“Here today and gone tomorrow” is a phrase that many former millionaires are familiar with. It’s entirely possible to be filthy rich one day and to end up in bankruptcy court the next. Some of the wealthiest have lost their fortunes in bizarre or unfortunate ways. Some of the declines were due to negligence with their fortunes and others were due to unfortunate circumstances, but most of these losses were preventable with a little self-control or foresight.
Hopefully as you read these stories you will learn some valuable lessons about money management. In reality the answer is always simple. Don’t spend more money than you take in. Unfortunately the majority of society doesn’t listen to this very simple rule:
Here are 20 different ways that the rich have lost their millions.