More often I read about rags to riches story here and there; but seldom do I read riches to rags story. This doesn't mean it happens less but the experience could be so painful that folks decide to fade away quietly. Nick Martin on the other hand is brave enough to tell his story how he went from being a millionaire to surviving a $12,000/year job. I am not here to write what he did wrong and what he should have done with his money. But if I'm in his situation what I'll do are the following:
1. I'll spend 10% of the money - everyone wants to buy something and I don't think I would resist doing nothing when money is presented.
2. I'll do nothing - I have just spent 10% on both things I need and those that I do not need that much. It would be best to stay put in this situation. I should have a recurring monthly income and I'll make sure the next spending is within the amount of money I'm consistently getting.
3. Go to school - while there are ton loads of financial advisers out there, I find it best to go to school and study hard on finance, investing and other money matters.
4. Time to get advice - having equipped myself with knowledge, I'd be more comfortable talking and seeking financial advice from professionals.
5. Take it slow - There would be ton loads of advice from financial professionals but in the end it’s your money and it’s better to thread slowly and carefully. No one should be hurrying you up except for people looking for a commission based from their advice. As I said, take it slow, you are after all, a millionaire already.
Go ahead and read the full story here -- Family's Fall from Affluence Is Swift and Hard
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Please see a video from a friend of mine that is writing a motivational book that would be beneficial: