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Who doesn't want to be rich and successful? Probably everybody does. Some people are born into rich families, others hustle all their lives to climb that income ladder. Yet, economists are noticing one trend worldwide: it's becoming less and less likely for people to be richer and earn more than their parents did.
People naturally root for the underdog; that's why we love the "Rags to Riches" genre of life stories. But this time, we want to flip that concept: what about those who had it all and suddenly lost their fortunes?
We recently came across an online thread where one person asked: "People who went from wealthy to poor, what happened?" and found some fascinating stories of how and why rich people had to say goodbye to their luxurious lifestyles. We invite you to read them and discover that things don't always stay the same.
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#1
My grandfather (mother's side) owned a large ranch. My grandmother became sick with cancer. He spent everything on treatments. Nothing worked. He lost everything trying to save her. They were left broke and heartbroken.
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#2
Father blew generational wealth on gambling. Had multiple shoeboxes full of horse racing bet tickets in case he hit big and had to offset taxes. He lost it all and ended up embezzling money to keep shooting for the big win. Mom paid the price. She and I ended up on food stamps and moving in with her mother and sister. I shared a bedroom with my Aunt as a teenage boy. I have a big aversion to gambling and know way too much about needlecraft.
#3
It was depression. I lost my son and daughter and didn’t care about anything. Screaming every night to nightmares where I tried in desperation to save my children. I let everything go. Stopped managing my life and myself. I was unrecognizable. Banks and creditors took most of what I had. Money was nothing to me. Didn’t care if I had to take the bus everywhere. Took over 20 years to recover. My lost decades.
#4
I had a really good remote job. I was making 6 figures and really took for granted that income and the job market. I could've made a lot of smart choices, but I ended up embracing alcoholism.
Lost the job, got into debt, several years of applying and starting and bailing out of positions. Finally realized how valuable employment is and got my [life] together. Now I've held a good in person job for 2 years and am trying to climb out of debt and gain sobriety. [Things] fall apart slowly, and then all at once.
astheshadowsfall 7 hours ago
EToH is a b*****d. A battle and an end for so many. I hope you find your peace.
#5
Not me, but someone I know.
She joined an online investing group, and was convinced to "invest" most of her wealth into an online crypto scheme. When she tried to withdraw her "profits", they demanded additional "fees" and "taxes" to release them. And she sent in those fees, but there was always some other "good faith payment" or "deposit" to pay.
It was the classic "pig butchering" scam.
Now she's practically broke, but thankfully she didn't sell her home. Her relatives, who she had lent money to long ago, are paying her back by paying for her basic living expenses, making sure she doesn't receive too much lest she fall for another scam. So at least she lives OK, but nowhere in the luxury she would have had she not been victimized by these criminals.
#6
My family was middle class for a very expensive town, which is wealthy by country standards. I got kicked out for being gay so I was effectively homeless in high school and had to work a bunch of jobs to put myself through school. I'm finally in an okayish financial situation in my mid 40s. It's amazing how expensive it is to be poor, and how hard it is to survive, much less build wealth and security. Apparently I also have a ton of genetic disorders and health problems plus mental health stuff, so that makes it even harder to keep a job, plus healthcare is expensive.
#7
I escaped a [toxic] relationship. Had to start over from scratch while 7 months pregnant with 2 toddlers.
#9
I grew up in poverty and in my twenties hit my stride doing admin work where every time I got poached my salary went up by a significant amount and suddenly I was an *executive assistant* and making the big bucks... at least for me... at least for back then, lol.
But some issues I had with my feet turned out to be just the most visual of a bunch of issues I have with my hips and back and after my last pregnancy my body just kinda fell apart. Suddenly I was struggling to get to the mailbox and had to take breaks to get the dishes done.
An accident, an illness, a complication ... you never know. Your health is not a given. But hey, at least I already knew how to live in poverty!
#10
My parents opened a small business back in the 2000s.
Made close to 200-300k a year.
Then my little sister got sick, medical bills were close to a million by the time she [passed].
Then about 6 months after the 08 crash happened.
