Riches to rags stories..

mr_fegelien

How often does this happen? You know where someone goes from being relatively wealthy/upper middle class to being working class or even homeless? the opposite is way more common.

I have a relative in the States who married a rich young educated gal who worked in computer science. Both fell into opioid addiction during the 08 recession and in 5-6 years, filed for bankruptcy. She was much worse with addiction and started stealing from friends/family members who they stayed with. Eventually split up and she ended up kicked out by everyone and in a homeless shelter. Her last attempt at robbing one of her rich friends left her with a felony.

Sure there are more like her in Ireland.

YFlyer

That guy in England who won the Lottery and blew it all on hookers and coke.

James Brown

mr_fegelien wrote: »

How often does this happen? You know where someone goes from being relatively wealthy/upper middle class to being working class or even homeless? the opposite is way more common.

I have a relative in the States who married a rich young educated gal who worked in computer science. Both fell into opioid addiction during the 08 recession and in 5-6 years, filed for bankruptcy. She was much worse with addiction and started stealing from friends/family members who they stayed with. Eventually split up and she ended up kicked out by everyone and in a homeless shelter. Her last attempt at robbing one of her rich friends left her with a felony.

Sure there are more like her in Ireland.

A lot of it had to do we banks. We hear of people going bankrupt, having millions in debt written off only to get a loan to start back up and be a millionaire again. It's a different world for different people. Drugs is a whole other element.

mr_fegelien

YFlyer wrote: »

That guy in England who won the Lottery and blew it all on hookers and coke.

Yea but most lottery winners are like that. They say it's a "idiot man's game" and people who play the lottery with astronomically low chances of winning were bad handling money in the first place.

Ten of Swords

Eike Batista

7th richest man in the world a few years ago, $30B net worth give or take

Lost it all and got sentenced to 30 years for corruption

BrokenArrows

mr_fegelien wrote: »

Yea but most lottery winners are like that. They say it's a "idiot man's game" and people who play the lottery with astronomically low chances of winning were bad handling money in the first place.

Ya the problem is certain people see 2-3 million as an endless supply of money, when in reality it can be spent very quickly.

They might buy a bunch of cars which will be next to worthless in 10 years.
Parties, gifts to friends and family. No financially Davy investments.

Usually they blow it all but tend to always have a house at the end of it. That's one asset that's hard to blow.

ziedth

I think Terrance Watanabe takes some beating. He sold up his successful business and then blew his $130m fortune on Gambling, Drugs and Hookers (allegedly) in Las Vegas over a period of less than a year.... the rest of the money I'm sure he wasted!!!!

Quite sad story really, he did sue the casinos that they basically kept him drunk and gambling that was settled out of court but he eventually ended up broke he now has cancer I believe and set up a go fund me page to help pay for treatment