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We all heard of rag to riches stories. Inversely, how many riches to rags stories do you know?

How did they end there and what did they do?

View Reddit by Danielcraigboston1View Source

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20 Comments

  1. Plenty of tales of lottery winners and professional athletes that made a few million and lived like they made a few *billion* for a couple years.

    The only ones I know personally are the kids of faux-wealthy suburbanites that spent every nickel and mortgaged everything to pretend to be multimillionaires with a big house and nice cars.

    Kids think they’re gonna inherit some big stack of cash some day and spend their early adulthood bumming around town being a socialite. Then the foreclosure notice arrives and there’s a sudden realization that mom and dad are worth -$480,000, they’re not gonna inherit a dime, and they have no marketable skills.

  2. I knew this girl in high school whose Dad became a millionaire essentially overnight. The story goes in the early 2000s there was a tsunami that wiped out a good portion of the Florida gulf. Her father, a contractor of some type took his business down there to repair power lines, homes etc. He ended up being made the chief foreman by the government that every smaller company had to report to. All he had to do was drive out to job sites, and approve of the work that was being done and the government would then sign the checks for said work.

    They were absolutely loaded. Going to their house was like the scene in Talladega Nights when there would be 10 cars in the driveway. At one point he owned 10 Corvettes (I’m not kidding). Every one of his kids drove Mercedes. They had a million dollar home on the lake. Had a $100,000 sports boat. You get the idea.

    For the sake of this post we’ll call him Doug. So Doug was making so much money that he started to get lazy, and stopped making sure that every bill that was coming into his office for work was actually getting done (spoiler it wasn’t) . He was blindly approving jobs that then Uncle Sam was paying for. Needless to say when it was discovered by the government, to recoup their loses they seized every single thing he owned. On top of that he spent 5 years in the pin. He ended up missing his first daughter’s wedding, first grand child, all of it. His family went from driving Mercedes to driving Kia’s overnight. It was actually quite sad.

  3. I work with 2 guys right now who after their divorce lost an estimated 500-750k each. Another guy who used to work here lost over a million when he went through a divorce. All lost their homes, business and had to pay alimony.

  4. I knew a guy in my hometown whose parents won the lottery before he was born and bought some huge lands were they made farms and got stupid rich. Dude was an only child and when he turned 30 he inherited a bunch of money from them. Within 4 years of his folks dying dude blew his fortune in booze, gambling and trying to invest in the stock market. Dude is now 49 and works in a butchery shop with my brother in law. In his defense, he’s turned his life around as a butcher and is now way less of a mess.

  5. A buddy left a 20+ year career to get his hands on his $400K profit sharing. He cleverly invested and day traded that into an eviction, a vehicle repossession, and a federal income tax lien. Oh and an incurable disease.

  6. My cousins husband was starting to get pretty popular in the country singing industry, they were making good money and doing pretty well. He started to tour the country and got into drinking and doing drugs. While high and drunk he made a couple of bad decisions with investing his money,. They lost a lot of money and he started getting really heavy into drugs and drinking. My cousin tried really hard to sober him up before it was too late. He disappeared for a month, she thought he was dead. He popped up soon after that and said he wanted a divorce. My cousin tried really hard to work with him on his problems. She moved on and he is now living on the streets bouncing around place to place. He actually tried to sell a mattress to one of my friends mom and he bounced on her and they were looking for him for a long time. He had a beautiful voice, it was so sad to see what happened to him.

  7. Erik Batista

    Long story short, he was in the oil industry then he had some difficulties getting the oil out and since he didn’t diviersify his activities money started going down and investors were worried and pulled out the funds , he went bankrupt and boom lost 34 billions and was deeply in debt.

  8. Idk about riches but my father had three companies. Not huge huge ones but he did good. Then he joined a crazy church and also started being given loads of pain meds for a back issue.

    In about ten years he lost everything. Including my mother, their house, his savings and everyone’s respect. Moved back into his mother basement.

    Now he’s doing better but his body never fully recovered and he won’t ever have riches since the IRS now is involved.

  9. New a girl that got life changing money through inheritance.
    Her and her bf blew it all on vacations, clothes, and weed plus she got a new pair of tits out of it.

    Now she’s a waitress and living with whoever will let her stay, but she does have a nice pair of fake tits.

  10. My cousin was a labourer, got in some sort of work accident and got a multi-million dollar settlement from his employer. He and his kids and grandkids could have lived comfortably off that money.

    He spent it all on hookers, booze, and blow. He lives off the system now and every time he opens his mouth he’s wishing he still had all that money.

    We were never close, hes got 20 years on me or so. We had a beer a few months back, he was insufferable

  11. Before the whole 2020 shit started to happen, I had 3k in savings and then I just kept getting screwed over by life back to back to back, car broke down and had to buy another one, lost my wallet somehow and got my identity stolen. So now I’m a broke bitch living paycheck to paycheck

  12. i know a baroness and all her family money is in the land they own. they barely make any money off of it. had to move out of the giant land house because upkeep was too expensive so they rent rooms of it now. pretty shure that barely pays the heating bill.

    good people though, nice stretch of land to hunt on

  13. When my grandfather died in the late 80s, he left my grandmother a 7 figure estate, a house that had been fully paid off for decades, and a profitable printing press business.

    She sold the business and blew through absolutely *all* of the money by the end of the late 90s on bad investments. Even when it became obvious that she was going to need to go into a nursing home eventually, she refused to sell the house that my grandfather literally built to anyone in the family to protect it from being taken by the government.

    Sure enough, she died penniless and the government took the house to settle her medical bills.

    My sister and I lucked out a little because my grandfather had setup trusts for us before he passed, but my cousins who were all born after he died were SOL.

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