For the majority of my childhood my parents worked 60 hrs a week plus, and brought home at best 30k a year.
Chris the Bobcat 6 hours ago
Ain't no place like America. Cuttin' healthcare so the ultra-wealthy get more tax breaks.
#11
I was far from rich, but as a single guy with no kids making close to six figures and being relatively responsible with the money, I was doing pretty well. Unfortunately I made the mistake of having some major medical problems in the US. Now I'm being sued by my former creditors, but the joke is on them, there's nothing left to take. I have the paperwork to file for disability next to me right now. I kept putting it off hoping one doctor or another would figure out what is wrong and how to treat it. A bit worried I waited too long and may end up homeless before it goes through.
#12
I don’t know about wealthy, but I went from making 180k as a software engineer to barely anything now due to battling a chronic illness (long covid). I’m living off my prior investments and hoping I can figure something out before the money runs out.
#13
Spouses father sold a shipping company for a million bucks back in the late 80s or early 90s and put it all in Enron.
#14
Not me but a guy i went to school with. His family was stupid rich, his dad [passed away] when he was 21, left him with millions. He [spend] it all in 3/4 years. His mom squandered her share too. He still posts pictures of helicopters on social media asking if he should buy this one or that one. It's a little sad bc everyone knows he is broke and can't even afford a car, nevermind a helicopter.
#15
Not in USA, but my late grandfather was apparently an accountant for one of the richest family and himself made a good fortune. One day there was a quarel with family cook and my grandfather slapped the cook. My grandfather was fired, took his wealth and returned to his village. His house got robbed and later burnt down (jealous villagers). He lost everything and [passed away] in extreme poverty. His children and grandchildren continue to be extremely poor today, only I managed to study (by doing odd jobs on the side to fund my own education) and moved to USA. My mother says, that one slap, hit multiple generations...
#16
Grandfather sold his eastern medicine business in North Korea and bought large plots of land in North Korea thinking the Korean War would be over in a few years. Ran away from the Communists to South Korea with nothing and drank himself [into grave] - tragic.
#17
Grandma gave away everything to a church.
Chris the Bobcat 7 hours ago
Here comes another con hiding behind a collar. His only god is the almighty dollar. He ain't no prophet, he ain't no healer. He's just a two bit godd@mn money stealer! - Su!c!dal Tendencies, "Send Me Your Money," 1990.
#18
Oh I have a good one that happened to a family friend. Trust fund kid, never worked a day in his life. Trusted a financial expert to manage his fortune and lived 50 years in luxury off of dividends and distributions. The expert had pretty much everything in a single, very well performing, Chinese stock. Chinese company went POOF. Financial Advisor also went POOF out of the country. This guy went from literally riches to rags. He has rich friends, one of whom let him live in their cabana (a massive pool house; still nicer than most people on earth live), but he had to go to work as an uber driver since his only skill was being able to drive.
#19
Grew up affluent - country club membership, private school, the whole shebang. Then dad got cancer, which ate up a ton of money, and after he [passed away] mom wildly mismanaged what was left. Wound up bouncing from one job to another while I tried to get my [life] together to go back to school. Eventually did okay, but I still live in a [trashy] apartment while the house I grew up in is worth well over a million bucks now.
#20
My dad was the rich one. When my parents separated due to domestic violence, he told me to choose between either him or my mom. I chose my mom. He kicked us out in the streets.
Yeah, my mom got child support but she always had spending habits so... I never saw that money go towards what we needed.
#21
I was badly bullied and discriminated against at work. I was one of the top women in my field. It was either stay, earn six figures and be humiliated or leave with my head held high and be unemployed. I chose the latter, sold most of my stuff, travelled around Europe and loved it. Then got a job on my terms later.
#22
All of my uncles were business partners. When the partnership ended one of them managed to seize everything leaving the rest of the family with absolutely nothing.
#23
My grandfather made millions in real estate and had a yacht broker/charter business in New England. Unfortunately he was terrible about not paying his taxes.
(My parents also had a real estate company that was somehow connected to his.)
One day I was walking home from school (4th grade) and my mom drove up in our Chrysler Volare which was packed to the roof with our stuff. She said we had to go stay at my great-grandmother’s farm for a while.
