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Author Topic: Couple pisses away $10 million, now whines 'we are basically broke'  (Read 2200 times)

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Offline Freeper

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Couple pisses away $10 million, now whines 'we are basically broke'
« on: December 05, 2010, 11:31:27 AM »
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Newsjock Donating Member (1000+ posts)  Journal Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list    Sun Dec-05-10 10:23 AM
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Couple pisses away $10 million, now whines 'we are basically broke'
   
Source: New York Times

WAMEGO, Kan. — Grateful to have found work in this tough economy, Nick Martin teaches grape growing and winemaking each Saturday to a class of seven students in a simple metal building here at a satellite campus of Highland Community College.

Then he drives 14 miles in an 11-year-old Ford Explorer to a sparsely furnished tract house that he rents for $900 a month on a dead-end street in McFarland, a smaller town. Just across the backyard is a shed that a neighbor uses to make cartridges for shooting the prairie dogs that infest the adjacent fields.

It is a far cry from the life that Mr. Martin and his family enjoyed until recently at their Adirondacks waterfront camp at Tupper Lake, N.Y. Their garage held three stylish cars, including a yellow Aston Martin; they owned three horses, one that cost $173,000; and Mr. Martin treated his wife, Kate, to a birthday weekend at the Waldorf-Astoria, with dinner at the “21” Club and a $7,000 mink coat.

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.

But as so often happens to those lucky enough to realize the American dream of sudden riches, the money slipped through the Martins’ fingers faster than they ever imagined.

Read more: http://www.nytimes.com/2010/11/26/business/26fall.html?...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9694016

See that's why we should have taxed it all at 90% that way they wouldn't have had a chance to blow that money.

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hobbit709 Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sun Dec-05-10 10:28 AM
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1. Another prime example of more money than brains.
   
If I had $10 mill after taxes, everything I wanted wouldn't cost me more than 1. I would use another mill to help out some people. the rest would generate enough money to keep me comfortable for the rest of my life.

Why would you deserve to keep 10 million?
The govt needs that money.

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Xenotime (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sun Dec-05-10 12:25 PM
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18. Proof that the rich don't need their money
   
   

Yep see just how much pain they could have been spared if the govt took it from them and wisely spent it, like the govt always does.

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Offline thundley4

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #1 on: December 05, 2010, 11:35:01 AM »
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Xenotime (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sun Dec-05-10 12:25 PM
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18. Proof that the rich don't need their money

Those people are no longer rich.  "The rich" do not piss away their money in a way that will break them.  This is more of an example of what happens when some DUmmie wins a lottery.
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Offline franksolich

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #2 on: December 05, 2010, 11:37:00 AM »
Yeah, yeah, we all know how generous the primitives are, when they really collect some big bucks.

There was one primitive who about five years ago won $100,000 in a state lottery (Ohio, I think), and the primitive hasn't been seen since, staying off the radar of Skins's island so the other primitives don't see how he's been spending the money on.....himself.
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Offline Ptarmigan

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #3 on: December 05, 2010, 11:37:44 AM »
There is something call spending responsibly and living within your means. One can have millions and go broke. Just look at those celebrities or that person in the article. There are some who are not rich and still do fine.
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Offline catsmtrods

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #4 on: December 05, 2010, 11:58:43 AM »
A fool and their money are soon parted.
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Offline BannedFromDU

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #5 on: December 05, 2010, 12:23:14 PM »
Quote from: catsmtrods on December 05, 2010, 11:58:43 AM
A fool and their money are soon parted.


I don't think you piss away that much money without having something of value to show for it. Unless they TRULY wasted it.
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Offline Ballygrl

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #6 on: December 05, 2010, 12:30:09 PM »
My Aunt worked on Wall Street for over 40 years, she was a friend of John Lehman, and my Cousin actually joined the Navy because of him, and my Aunt always said this, the people on Wall Street who were "old money" dressed down, lived pretty frugally and weren't flashy with their wealth whereas the "new money" were very flashy and often lost their wealth because they were too dumb.
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Offline ColonialMarine0431

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #7 on: December 05, 2010, 12:35:56 PM »
Amazing. You could put half of that into a crappy little CD earning a paltry 1.8% and live of the annual interest.

$5,ooo,ooo x .018 = $90,ooo
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Offline Chris_

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #8 on: December 05, 2010, 12:45:43 PM »
Quote from: ColonialMarine0431 on December 05, 2010, 12:35:56 PM
Amazing. You could put half of that into a crappy little CD earning a paltry 1.8% and live of the annual interest.

$5,ooo,ooo x .018 = $90,ooo

I suppose you could if you didn't have to worry about inflation eating up your earnings.  But 90k a year sounds pretty nice even if you do live in New York. :p
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Offline ColonialMarine0431

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #9 on: December 05, 2010, 12:58:44 PM »
Quote from: chris_ on December 05, 2010, 12:45:43 PM
I suppose you could if you didn't have to worry about inflation eating up your earnings.  But 90k a year sounds pretty nice even if you do live in New York. :p

$90K a year isn't much in NY. I was just usung that as a base example. I would put some in a few tax free munis and some in an index fund(s), some in a few no-load blue chip funds, some in a few bond funds and some in an annuity and maybe keep $50K to play with in some individual stocks and give some to charity. Then get a good tax accountant, after I get a new Hummer.  :-)

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Offline AprilRazz

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #10 on: December 05, 2010, 01:01:10 PM »
If you go to ripoffreport.com and search Tupper Lake, NY it seems to be a regular Peyton Place. :rotf:
http://www.ripoffreport.com/Search/tupper-lake.aspx
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Offline true_blood

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #11 on: December 05, 2010, 01:37:39 PM »
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Xenotime (1000+ posts)   Sun Dec-05-10 12:25 PM
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18. Proof that the rich don't need their money
Shut up you scrunt. They deserve their money. Did you put money in their pocket DUmmie? Then, shut your mouth and make your money instead of waiting for a hand out.
I'm sick of the Dummie/libs claiming they know what's best. You idiots.
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Offline DumbAss Tanker

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #12 on: December 05, 2010, 01:52:20 PM »
Dear DUmmies, maybe the lesson here is really about the stupidity and futility of giving people unearned money, hmmmm?

 :popcorn:
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Offline Chris_

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #13 on: December 05, 2010, 01:55:36 PM »
Quote from: DumbAss Tanker on December 05, 2010, 01:52:20 PM
Dear DUmmies, maybe the lesson here is really about the stupidity and futility of giving people unearned money, hmmmm?

 :popcorn:
[youtube=425,350]http://www.youtube.com/watch?v=zxHeyoQxBHs[/youtube]
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Offline Ballygrl

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Re: Couple pisses away $10 million, now whines 'we are basically broke'
« Reply #14 on: December 05, 2010, 01:58:31 PM »
Quote from: DumbAss Tanker on December 05, 2010, 01:52:20 PM
Dear DUmmies, maybe the lesson here is really about the stupidity and futility of giving people unearned money, hmmmm?

:popcorn:

Quote from: chris_ on December 05, 2010, 01:55:36 PM
[youtube=425,350]http://www.youtube.com/watch?v=zxHeyoQxBHs[/youtube]

Oh my! :lmao:
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