Riches to Rags; The Rise From Top to Zero and Even Debt.
In my finance post today, I will be talking about a story of riches to rags. A lot of us are familiar with the story of rags to riches, how a man won a lottery and became a blessed millionaire overnight because he spent his time at Las Vegas, or because he was just so lucky after picking a number randomly or out of mistake. This is often said but then, what about the story of people falling from their high horses to the point where Humpty Dumpty could never be put together again.
Anil Ambani is one of this type of fall. The Indian billionaire who fell into a seven billion debt. How is it possible tat a man goes from 42 billion dollars to minus 7 billion dollars?
Family rivalry, Debts, Excessive Spending and luxury lifestyle, deals went south, government policies, what could this people have done wrong to go from the height of wealth to the ground causing a below zero figure?
Most times, a lot of lottery people end up becoming poor as result of bad decisions to either spend the money lavishly or to spend a large portion of that money playing the game again only to lose it all. Other times, People find their way to the top but then get into loans to pursue a business but then get crippled when the business fails.
Sometimes it could be geopolitical wars causing assets of this Billionaires to be seized and/or confiscated. A good example is the Russia Ukraine war where sanctions are placed on Russians and their properties being seized or requested to be sold. Do you think that there is a possibility that these billionaires could lose their money over this war?
Is there a possibility of seeing a riches to rag story again this year?