Marion Jones

[Broken Arrow]

Olympic sprinter Marion Jones is broke - Other Sports - MSNBC.com

This is near where I live, and one of my coworkers worked on her house, which is now foreclosed.

It's amazing how, sometimes, people with money can still manage to lose it all.

[moneybags]

Especially for an athlete that may have limited earning potential. I feel like if I were ever in that situation, making big bucks at some point, I would stash the money, keep my current lifestyle (maybe a few upgrades), then when I was done earning the big bucks, I'd just go back to my everyday life.

[Fern]

I don't have much sympathy for people like this (ie, those who screw up a major opportunity to set themselves up for life). Actually, i think they're pretty stupid.

[boefixepa]

My hubby and I have talked about this 'sutuation.' It happen alot to athletes, lotto winners, large inheritences etc... Any one who goes from rags to riches quickly can run into this problem. It also happens on a much smaller scale almost everyday. I think it's that feeling of 'I have money! The 'boggy monster' is going to take it, I'd better spend it before he gets it!' Now some people are blessed enough in life that they aren't chased by these 'boggy monsters,' however most of us are. If grow up having to go without what seems like basic necessities then you feel poor. When you have a little extra you want to go and get what you feel you want. It makes you feel good, for the moment. For once you are the one with the money! It's like a kid in a candy shop! You want it all and why not, for ONCE you have the money!!

On the small scale it mean you can't save a dime.
On a slightly larger scale, you squander an inhertance that could have been a huge nest egg by retirement time (a friend of mine) over the course of a few years with nothing to show for it.
On the athlete or Lotter situation you are back to square one.

Wealth is something, im my opinion, best achieved over time. You have time to ride these smaller waves and learn to see them for what they are...growing experiences. You have time to learn how to invest and build assests and wealth. You have time to seek advice from those to actually want to help you, not steal your money, (it's happen to more people than not on the big winners).

My Hubby and dreamed what we would do if we came into a large sum of money, not that I think it will ever happen mind you, but it's fun to dream. We'd pay off the house, (the only debt we have, if there happened to be more then that too). Then stick it all away in bonds or the like for a set amount of time, about a year or two. We'd keep working and then with the now 'extra' money we have because we have NO debt, we'd learn how to manage it little by little. I imagine 'typical' people would feel VERY wealthy if they had no debt to pay! No car note, no house payment, no CC payment! If you take the wealth step by step then I think you'd do much better. The trick is to keep it out of your own reach until you learn. Maybe you waste a little more money you could have made, but better than then blowing it all before you learn to be responsible.

Just my two cents on instant wealth.