Horror story involving advisor

[MrLoco]

Quote:

Originally Posted by marko Read somewhere that Rob Gronkowski just socks away his Patriot's pay and lives just on his (substantial just the same) endorsement money. Plus it seems his Dad keep an eye on the money for him as well. Smart kid.

I wouldn't trust ANYONE with my money ---- even family members. Unfortunately, many financial crimes are committed by family members. The temptation is too great. Educate yourself. It is your money and NO ONE will care about it more than you!

[HawkeyeNFO]

Washington Redskins running back Alfred Morris is famous for driving a 1991 Mazda that he picked up in college. He refuses to get a new car.

[2017ish]

Quote:

Originally Posted by MrLoco I wouldn't trust ANYONE with my money ---- even family members. Unfortunately, many financial crimes are committed by family members. The temptation is too great. Educate yourself. It is your money and NO ONE will care about it more than you!

Sometimes you can't. That's for sure, and it is even sadder when your family rips you off: The family legal fight over Ryan Howard's finances

[utrecht]

Quote:

Originally Posted by MrLoco I wouldn't trust ANYONE with my money ---- even family members. Unfortunately, many financial crimes are committed by family members. The temptation is too great. Educate yourself. It is your money and NO ONE will care about it more than you!

That's easy for you to say. I assume you are a financially savy person. What if a not so financially savy person, who also happened to be an NFL superstar, told you to go make your living playing pro football? The NFL superstar does it. It comes natural to him so he probably wont understand why you cant do it.

If you cant make a living playing football, your option is to be realistic and get a job you can realistically do. If a not so financially savy (or intelligent) person cant handle investing millions of dollars, his option is to find a professional to do it for him. He shouldnt have to expect to get ripped off.

[Walt34]

Quote:

Originally Posted by MrLoco I wouldn't trust ANYONE with my money ---- even family members. Unfortunately, many financial crimes are committed by family members. The temptation is too great. Educate yourself. It is your money and NO ONE will care about it more than you!

Unfortunately, you're correct. When I was doing fraud investigations I worked a bunch of them involving family members.

However, sometimes one has little choice, as in mental incapacity cases.

[Cheesehead]

There's a new TV series on HBO that explains all this in an entertaining manner: BALLERS. You can still view it although it just had its last episode. Dwayne Johnson plays an ex-NFL star who becomes a CFP and tries to convince young black super stars to invest with him, but they want to blow it on toys:

https://www.youtube.com/watch?v=OQOJwcMCAqI

[poorcarver]

The issue with fraud from a family member is that in addition to the loss, there is the whole family damage issue. If Chase cheats me I sue but I don't get sick when I drive by a Chase bank. If a family member cheats there go the various family occasions out the window as well as the loss. Putting a family member in the slam does not have the same satisfaction.

[bclover]

Quote:

Originally Posted by poorcarver The issue with fraud from a family member is that in addition to the loss, there is the whole family damage issue. If Chase cheats me I sue but I don't get sick when I drive by a Chase bank. If a family member cheats there go the various family occasions out the window as well as the loss. Putting a family member in the slam does not have the same satisfaction.

+1

My late husbands family is now darn near ripped apart over greed.

Three siblings grow up together MIL, Auntie in law and Uncle in law.

After many, many years uncle comes out the closet with his sexuality. MIL immediately disowns him. she is Jehovah witness and does not condone homosexuality. Auntie is furious. this is baby brother, they took baths together, grew up together. cannot believe sister would kick him to the curb like that yada yada yada. Well Uncle, moves to Phoenix starts a successful business, invests and life goes on. Dies from cancer many years later leaving Auntie a couple of million dollars.

MIL is now mad saying he should have left her something (can we say Karma). Now the two haven't spoken in years and when my husband died, sat on opposite sides of the Funeral parlor during services.

some families simply do not do well with wealth.