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Blogs > redmustang91 > Wild Red Mustang thoughts!

Managing money  

redmustang91 64M
Ask me for a photo
7767 posts
11/15/2015 6:13 am
Managing money

Most people seem to be bad at managing money. The sad truth is that large winfalls of money are usually<b> wasted </font></b>and lost within one to three years. Why are people so bad at this task?

The usual mistakes are so common. Typical winners of say five million dollars will spend two millions on a house and cars and luxury objects. These items earn no income. They are liabilities that must be insured, maintained and cost time and effort to keep.

Then these non-business people try to set up a new business and fail. Most business attempts fail. The world is a very competitive place. New business is very risky. Losing money is easy to do. So failure is likely.

Taxes are easy to forget, as the income tax takes away about half the winfall to start. Don't pay taxes and you may go to jail and get those nice cars and home seized to pay the federal and state taxes...

Finally the moochers and strangers finish off the downward spiral. Lend and gift the needy and the money just disolves.

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