to check on them, chances are that person would be broke. Because that person had no clue how to conserve money after living in dire circumstances for so long. It is much easier to get rid of money, it takes effort and careful planning to keep it.

The wealthiest female CEO's in the world all have one thing in common, they are all childless.

[GlobeSpotter]

^^^^^ Hi...can your mom teach *ME* a few things too?

(maybe with your help)

[Magic8Ball]

Originally Posted by VitaMan

There is some truth to that. However, if we don't consume and buy, there will be fewer jobs.

Bill Gates can afford lasik, but he still wears glasses.

I agree with you. I'm not saying don't consume and buy - we need to spend money so goods and services are created and people have jobs. A good economy benefits everyone.

I'm just saying a kid working at McDonalds for minimum wage probably shouldn't be put in a no down payment lease on an Escalade. Spend your money and enjoy your life (the Lord knows you won't be taking your cash with you to the afterlife), but do it smart and within your means. Maybe a beat up early 2000s Taurus should be your first car.

[VitaMan]

A few more to add:

Scotty Pippen
Mike Tyson
Evander Holyfield

[VitaMan]

Add another one:

Alyssa Milano