Going_Broke_After_Having_Millions-How_One_Millionaire_Family_Lost_It_All

Going_Broke_After_Having_Millions-How_One_Millionaire_Family_Lost_It_All

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- Smart On Money - http://www.smartonmoney.com - Going Broke After Having Millions: How One Millionaire Family Lost It All Posted By Mr. Money On November 30, 2010 @ 9:29 am In Commentary,Wealth | 11 Comments For the past few weeks I’ve been sharing the stories of some extraordinary people, folks who earned average incomes, but still found a way to retire wealthy. I called the series, “ Retiring Wealthy On An Average Salary [1] “. I’ve found writing the series to be quite inspirational for me, and it really gives me hope to realize that you don’t have to be mega-rich or make a humongous salary in order to save enough for retirement. Today I want to do something a little different. I want to look at one family that did everything wrong in order to lose a fortune of over 10 million dollars in less than 10 years. From Millions To The Verge Of Bankruptcy 59 year old Nick Martin teaches grape growing and winemaking at a local community college, and his wife and their two children now try to get by living in a modest rental home on a combined $34,000 a year. They aren’t living the high life, but it wasn’t always this way. In 1998 Nick received a $14 million dollar inheritance, $10 million dollars after taxes [2] . What did he and his family do with their newfound wealth? They did what so many folks who find sudden wealth do, they started to spend their money with wild abandon [3] . Grateful to have found work in this tough economy, Nick Martin teaches grape growing and winemaking each Saturday to a class of seven students in a simple metal building here at a satellite campus of Highland Community College. Then he drives 14 miles in an 11-year-old Ford Explorer to a sparsely furnished tract house that he rents for $900 a month on a dead-end street in McFarland, a smaller town. Just across the backyard is a shed that a neighbor uses to make cartridges for shooting the prairie dogs that infest the adjacent fields. It is a far cry from the life that Mr. Martin and his family enjoyed until recently at their Adirondacks waterfront camp at Tupper Lake, N.Y. Their garage held three stylish cars, including a yellow Aston Martin; they owned three horses, one that cost $173,000; and Mr. Martin treated his wife, Kate, to a birthday weekend at the Waldorf-Astoria, with dinner at the “21″ Club and a $7,000 mink coat. That luxurious world was fueled by a check Mr. Martin received in 1998 for $14 million, his
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Going_Broke_After_Having_Millions-How_One_Millionaire_Family_Lost_It_All

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