I learned later that the IRS had seized everything, including our house.
Overnight we went from owning a dozen sailboats, spending summers at the White Elephant on Nantucket, and all the toys we could ever want, to government cheese, Green Stamps, and Christmas at the local firehouse.
Eventually my immediate family moved to a small teardrop trailer (parked outside a cousin’s trailer) in W. Texas while we tried to put our lives back together.
Kevin Hickey 7 hours ago
Don't believe the garbage on TV. The IRS is actually really easy to work with if you're honest and you make an effort. I don't believe this incident happened "overnight".
#24
I mean, my grandmother, who had a net worth of $50 million, disowned my dad after a disagreement. In an instant, my siblings and I were transferred to public school, and we started living a very frugal life on my dad’s household income of $150k. While $150k sounds like a lot, maintaining the assets before he got disowned required significant taxes. He also had substantial legal fees due to disputes with his brother who tried to reclaim those assets. Why not sell all his assets? He wants to give my siblings and I something when he passes I assume. 15 years later, my dad and uncle are still suing each other.
#25
Gambled 100 of Ks on options, the hole just got bigger.
Whatever i'd make would go into the next "double down".
Took a job that restricted trading (as it would be conflict of interest).
Each time I see my paycheck which is a tiny part of what I lost - I lose a part of me, but bring myself back to the grinding horror that is my job. I'm thankful for the job, but that disgust, regret and the feeling of "if I could turn back time.." never leaves me.
/Rant over.
#27
My mom’s side of the family ran the largest logging company in a southern state from the 1880s till when they sold it in the 1960s. There was lots of internal family drama connected with the sale and it ended personal connections for decades after that.
Anyway, they specifically grew southern pines (Loblolly Pines) on large plots of land throughout the southern portion of the state. Now it’s important to note that it takes about 40 to 50 years for southern pines to reach maturity before they’re cut down for timber. BUT during that time there are two cuts made where they remove shorter trees that aren’t getting enough sun. These trees turn into pulp for paper as wells as wood chips for plywood and stuff, so it’s a still lucrative from cradle to grave.
Anyways, our family was at its peak. My great uncle had his own personal train car which we still have on our land. When my great aunt got terminal breast cancer, she simply decided to move to England and [pass away] there. So yeah they were old money southern with European class. When my grandfathers generation came into the inheritance worth many millions his brother saved, bought land and invested it maintaining generational wealth for his side of the family. Meanwhile my grandfather, whom I’m pretty sure was autistic and a narcissist, spent his inheritance on building his own personal airport and bought 5 planes. In the 1990s he sold all of his portion of the land that was supposed to be passed down to me and my cousins in order to maintain his lifestyle. Additionally he had a massive amount of his trees cut down for timber which had pretty bad consequences for the remaining trees. When hurricane Ivan and Katrina came these trees were left exposed and many fell. So what once looked like a magical forest as kid, now looks sorta barren in few areas of the family property. It’s recovering though. Anyway’s, once that money was running low he tried to get into our trust and waste that away too.
My grandfather was unable to do so because my father and uncle stepped in. He eventually shot himself because he didn’t get his way.
Anyway so yeah, every time I go down for Thanksgiving and my extended family is there I see them living life with all the riches and wealth meanwhile our side of the family while not poor is just average middle class. I try to ignore the dynamic and it mostly works because the wealth has fortunately not turned that side of the family into snobs.
#28
My great grandfather came from nothing. He built everything on his own. His family was [erased] to persecution, had a tough life. But he did it-- He eventually owned a lot of land. Hired so many people.
Then a socialist government came and confiscated all his hard work. Acres and acres of fertile land, filled with many fruit trees, and homes on them too. All gone in one day.
Government gave us 5 acres and divided the rest of the land. Everyone owned 5 acres, even the people that had no idea how to maintain the land.
Eventually all our land and everything on it [was destroyed] and nobody maintained it. Nobody got wealthier. Everyone became poorer. People who worked for us now had no jobs, they tried to work on our 5 acres but we couldn't afford it. They tried to give us their land but gov didn't allow it.
