Almost everyone has known or heard of someone who at one time had tons of money and now has next to nothing. In the back of the mind of most of us is the thought, Wow, if I had that kind of money, I never would have blown it. We think it is such a waste to see this happen.
But life's road is strewn with the wreckage of lost fortunes—even by good and intelligent people. Athletes, movie stars, lottery winners, overnight business successes, people with an inheritance, real estate moguls, oil and gas producers, and normal people ... all have seen millions of dollars go up in smoke. Most of these stories have a similar ending: a drastic change in life and lifestyle, along with feelings of personal devastation and humiliation. Once in a while people earn all the money back and then some, but this is very rare and certainly not the norm. Having spent more than 30 years watching this pattern repeat itself over and over again, I have some thoughts as to why it happens and how to keep it from happening to you. Many of the people I work with at Oxbow Advisors either made a fortune in private business, or they were super successful in climbing the corporate ladder. Either way, most of them are now almost paranoid about losing it—and I want to help them stay that way. When a person has plenty of money for a lifetime, there is absolutely no reason whatsoever to lose it. If it happens, then someone really dropped the ball.
What you will see in this book are numerous examples and stories of people—some of them just like you perhaps—who didn't use their head when it comes to money. You will see the different types of people and their children (and grandchildren) who have had this unfortunate experience. All of us know individuals who currently are going through their money like water down a drain. We also have a pretty good idea of what the end of the story will look like. Just maybe this book will help some of those people before they crash and burn. If this book could help such individuals, that would be a nice reward for my effort in writing this book. Either way, I hope you and your family and friends can use the information to your benefit.
