Tuesday, November 30, 2010

Learning vicariously through people's mistakes

Just read this article off Yahoo! Family fall from affluence is swift and hard.

This is followup of my previous post If I had a million dollars.  This is a man who was given a 10+ million dollars and had no plan.  He didn't do anything to earn it except having a daddy who had a good business and brothers who ran that business.

In any case, due to reckless spending and some bad luck in the real estate market... ALL of his inheritance went down the drain.  This is a man without a plan and he has the nerve to complain that he didn't get more money.

Still, Mr. Martin is prone to ruminate over the loss of so much money. He is furious at the banks and the bankers, who he thinks gave him bad advice, and he still sounds angry at his brother and others who decided to sell the company and who he says gave him little voice. Some of them got more than $100 million each, he said, while he got $14 million, as did his father and his sister Ann, because they were all minority shareholders.

He was angry at banks, bankers for giving him bad advice...

Here's my free advice: God gave you a brain, use it. Do the homework and due diligence on your own. Find advisors who you trust and are smart and have no interest in your money. But first of all, admit that YOU ARE THE CAUSE OF YOUR OWN PROBLEM.

Time for bed. What can a budget do for you?

2 comments:

  1. Quick windfalls are the greatest disappointments for people who don't have good financial plans. There is a sad stat of lottery winners who go back to their poverty or even worse after wining millions. That won't be me thought, I got a plan. :-) -y

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  2. Thanks, I hope you plan involves how to invest it and make it grow... you know so you can become like Bill Gates and start your own foundation...

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