Spot on target flu. That happened to a lot of people.
There are however some high flyers that made a LOT of money that squandered it. Many were fortunate at least they bought real estate with it but I know a few formally high flyers that pi$$ed it all away.
The tragic mistake of many that make significant amounts of money is they make the mistake of thinking they will always make that kind of money. So they spend as much as they made.
Others didn’t diversify enough. Ironically some of these guys on Wall Street that made 7 figures some years don’t have much to show for it. I know a guy that worked at Lehman Bros that pretty much lost it all as he leveraged much of his net worth during the financial collapse. He should have known better and he was in that industry but he didn’t think it would get so bad so quickly.
I lost touch with that guy but last I heard his wife left him and he lost his job and couldn’t find another. That was a few years ago but I do know that guy had several years where he was making over 7 figures each year. Hard to believe you would make that kind of money and have nothing to show for it.
