Financially Foolish people…
Amazing to see people who have a lot of money but not being able to use it usefully:
1. A father with a net worth of about Rs. 7 crores: His son wanted to be a football coach. Father said No. Son did his engineering (private college, big fees), then went abroad (big fees)…all dad funded. Son quit everything and went off to join a football club in UK. Father nursing wounds. Cost ? about Rs. 1 crore.
WHO WAS FINANCIALLY FOOLISH? father or son?
2. Father stays in a big nice house in Mumbai. Not good on cash flow. I suggested a reverse mortgage. Son in the US (married to a black American and no hopes of coming back) protested. I think he wants the FULL HOUSE to himself as inheritance. Refusing to send money too. So father says ‘RM is scary subra..what if I lose the house’.
WHO WAS FINANCIALLY FOOLISH? father or son?
3. Rich man aged 54 having 2 children and a net worth of Rs. 30 crores. Lost wife about 2 years ago. Marrying again – a lower middle class woman with 3 children. I suggested a detailed will so that OWN children do not lose out. As well as a contract like a pre nuptials. Says ‘my to be wife is not like that’.
WHO IS BEING FINANCIALLY FOOLISH?
4. A father with a huge net worth (and high ego) refusing to help his daughter in dire financial need (medically needs say Rs. 10L). Mother suffering between wanting to help and not being able to (father has net worth in the range of Rs. 13-20 crores). Daughter married a guy without parental consent.
WHO IS BEING FINANCIALLY FOOLISH?
5. Parent making his will. I suggested a sensible dialog with wife and children, he said NO. They should not know. Excessively favoring daughter – mother and son will not like this (I know all of them for a long time). A lot of the money is inherited. I said there will be court cases..he has put a clause ‘whoever goes to court will get nothing’. Not sure if it will work with inherited property.
WHO IS BEING FINANCIALLY FOOLISH?
….many many more such stories….
Remember if your money is not being used for good causes by people around you, it is money wasted. Does not matter whether you are alive or dead.
Be financially sensible. Will do more stories soon 🙂
moronbuffett
LOL
these are all questions that fall under ethical / moral / emotional side. every family have their own million reasons and oddities to behave like what they are behaving. can’t really say right or wrong
another case
there is one 84yr old guy filthy rich has prostate cancer lived separately from his wife for 30 yrs, remarried a 60yr old woman, disowned his grand children. he gave away all his money with huge media publicity and started advocating everybody to do so.
who is the fool here?
Savithri
Even in my case, my husband is working for a public sector. He is going to retire three years from now. He has not deposited even a single paisa either in my name or in my only daughter’s name.
He transfers every monthly income to his sister’s account who is a widow[she is having a daughter].
My future is a very big question mark. If I start writing my family story it will become another MAHABHARATHA.
I do not know how to claim any money at least at the time of his superannuation. Guide me.
Please do not publish either my name or email, Thank you
Francis
it is not important that yr husband deposited money in yr name or yr daughter name… what is important is whether he had mentioned yr name or yr daughter name as nominee in his financial investments / will? is yes, stay in peace…
Jayant
Being financially rich and being sensible are two totally different things. We have only few unique cases who possess both.
moronbuffett
continued
identify this guy
there is one 84yr old guy filthy rich has prostate cancer lived separately from his wife for 30 yrs, remarried a 60yr old woman, disowned his grand children. he gave away all his money with huge media publicity and started advocating everybody to do so.
LuckyOye
@moron, must be a very low-profile guy, google brings up nothing…(atleast for me)
st
@moronbuffet : Are you referring to Shri Warren Buffett
Pradeep
Great post Subra. More stories will be educational to all.
Hmm the gentleman to be identified on the above comment is the layer half of the comment posters name!
nitin bourai
you just need to google correctly its the one and one Mr warren buffet
read wikipedia
Pandu
@LuckyOye, @moronbuffet
That’s Warren Buffett
Deepak R Khemani
Waiting for more stories Subra