Eventually we sold our 5 acres (or abandoned? I don't know). Our family then kept everything in cash / gold and eventually we all left to the US.
God bless America.
#29
I was a kid but my parents had money growing up. In the late 2000s we moved to a smaller house, there weren’t anymore parties or much visitors that use to come over all the time. I remembered dinner wasn’t extravagant anymore too. When I grew up I found out my dad gambled everything away and my uncle stole money from us.
#30
2000-2008 my folks were in real estate making good money. Not stupid money but enough to get a big house with a pool. Market crashed just when I graduated with my engineering degree, I got a decent job and sent money home.
People in town stopped talking to my family, uncles and aunts that invested with my folks got mad. My parents moved to a different state with a relative that didn’t treat them well. Eventually they started a new business, I climbed the corporate ladder and we’re doing well now. But it took 15-20 years.
Learned a lot about diversifying investments, not going into business with family.
#31
I owned a software engineering business. We had everything we’d ever want or need…until the Great Recession hit. I lost it all in a matter of months. I couldn’t accept that it was over, and rented a small office and crammed everything into it (from 12 employees to 3 of us) and we produced nothing because everything was gone. 3 of us just sat there chewing up money. Bought an Xbox for the office thinking if we made work fun and cool we’d make money. We were in such denial. We drained every last penny, abandoned everything in the office, and I ended up re-training as a paramedic then became an RN.
From new Range Rovers every year and having private dolphin excursions to cracking ribs doing CPR on mee-maw driving an old Honda civic.
It’s been a different life 17 years later. It’s almost strange to even talk about because it was so long ago.
#32
When I was younger my dad was a multi-millionaire. I remember my grandfather saying that he made one million and blew it all in a year but still had millions in the bank. I remember fancy cars in the drive way, a huge house, a huge swimming pool (that was once the largest in central Florida.). Vacations were amazing, spent time in Italy, London, Germany, and Japan. I went to private schools. Mom had tons of diamonds and other jewels. I had every toy and video game system I could ask for. It all came crashing down when dad was found out to be involved in money laundering and was sent to prison for a couple years. My parents divorced before this so mom had a fresh start and was able to save up a bunch of money and make a new life for us.
#33
Friend from high school, dad was a successful doctor. Owned multiple practices.
He gambled away every penny.
#34
Not me, but my parents. My dad owned a very lucrative business in the 80’s and 90’s, they were millionaires. He sold the business for a rather large profit and poured it all into an internet boom during the dot com boom. He failed miserably, but didn’t tell my mom. He sold assets and stole my mothers inheritance to keep up appearances.
Within 18 months, we went from vacations in Hawaii, Disney, skiing in Colorado every year to my mom divorcing him and barely being able to keep lights on and food on the table. My time in high school was spent working to help pay bills, raising my brother because my mom was working 2 full time jobs, and barely getting by every month.
That being said, I’m glad it went down that way. That taught me so much and shaped who I am today.
#35
My dad inherited millions from an uncle who had no children and then bought a candy factory that was already failing. Instead of setting a limit for how much of his personal money he would invest to try and turn it around. He started personally guaranteeing the business loans and so our entire family wealth got tied into it.
He declared personal bankruptcy in 2006 and then the recession hit right after my parents sold the house to cover the remaining debts.
My parents didn’t pay off their personal debts and what not until 2022.
Chris the Bobcat 6 hours ago
Just think, a few more failed businesses and bankruptcies and Dad could be President!
#36
Divorce & child support. You’ve been warned but I do love my studio apartment.
#37
Grandfather was a land owner, owned a distillery and was also the mayor of his village. This was during Chairman Mao times. They took everything from him one piece at a time, went through revolutionary reeducation and eventually [passing] from malnutrition and god knows what else.
#39
Lost my company of 28 years, wife left me, couldn't find a job for 18 months. Got a great job 11 months so but it's $25k less a year and my ex still toys with me. Has been rough, and still is.
