{"id":1785,"date":"2010-11-27T09:40:25","date_gmt":"2010-11-27T15:40:25","guid":{"rendered":"http:\/\/www.mdmproofing.com\/iym\/weblog\/?p=1785"},"modified":"2010-11-26T21:04:37","modified_gmt":"2010-11-27T03:04:37","slug":"10-million-goes-poof","status":"publish","type":"post","link":"https:\/\/www.mdmproofing.com\/iym\/weblog\/2010\/11\/10-million-goes-poof\/","title":{"rendered":"$10 Million Goes Poof"},"content":{"rendered":"

Here we have a delightful story which, if nothing else, enforces my theory that $14<\/del> $10 million just doesn’t go as far as it used to:<\/p>\n

NY Times:<\/i> Family’s Fall From Affluence Is Swift and Hard<\/a><\/span><\/p>\n

What’s new here? Probably not much, if you’re familiar with what happens when people who suck with money<\/a> actually get some. In this particular train wreck, the Martin family came into big money; they spent big money; they trusted what money they didn’t spend to “bankers and brokers;” they ended up broke and miserable. <\/p>\n

I’m not sure how many money rules<\/a> they broke, but it was a bunch.<\/p>\n

From the article:<\/p>\n

\n

That luxurious world was fueled by a check Mr. Martin received in 1998 for $14 million, his share of the $600 million sale of Martin Media, an outdoor advertising business begun by his father in California in the 1950s. After taxes, he kept about $10 million.<\/p>\n

But as so often happens to those lucky enough to realize the American dream of sudden riches, the money slipped through the Martins\u2019 fingers faster than they ever imagined.<\/p>\n<\/div>\n

Read the article, and tell me if you think this gentleman has learned much of anything from his trip to rich and back. <\/p>\n

And he [Mr. Martin] recites a quotation he holds dear: \u201cThe measure of a man is not whether he falls down, but whether he gets up again.\u201d Still, Mr. Martin is prone to ruminate over the loss of so much money. He is furious at the banks and the bankers, who he thinks gave him bad advice, and he still sounds angry at his brother and others who decided to sell the company and who he says gave him little voice. Some of them got more than $100 million each, he said, while he got $14 million, as did his father and his sister Ann, because they were all minority shareholders.<\/div>\n

Because I don’t get the impression that he has.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here we have a delightful story which, if nothing else, enforces my theory that $14 $10 million just doesn’t go as far as it used to: NY Times: Family’s Fall From Affluence Is Swift and Hard What’s new here? Probably not much, if you’re familiar with what happens when people who suck with money actually […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[66,42],"tags":[],"class_list":["post-1785","post","type-post","status-publish","format-standard","hentry","category-spending","category-whatever"],"yoast_head":"\n$10 Million Goes Poof<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mdmproofing.com\/iym\/weblog\/2010\/11\/10-million-goes-poof\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$10 Million Goes Poof\" \/>\n<meta property=\"og:description\" content=\"Here we have a delightful story which, if nothing else, enforces my theory that $14 $10 million just doesn’t go as far as it used to: NY Times: Family’s Fall From Affluence Is Swift and Hard What’s new here? 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