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  1. #1
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    Why do the rich go broke?

    The examples are endless of once wealthy people having financial problems. How can Ed McMahon be in financial trouble? Heís made tons of money and didnít he see he was going to be 85 some day? How can people that make millions and millions of dollars but be living paycheck to paycheck?


    "If the facts don't fit the theory, change the facts." Albert Einstein
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  2. #2
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    Re: Why do the rich go broke?

    They aren't living paycheck to paycheck. The paychecks stop coming in, but they live like they still are, meanwhile the accounts go down, down, down.

    Such a waste. They could live very, very, very comfortably for the rest of their lives if they toned down the extravagance.



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    Re: Why do the rich go broke?

    Sixty percent of NBA athletes are broke five years after retiring.

    Link:
    TheStar.com | Sports | NBA players' financial security no slam dunk


    "If the facts don't fit the theory, change the facts." Albert Einstein
    "If your worried about falling off the bike, you'd never get on" Lance Armstrong
    "Dress cute wherever you go, life is too short to blend in." Paris Hilton
    "Money is one of the greatest instruments of freedom ever invented by man." F.A. Hayek

  4. #4
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    Re: Why do the rich go broke?

    What's that quote about a fool and his money?



  5. #5
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    Re: Why do the rich go broke?

    Bad investments, too many people on their personal payroll, taking out too many loans, thinking their money will last forever, baby's mommas, it all adds up...'

    In the words of Patrick Ewing, "we make alot of money, so we spend alot of money."



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    Re: Why do the rich go broke?

    Yeah, we make a lot of money. But we also spend a lot of money.

    Sincerely,

    Patrick Ewing

    Edit - Darn you Cybsballs! Beat me to a great line!


    Last edited by tube1; 06-09-2008 at 10:01 AM. Reason: Cybsball beat me to the punch!
    Quote Originally Posted by 2020cy View Post
    I agree with Tube1.
    Sweeeeeeet...

  7. #7
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    Re: Why do the rich go broke?

    summing it up:

    Living beyond your means.

    -keep


    The first and best victory is to conquer self; to be conquered by self is of all things most shameful and vile. - Plato

    May you only need 39 acres to turn your rig around. - keep

  8. #8
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    Re: Why do the rich go broke?

    Ed McMahon said it best when asked that question of how he could go broke. He said, "It's pretty easy. Just spend more than you make and go through two divorces."



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    Re: Why do the rich go broke?

    You would be suprised how little of the big dollar contracts some athletes, and especially entertainers take home. I think the singers/rappers hear they are getting a multi million dollar deal and fail to think that their agent gets 5%, manager gets 10%, publicist 5%, uncle sam 40%, and so on and so on...



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  10. #10
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    Re: Why do the rich go broke?

    $5,000/month for bill-paying service. So, if anyone knows an NBA player you can make some quick change paying their bills online through their bank's online bill pay service. Set up recurring payments and you have to work maybe 30 minutes a month..



  11. #11
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    Re: Why do the rich go broke?

    My gf works at Wells Fargo financial. She gets calls daily from people who make $20,000+ PER MONTH and are asking for loans. It's amazing how people who make that much still require a loan to buy cars, boats, etc. It's all about money management.


    TRUE & VALIANT

  12. #12
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    Re: Why do the rich go broke?

    Quote Originally Posted by pulse View Post
    $5,000/month for bill-paying service. So, if anyone knows an NBA player you can make some quick change paying their bills online through their bank's online bill pay service. Set up recurring payments and you have to work maybe 30 minutes a month..
    My mom does my brothers for free... I'll have to tell her about that



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  13. #13
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    Re: Why do the rich go broke?

    The real question is why don't the broke get rich? I am all for that phenomenon.




  14. #14
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    Re: Why do the rich go broke?

    I think alot of athlets fail to think about the numbers game. It takes alot of service time to earn the league pension (Mlb 12 yrs, NFL 9 yrs, NBA 10?). The average pro career is MUCH shorter than that. You have to plan for your career after sports, especially if you have large payments to Ex's going out every month...



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  15. #15
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    Re: Why do the rich go broke?

    Quote Originally Posted by Stormin View Post
    Ed McMahon said it best when asked that question of how he could go broke. He said, "It's pretty easy. Just spend more than you make and go through two divorces."
    Two divorces.

    Lose half twice.

    Simple math.



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