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WATCH: 10 Billionaires Who Lost All of Their Money

July 18, 2016 | Monday

Screenshot from youtube
Wouldn’t it be nice to win the lottery? Every week people around the world win millions, making the rest of us a little bit jealous. After all, a few millions certainly would make life a little easier – or so we think. The old adage goes that the more money you have the more problems you face. Yes, the tax man always seems to come around when you have more money. However, people with a lot of money also tend to live a lifestyle which demands higher expenditure to maintain. Living a lavish lifestyle without keeping track of your spending can lead to trouble quickly. Even people who think they are being smart – and invest – are still vulnerable to major losses if the economy goes under as it did several years ago. Yes, millions can open a lot of doors to a new lifestyle but it can pose a number of dangers to those who aren’t careful.

What about billionaires? Surely they don’t run into financial problems because, after all, they have billions of dollars to work with. You’d be surprised. As the following video shows, there are more than a few billionaires who are now ex-billionaires. In some instances, their wealth vanished in the matter of a few days or even hours. Sure, being careless and living a life of luxury can see your bank account drop to zero but it often requires a bit more than that. Poor and sometimes criminal investment practices, devastating economic slumps and carelessness all helped contribute to the loss of billions of dollars for these, now, ex-billionaires.

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About Erick Abel

Erick Abel
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