Why do people who were once very wealthy become broke and beggarly later?

[freelancermaria]

They have become hooked in activities that waste their money, such as gambling and other vices. They lack discipline and show no regard for their finances.

 

[eLdavis]

For most of them, it is usually due to mismanagement. They did not save or invest in anything, so they end up squandering all that they have.