19 Former Millionaires Reveal Shocking Mistakes That Cost Them Everything
His manager made him sign bad contracts and almost all of the money after a year or two went to his manager and accountant.
He is still doing okay producing some music in Los Angeles but not a millionaire anymore.
it wasn’t me, it was an ex-girlfriend and her family. her dad was a war artifact/art collector and salesman. the kind of job where one sale = $5,000-$100,000. that kind of quick money made him believe he could live rich. so he lived in a big house, had another big house in a different state, a timeshare on an island, he would swap out for the newest Cadillac Escalade every two years. he managed to run life like this, getting into a habit of really bad spending choices, for 20 or so years until it was revealed to everyone he was subsidizing all of it with credit and wasn’t making nearly as much money as he used to or claimed. that was when the IRS and the banks came knocking. he had held onto some artifacts and art and was able to sell those piece by piece to slow down and lessen the blow, but it was an undeniable downward spiral and he ended up declaring bankruptcy. private artifact collectors and art collections just aren’t as hot as they used to be so he’d have to settle on low prices for all the sales. now he frequently moves around in a different state to keep the IRS and banks off his tail, and my ex is just about the only person who has stuck by him through this but there’s only so much she can do.
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