I just read a news story about a guy who got $14 million in 1998 from the sale of his family’s business. Then through a series of accidents, he lost most of it during the current recession – his riches disappeared in under 12 years.

First, the government took $4 million in taxes. Who knew the government was going to tax income? When did they start doing that? Then he accidentally bought $7 million worth of houses in England, Vermont and one in an exclusive upstate New York vacation spot into which he poured about $5 million worth of improvements, including a three-story boathouse. You know, the necessities. Then he accidentally bought a few horses – one that cost $173,000 – and a few cars, like a $400,000 Aston Martin to get to the horse-food store. Then he accidentally borrowed money to play the stock market.

When the recession hit, he had to sell his houses, which were worth much less than he paid for them. Long story short ... he accidentally went broke. Now he actually has to work for a living at a job that will never pay him enough to buy a new car or an old horse. He says he accidentally got some bad financial advice.