Chris the Bobcat 6 hours ago
Buy small shrimp or d**d feeder fish (half price!). If you can get in her car for a minute or two, stick some down into the air vents. A few days and she'll enjoy a unique scent, one she likely won't find for a while.
#40
Not me, but my dad cheated on my mom when i was 1, then married the girl he cheated with, then 12 years later she cheated on him and he spent... thousands... like a LOT of money, everything we had, on hiring a PI to follow her and catch her in the act. My dad is the dumbest, biggest [jerk] ive ever met tbh. i dont talk to him anymore but god, its baffling that someone who was pretty well off threw everything away just to try to catch his wife cheating? like... our house was foreclosed because he couldnt pay the mortgage.
#41
Not millionaire wealthy but was healthily past middle class at some point.
Spouse kept pushing to upgrade homes as we made more, and by the time we divorced I was house poor and couponing again. Ah que sera sera. I don't mind being poor (I'm pretty good at saving) but I do miss grocery shopping without having to look at the prices! Being "wealthy" was a big stress relief from day to day life.
#43
Not me but my parents. In Vietnam, they went to private schools, had maids and nannies. They had a big house and owned a factory. But the communists took cover and both my mom and my dad’s families fled. They both started off from nothing in America and relied on church donations. They both became engineers, and became extremely frugal. Still are. They have an extremely hard time spending money.
My grandma kept her wealthy mentality. She would still help people and lend them money as if she were a billionaire. She conducted herself with the ultimate grace and always had an abundant mindset. She wasn’t haughty or spoiled at all; her idea of wealth was to help people and never ask for a dime back. She treated everyone well. Even if she wasn’t rich anymore, she was able to lend money because she again was extremely frugal and business minded. She would treat all of her grandchildren well and save all her social security checks to give us cash in red envelopes for our birthdays and holidays. She was the epitome of regal and gracious and selfless. Miss you grandma 💗.
#44
My grandpa had a very successful construction business in the 80’s and he made millions, but he invested in building a large luxury apartment complex right before the market crash in the early 80’s. Nobody could afford to move in and he lost all that money he put in, which was around 2million. He and my grandma also never paid into social security or any 401ks so they had no cushion. All that money made and lost before I was born so lol but my grandpa handled it with grace, he was like “well, what are you gonna do? lol it is what it is”.
#45
I worked in advertising. That industry has been decimated. I now work an entry level job making 75% my previous salary. Every day is agony.
#46
Not me: my grandmother.
She came from a very well to do family. Her father was very high up as an engineer in the British railway system and was deployed to Brazil to implement their railway system, travelling first class. While there, they lived in the lap of luxury in a beautiful home with a raft of servants to cater to their needs. She didn't want for anything.
However, her father, my great grandfather, had an accident on the railway and was unable to work after that. The debts increased and eventually they had to sell off everything they owned just to clear their debts and secure passage back to the UK. My grandmother, who was 16 at the time, worked as nanny to another family so her passage was paid for by others, her mother was 'reduced' to a charwoman (cleaner) to pay her way.
Having nothing when returning to the UK and having an invalid husband/father who was unemployable, the family remained on the poverty line for the rest of their days.
#47
Detachment from materialism. I was raised in an 8000 square foot house. Realized it wasn’t everything, travel is cheap if you’re resourceful.
I don’t want to support a system that exploits other living things by force. So I let go. Life is more exciting and this path allows for more empathy.
And then I heard about Buddha renouncing his wealth to go travel. Figured it was a fun way to live. Still going strong. Let go or be dragged.
#48
I lost my high paying tech job two years ago. I applied to over a thousand jobs since then and got two interviews that went nowhere. The industry [has collapsed], especially for what I was doing. I dove deep into a depression and I’m still working out of it.
#49
I got scammed.
#50
I had a six figure job with a small company that was bought by HPE. My ex-wife was unhappy with her station as I had progressed more in the two years than she had (I did a temp job into a contracted job into an fre job into masters program into an internship and then into that six figure job). She stayed stagnant and it irked her and she even told me that I had only gotten lucky when we divorced.
