Pay to Pay
A few years ago, I saw a newspaper article about how those at the upper income levels (1,000,000+) manager their personal finances.
It seems that they weren't doing a very good job. With the help of family, they managed to spend every cent they received. The big house, luxury cars, palace cottages, vacations, personal adornments, alimony, and the unbelievable maintenance expenses for all this stuff can exhaust even stratospheric incomes.
I don't recall who said "True wealth is having enough", but when I see the stuggles of the rich and powerful to acquire more of what they have plenty of, I wonder about their sanity.
As for the young widow left destitute: choices she and her husband made account for some of her current difficulties. We've all seen advertisements from financial planners advocating savings plans and insurance. For someone working in the investment field to leave this area uncovered is like a shoemaker leaving his children running barefoot. I find it irresponsible.
Perhaps the biggest trap this family fell into, and in this they're not alone, is expecting someone else to look after their needs. The behaviour of her husband's boss underlines the need for every individual to view themselves as bearing the total responsibility for their own security.
This story, although very sad, can serve to alert others of the need for maintaining some support mechanisms for times of need.
[End of rant]
Bye4Now, FD. |
