[Rainey]

<p><a href="http://finance.yahoo.com/banking-budgeting/article/111434/familys-fall-from-affluence-is-swift-and-hard" target="_blank">http://finance.yahoo.com/banking-budgeting/article/111434/familys-fall-from-affluence-is-swift-and-hard</a></p>
<p> </p>
<p> </p>
<p>It just a basic principle when earning or coming into a large sum of money, do not spend the principle, much less then entire thing!</p>

 

[GaReb770]

<p>I read this story yesterday but just can't get up any sympathy for them.  I cannot imagine how people can literally waste such large amounts of money.  I would easily have had enough to live on, invest and look forward to retirement with that nest egg.  And I'm not a financial guru by any means, but I am able to stay within a budget.</p>

 

[4boysmom]

<p>I read that yesterday.  How can you waste that much money?!  I have no sympathy at all.</p>

 

[muzicgrl]

<p>I just cannot bring myself to feel sorry for them.</p>

 

[duckgeek]

<p>How about his sister and brother in law who pissed away $100MM.  Crazy family.</p>

 

[muzicgrl]

<p>Make that $200 million:</p>
<p><a href="http://norris.blogs.nytimes.com/2009/11/18/how-to-go-broke-in-style/" target="_blank">http://norris.blogs.nytimes.com/2009/11/18/how-to-go-broke-in-style/</a><span style="display:none;"> </span><br><br>
 </p>
<p> </p>
<p><span>Quote:</span></p>
<div class="quote-container">
<div class="quote-block">Originally Posted by <strong>duckgeek</strong> <a href="/forum/thread/71479/i-feel-sorry-in-a-way-for-this-family-but-come-on-get-advice#post_1967110"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style="border-bottom:0px solid;border-left:0px solid;border-top:0px solid;border-right:0px solid;"></a><br><br><p>How about his sister and brother in law who pissed away $100MM.  Crazy family.</p>
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[ToddEP]

<p>Just as one reader commented after the first story:  "A fool and his money are soon parted."</p>
<p> </p>
<p>I wouldn't shed a tear for any of them.</p>

 

[4boysmom]

<p>Still trying to figure out how I'm supposed to feel sorry for this guy.  Boo hoo... still driving an 11yo Ford Explorer.  Uh, hubby drives a mid-90's Ford Taurus.  Sure, it's fun to have toys but let's be reasonable!</p>
<p> </p>
<p>The guy's wealth came from selling his dad's business.  You know that his dad had to have busted his butt building that business.  Then to sell the business and throw away all that money?  You can only hope that his dad is dead and didn't live to see that happen.</p>

 

[muzicgrl]

<p><br><br>
Well he sold the business to his brother.</p>
<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>4boysmom</strong> <a href="/forum/thread/71479/i-feel-sorry-in-a-way-for-this-family-but-come-on-get-advice#post_1967144"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style="border-bottom:0px solid;border-left:0px solid;border-top:0px solid;border-right:0px solid;"></a><br><br><p>Still trying to figure out how I'm supposed to feel sorry for this guy.  Boo hoo... still driving an 11yo Ford Explorer.  Uh, hubby drives a mid-90's Ford Taurus.  Sure, it's fun to have toys but let's be reasonable!</p>
<p> </p>
<p>The guy's wealth came from selling his dad's business.  You know that his dad had to have busted his butt building that business.  Then to sell the business and throw away all that money?  You can only hope that his dad is dead and didn't live to see that happen.</p>
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[Rainey]

<p>Very conservatively you could make 500,000 a year without touching the principle. Really closer to a million a year with that large a nut.</p>
<p> </p>
<p>In fact spend 80% of the post tax income and create a building nest egg. As it grows decrease the percentage, save more it snowballs</p>
<p> </p>
<p>the power of compound interest!</p>
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<p>For me I would never buy a exotic 100,000 plus car, a massive house,expensive jewelery, all the crap that most suddenly rich people do with money.</p>
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<p>Buffet drive a Cadillac but he dosn't get a new car very often lives in a modest house and is going to give away 99% of his money. good job!</p>
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<p>Some changes, a new house but not too big in Santa Monica canyon, partially retire, take longer vacations +/- two 4 week trips/year. Increase charity contributions dramatically</p>
<p>form foundation or contribute to existing probably environmental/alternative energy research. </p>