Latest Riches to Rags Tale

Saw this in the news: http://www.huffingtonpost.com/2015/06/25/scott-storch-bankruptcy_n_7661638.html

Apparently this guy had $70 million in 2006, but now claims to have only $100 in cash and just $3600 total assets.

 

It seems surreal to have so much money, only to burn through it so quickly. One could easily live off the interest income of about $1.5 million without touching the principal if budget conscious- or make measured withdrawals that would enable you to live off it for a lifetime with more money to spend. Sure, you wouldn’t be living like royalty, but all the essential bills would be paid for a modest lifestyle.

This is just the latest example that wealth creation/retention centers much more on what one spends versus what one earns.

 

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