Is it possible for a millionaire to go broke?

[magnus2022]

It is 100% possible for a millionaire to go broke. A good example is Mike Tyson. When Mike Tyson was active in boxing, he worth more than 400 million dollars but he lose all through extravagant lifestyle and buying liabilities. Before he knew it, he is financially crippled! Financial management is a must for everybody that want to achieve financial freedom even a millionaire.

 

[eLdavis]

Yes it's possible for a millionaire to go broke, i have seen some who made the wrong investment, and ended up back to square one again.

 

[Kera]

Even if it's a billionaire that can't manage his or her finances well, they would go broke and we would move on.

 

[Springtime]

It is possible for a millionaire to go broke if s(he) lives a lavish lifestyle, make the wrong investment.

 

[Fire&Rain]

Yes, it’s possible and actually more common than people think. Wealth can make people overconfident. Some start spending like the money will never run out, and forget about taxes, upkeep costs, or the fact that income might stop one day. It’s why financial advisors always talk about living below your means, especially during peak earning years. Earning millions is great, but keeping and growing it is the real challenge.

 

[Starmix]

Yes, it's 100 % possible. It happens here in the city where I live, a millionaire gone broke because of extravagance, Both his family members were doing the same spending money as if it never lasts. They are now living under the bridge. His relatives never helped them they were so arrogant, and cruel to them when they were rich.

 

[aninditasen]

It is 100% possible for a millionaire to go broke. A good example is Mike Tyson. When Mike Tyson was active in boxing, he worth more than 400 million dollars but he lose all through extravagant lifestyle and buying liabilities. Before he knew it, he is financially crippled! Financial management is a must for everybody that want to achieve financial freedom even a millionaire.

When you are rich and raise your living standards without thinking of the future getting broke is inevitable.

 

[King Belieal]

I have seen people that won millions from gambling. And within just one month, they go broke. That's because they didn't have what it takes t manage millions.

 

[Stardom22]

It's very very possible for a millionaire to go broke. Managing of the personal finances is not an easy thing for most people with a lot of funds.

 

[Fidelia]

Anyone can go broke. It is either life happened to them and they got broke or they mismanaged their financial resources and got broke.

 

[mrki444]

Many millionares don't have millions of dollars in bank. They have stocks so today they can be millioners and tommorow poor since stocks can lose on value fast.

 

[Augusta]

Yes, it is absolutely possible for a millionaire to go broke. While having a million dollars or more offers a significant financial cushion, it's not a guarantee against future financial hardship