"I don’t know if this fits, but my ex had a friend who inherited a million dollars in cash and near-cash assets when his only parent died and he was 20 years old.
Now, you aren’t just going to retire at 20 on a million bucks but it’s a great way to pay for college, maybe buy a car and a down payment on a house, and save/invest the rest. Basically, it’s a really good way to start your adult life and nearly ensure you’ll be quite wealthy in your later years.
Did he do any of that? Nope. Bought himself a ridiculous luxury car, bought cars for his friends, bought wardrobes of designer clothes, threw huge parties repeatedly, etc. Ended up broke in two or three years and went back to waiting tables to make rent. Sad to see."
"Growing up, my best friends family was extremely well to do. I’m talking running with the bulls in Spain, private jets to Aspen to ski kind of rich. My friend had every toy, gaming console, and cool piece of clothing imaginable.
Right before our senior year of highschool, my friend’s dad ended his life.
Turns out he was cooking the books at his business as well as falsifying his his taxes. The company was basically worth nothing. He was looking at 30 years in prison, so he just decided to end it all.
My best friend went from a 6,500 square foot mansion on the water to a 1,200 square foot apartment with his mom and two siblings.
He eventually adjusted to being normal like the rest of us and he is still my best friend."
"Friend of mine is a direct decedent of a super rich Spanish noble from Madrid. Essentially, this guy made so much money, nobody in the family needed to work for over a century. But because nobody worked, there was no money added to the family fortune, and it slowly dwindled away. His dad got the last of it and used it to get a degree from a good university and is doing really well for himself."
"My wife’s Aunt used to be rich. Was married to a brain surgeon who was also on the board of directors for all the local hospitals so pulling down two checks. She was a platinum member of a local casino and would send us and other family members coupons for all inclusive weekend visits to the casino. You literally did not need to bring any money for anything. All food, drink, gratuity, ect was all taken care of. Anyway her husband had his medical license revoked for writing too many scripts for pain killers to her and other people and they both now live in Mexico somewhere."
"This story went in my family, way before I was born. My family used to be very wealthy, my great-grandfather to be exact. My mother showed me a bunch of photos of wedding and the big houses, she describes my GGrandpa as a pure soul and would do favours to our family beyond money.
One day my great-grandmother got really sick and my GGrandfather sold houses and spent a lot of money on making sure she got the attention she needed. My family is nowhere near rich now, we have our difficulties but we take good care of eachother. The important thing is that my GGrandmother lived longer than my GGrandfather."
"I wasn’t “rich” but comfortably upper middle-class. If I wanted to spend my birthday in Paris, I could, for example.
However, I was in a toxic marriage and had been out of the workforce for years raising my children. Once they were older, I got help for my depression and got out of the toxic marriage. At the time I worked for a local newspaper and was able to put a down payment on a modest house for myself and the kids.
Then the housing market crashed. Then the print news market crashed. Then my ex-husband withheld child support. I had several VERY lean years while I built up my own business, and it was incredibly hard."
"But you know what? I don’t regret it at all. I came through to the other side a stronger, much happier person. I have a great relationship with my now-grown children and their children. My income isn’t impressive, but I have what I need. I can stand on my own two feet and overcome adversity. Looking back, I wouldn’t trade the experience of the last 15 years for anything."
"During this year’s outbreak, after I gave out my company’s final cash flow to employees, we dissolved the thriving company, and I ended up the same."
"I wouldn’t say I was rich but I had a job that paid $120,000 year working quality control for a pavement company. My girlfriend of 10 years (who I was about to propose to) left me out of the blue.
I had bought a ring. I saved up enough money to help with the wedding and even enough to put down on a decent condo for a starter home.
Anyway after she left me I fell into drugs and alcohol and ended up losing my job.
I also got into a car accident when driving drunk. I hit a concrete barrier and only hurt myself, thank god. Don’t drink and drive."
"Believe it or not I still kept drinking.
I broke my my back and shoulder blade in an atv accident – again I was drunk as f*ck. Now I’m held together by pins and needles and am in constant pain.
I can’t do labor work anymore and now make minimum wage in the food industry. I lost 3 more jobs due to drugs and alcohol before I finally checked myself into rehab."
"My Grandfather inherent a fishing company worth multiple millions of dollars. When the fishing stocks ran out he lost the company but walked away with what should of been enough to set my family for life.
Cash burn and poor investments. Lots of it went to good causes like a downpayment for a house my parents then worried constantly about losing. More went to failed businesses and a ‘gold mine’ up north. They were dead broke by the time I was in middle school.
I’m sure it’s part of the reason me and my parents are so careful with money. Grandparents are fine but rely entirely on my parents and the government."
"My parents had built up a multi million dollar company over a couple decades before and during my early childhood. Around 2006 they separated and ran each other dry in court. Then the crash came and bankrupted both of them and lost everything they put years into.
Unknowingly recently after my mother’s parents passed away she was able to take a portion of an investment account that built millions from her fathers stock from working in the railroad industry."
"My father rebuilt his business from scratch repaired his credit and has grown it bigger than it ever was before. By the age of 21 I’ve witnessed my life go from rich to broke to wealthy. I am in a great position in life now for my age but work,plan,live and learn like everything could be again gone in the blink of an eye."
"“Congratulations! You’re having twins!”
Wasn’t rich but doing pretty good…but damn kids are expensive. But they’re cool so all is good. Who needs to travel anyway?"