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I am starting a new segment called Stories of the Wealthy and Broke! It’s a bit like Dave Ramsey’s Stupid Debt stories, but these are the stories I have heard over my lifetime that make me shake my head and wonder what people are thinking.

The Consultant

A long time ago, I knew a couple who suddenly started making a lot of money because the husband became a consultant. They talked about their boat, their new house, and she made sure I was aware of her new 5ct diamond wedding ring. They even let it “slip” that he made several grand a day. I thought it was a bit odd that they were so boastful of their sudden wealth.

A year later, the husband lost his consulting job and they found themselves suddenly broke. From what I remember, they could hardly pay their bills and unfortunately no one was willing to help them financially. They were stunned that long-time friends were not willing to step in and help them out when they were in desperate need.

The reality is, this family had the opportunity to take the influx of money and prepare for any emergencies. Instead, they used it on material things and showed it off to the world. Not good planning on their part.

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