The key to not go broke after getting a huge sum of money is to convince yourself that you only have a quarter of that amount for the next decade, spend/save accordingly and you'll come out fine. The problem with most people blowing a fortune has been due to their thinking of the entire sum, and fooling themselves into believing that if they blow the first half, they still have the second half to live on. Unfortunately by the time they blew the first half of the fortune, they got used to living it large, and could not go into penny-pinching mode again. Adding to that a few imprudent investments - especially the kind that uses financial leverage, too easy to get into between 2005 and 2008, and the fortune could disappear very quickly.
Originally posted by fastforward:
The key to not go broke after getting a huge sum of money is investing .
Not if you got into the wrong type of investments. Look up the plight of Mark Brunell. He wasn't the first one who went into bankruptcy due to bad investments.
I personally know someone who had to sell his home to pay off stock brokerage firms after the 2001 stock market correction. He and his family had to come and live at the in-laws' home. A few years before he had a few millions in "investments".
This fan site is dedicated to the 49ers and their fans. It is in no way affiliated with the NFL or any of its teams. All teams and players mentioned on this site are registered trademarks of the NFL. The use of any team names, words, trademarks, logos or photos have been used for descriptive purposes only. The content and information from other sites is the property of their respective owners. Player and team photos used with permission from USA TODAY Sports Images.