Well I saw that she was unhappy and we had a chance to move to Europe so she could build her business and I supported her and gave up fte with HPE. I couldn't find a job in the EU, what I do is with government contracts which required a security clearance and I couldn't use that where we were. I finally get a job with a service center and she does not like the pay (I was basically starting over, but I was fine with it). Everytime I would get a paycheck she would say "is that all?" Especially because the tax situation, a lot was getting taken out. She convinced me to quit my job because I can find something that pays more (I don't of course) and a couple months later she is just being so cold to me that I tell her I want to separate. She kicks me out that night, I stayed (on the couch) because it was around 1am. Wake up, see my stuff thrown down, and am told to leave again.
I don't know why I left, I didn't have to, my name was on everything, but I did. Not before realizing our joint account was empty. Prior to us moving we had a house and car and we argued for months about keeping the house, but I didn't see the move as being 100% successful for our relationship so we sold it. Used the money for this trip. My family straight up took her side (because she was crying), however, it is in our divorce filings evidence of how [toxic] and cold she was, her draining our accounts, and other things. I was able to add all that stuff to our divorce and she didn't care. Neither did my family, it was my failure to them.
The only thing I had was a dog I rescued, and in the end I couldn't even afford to keep him (we shared a few meals in the last weeks) and then I had a close friend find him a home. I don't know if we would've stayed together if we had not moved, but I still love my wife, just not what she became.
#51
Not me, but my Ouma (mother’s mother).
My Ouma was originally very poor and uneducated, was sent by her parents to go work for a very wealthy Englishman as a cleaner. They ended up marrying and she became the wealthy stay at home wife with a great life.
However, she dabbled in alcoholism and one of the low lives she spent time with convinced her that if she divorced her husband she would walk away with even more money. She didn’t walk away with more money but certainly did walk away with a lot. However, her alcoholism got worse and she drank most of it away, then she put all her stuff in storage with some dodgy storage facility when she was moving house and the storage facility burned down. No-one had insurance so she lost everything.
My mom had to support her mother but my family didn’t have a lot either due to both parents struggling to stay in work (South Africa has long had high unemployment). I remember my Ouma couldn’t afford milk or a full loaf of bread (in those days you could buy a half loaf not sure if it’s still like that in SA) and lived in a studio apartment the size of my lounge. She [passed away] very poor, though in fairness SA sees worse poverty.
#52
Step father built an apartment complex and didn't do the insurance properly, there was a flood, we got sued for 5-10 million, lost everything, I was 13.
Went from having an allowance of $50 a week to eating food out of dumpsters and mostly eating bread, looking in gutters for change.
Am 39 now, and wealthy again.
#53
I wouldn't say wealthy but on pace to easily retire at 50(not 40 yet) no debt, low mortgage in this crazy era, good amount of assets, then my ex wife revealed that she hid her mental illnesses(some were evident, but the alcoholism is what really took off) and hell came lose after that. I went for the kids, she went for the money. Worth it every time, even if it stings the ego.
#54
Swindled by a financial advisor. Serpent under the rock written by Eichebwald. That’s my families story. Growing up was lavish and grand but everything changed by the time I was 16, partially thankful for it I’m a much better human for it.
#55
Undiagnosed ADHD and overweight in rental real estate weren’t a good combo for a guy in his 20s. I teach now and enjoy my life but it is sad to lose all that net worth. One day at a time. Slow and steady rebuild.
#56
An acquaintance inherited millions in various businesses and investments and because his parents had never bothered to teach him any money management skills, just kept him on a strict allowance, he blew it all within a few years buying expensive houses and cars and purebred horses and [illegal substances]. Business after business went bankrupt or closed down until he was living on the income from a small trust fund that had been set up to be safe from greedy heirs.
Not poverty, but a heck of a lower income lifestyle than he thought he deserved.
#57
Family business, one uncle stole like 90% of the assets and was never seen again.
Eventually my dad got on his feet again but it was never the same, he [passed away] living an average life, brother and i got good education and are doing fine now, help mom with her expenses too.
