this post was submitted on 19 Aug 2023
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Suppose you win 100 million. What do you actually do with it? Banks only guarantee 250,000. Do you have to invest it? Is there anywhere you can just let it sit and draw interest?

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[–] ErwinLottemann@feddit.de -1 points 1 year ago (2 children)

that's how many millionaires (from sport, music and film) end up broke at the end of their life.

[–] mysoulishome@lemmy.world 10 points 1 year ago

By listening to someone who knows how to manage money? Or by letting someone handle it it who fucks them? If you’re talking about a professional who is licensed and bonded and all of that seems like it would be smart…

[–] OceanSoap@lemmy.ml 4 points 1 year ago

No, they end up broke because they spend as if they'll never run out of money without putting it into places that continue to make money for them. They level up their house, car, clothes, flight class, whatever, then end up living paycheck to paycheck with no savings and not being able to keep it up forever.

Are there cases of some wealthy person trusting the wrong guy, whom they hand over their $$ to and that person runs off with it? Sure, but that's a far cry from getting advice from a professional and following their advice.