I was reading an interesting article today at http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/how-wealthy-families-blow-their-assets/article18482511/ which essentially talked about some key reasons on why wealthy families eventually lose all of their wealth. Based on this article, it says that one of the key culprits to losing everything is being too generous in giving one’s fortune to others.
Kind of a complete 180 from the other topics I wrote about earlier about wealthy people and how giving away all of their fortune is rewarding. It makes me think that the underlying difference is that when it comes to being generous with money you should only give a substantial portion of it if you know for sure you don’t really have a productive use for it anymore.
Although, I must say it is fun and rewarding to read things like those pay it forward stories of financially wealthy people using their money to brighten people’s day. I guess everyone has to realize that their money does eventually run out if you don’t take care of it.