#59
Grandpa had a mental illness, locked my parents in a very expensive legal battle when what they should have done is got a conservatorship for him and threw him in a nursing home. [Passed away] only a couple years after conceding everything after we moved to a [trashy] apartment from a big house with a yard we’re still at because they thought another 2008 housing crash would happen. Can’t even enter the housing market anymore and have nothing saved for retirement.
It‘s not even grandpa's fault anymore, they got comfortable like this and didn’t even think for the future. Lived off of parents money and now I’m going to have to support them.
Moral of the story kids, get every asset gifted to you in your name only and get legal POA as soon as your parents go off the rails. Also don't time the market.
#61
My family was pretty well off. We had 2 restaurants and a 50 unit apartment complex. One day, while my mom was on vacation, my dad secretly decided to take out a loan on all our properties and opened one giant, super expensive, high end restaurant. I'm talking like hand painted murals on the walls and everything. Yea, well, that restaurant failed miserably, and our other 2 restaurants followed. That apartment complex cost almost triple the price now. It's all good though, we're getting back on our feet again.
#62
I married for love and freedom. I likely lost a lot of both but I'm building it back on my own.
#63
Dad [slept with] the town bike then married her. Put all the business assets in her name to avoid paying child support to my mother who took a bulk payment and gave him the business.
The funny part is that the same thing happened to his father/grandfather. Our family actually used to own the entire city i live in, his grandfather died and left the assets to their second mother who gave everything to her biological kids from a previous marriage. Their decendents are the richest people in our city with a networth over a billion.
I was always raised basically poor even when they had money so none of this ever really bothered me but my older siblings are pretty pissed because they were spoiled while young. Jokes on them though im the favourite child now since they basically estranged themselves with their lashouts and will probably be the only one in their wills.
#64
Not me but my dad, from what i remember my grandfather was fairly wealthy, set up a steel mill company in our country (3rd world SE Asian country) in the 60s/70s. However the market at the time got flooded with cheap steel/iron which he couldnt compete with and eventually went bankrupt. my dad and his siblings had to start scraping by for food and everything.
Happy to say though they all grew up ok. All of them ended up pretty successful.
#65
Not me but my brothers friend. The guys parents super wealthy. Taught this guy no life skills. In the 08 collapse they lost everything and moved back to Greece. Leaving their kid almost homeless.
#66
My family had a large auto part manufacturing empire for a solid 30 years until the crash of ‘08. I was 18 at the time and remember it clearly. The banks, literally overnight, called their loans. Over the next 5 years they lost the businesses, the homes, all assets, and subsequently my parents’ marriage. I personally went from flying on the private jet for weekends in Miami to dropping out of school because I couldn’t afford it and letting my parents live with me while they divorced and figured out how to live on their own again. [It] was awful.
But life goes on. Everyone is stable and happy again. I’m actually super happy for the experience. I feel as if I’ve gained a unique perspective in a world consumed by chasing money. I’ll never see luxury and abundance like that again and I’m quite okay with that. I’m now in my 30s and will be returning to school in the fall.
#67
Tax audit. The women who did my moms taxes was doing it wrong for years. Mom owed so much. She went from a comfortable level of wealth (not rich but able to relax) to hiding from collectors.
#68
First time…divorce…between paying the debt off, lawyer fees, capital gains taxes after selling our properties because she wanted a “cash payout”…we turned $1million in assets for our family into less than $100k each. The positive of that was that we were able to pay off all debts and I was left with perfect credit to start again!
Second time…business partner…”too much debt and too much stress” was his words…so he just took the assets that he could get his hands on and disappeared leaving me with all the debt…took about 2 years to dig out of that one…
Now…no more partners, I’ll just do it myself.
#69
Opened a restaurant hahahahaha.
NotBannedAccount419:
Quickest way to turn a billionaire into a millionaire is opening a restaurant.
#70
Parents.
2008 + bad financial decisions. I learned a lot from both of my parents. Both what to do and not to do in a sense. Thankful for the overall experience of both.
#71
A war and theft. My dad was quite wealthy in Yogoslavia. His bank account was emptied out by the government. He was a foreigner so hard to do anything about it. The war was just the motivator I think.
My parents never quite recovered from it.
I think it's a great education however. I wouldn't change it.
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