Lifestyle

These 3 people were unfortunate to handle becoming rich

Not everyone knows how to manage money, and having too much money can lead to financial disaster. Although ineptitude and bad luck could cause money management woes, the common thread is that wealthy people would be better off with less. These are ten people who shouldn’t have been rich.

#3 The Fall from Grace

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Eike Batista isn’t a story of rags to riches. His father was the Minister for Mines and Energy under two previous Brazilian governments. Eike Batista’s family was naturally drawn to the oil, gas, and mining industries, and it was logical to finance then large-scale infrastructure projects that would help his other interests.

Batista was seventh in wealth at the start of 2012, with a net worth of around $35 billion. He didn’t make it to the top ten for long. His wealth was $200 million by the summer of 2013, dropping to $1 billion a year later.

Brazilian billionaire Eike Batista gives a thumbs up in better days.

Although there were many reasons for the dramatic fall, not all were Batista’s. Poor decisions, underperforming assets, and general downturns in precious metals industries played a role. Batista, who bribed Rio de Janeiro’s governor, is likely to be the most severe fall from grace, and he could spend 30 years in prison.

Why should Batista have never become wealthy? It is easy to answer. Capitalist economies rely on free markets that are open to all and governed by trust. A person who creates a business empire on sand destroys confidence and wipes out investments that provide pensions.

#2 From Bad to Worse

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Jack Whittaker did not need to win the lottery. The West Virginian was already a successful and wealthy businessman in West Virginia’s construction industry. In 2002, Whittaker won the largest jackpot in the Powerball multistate lottery. He was awarded a prize of $315 million. However, he chose to cash out for a one-time payment that would leave him more than $113 million after taxes.

Whittaker was generous and well-meaning. He pledged 10% of his winnings to Christian charities and established the Jack Whittaker foundation to distribute food and clothing in rural West Virginia. Whittaker also gave a reward to the clerk at the store Whittaker bought the winning ticket from and scattered a few dollars from his new sports car in the surrounding area.

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Things started to get worse. Whittaker’s car was stolen by someone in 2003, and it was not a good look Whittaker. But, things went from bad to worse.

His teenage granddaughter Brandi was then lavished in cash and gifts. But in 2004, Whittaker found Brandi’s body. He had been using a combination of drugs that led to his death. Brandi disappeared later that year, and her body was found on a friend’s property. Although she had been using drugs, the cause of her death was unclear, and no charges were filed.

Jack was a gambler, and his uninsured house burned to the ground. He died in 2020.

#1 Sky High to Rock Bottom

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It’s impossible to know what Edwards would have done if he had just enough money to improve his life, but we know that he did a lot.

David Lee Edwards, a connected armed criminal, had spent one-third of his 46-year sentence in prison. He was broke and unemployed, so he borrowed money from a friend to pay his utility bill. Edwards was fortunate to have some spare change he used on pizza and a few lottery tickets, and Edwards won $27 million.

At a press conference, Edwards promised that he would make a complete turnaround in his life and take care of his daughter. Edwards began to spend money every day, his Florida mansion was filled with expensive gadgets, and his body was filled with expensive drugs.

Edwards supported Edwards and his wife’s growing dependence on drugs, and Edwards also paid for the funerals and drugs of his friend who overdosed. Edwards was a good father, but by 2006 he and his wife had moved into a storage unit with drug paraphernalia and their bodies and were living in an unhealthy environment.

He was 58 when Mrs. Edwards died. He was 58.

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