Other ways people lose their money


Marriage is a bad contract to enter into. Phil Collins has reportedly paid out $84 million in divorce settlements. Michael Jordan reportedly paid out 168 million, Mel Gibson an estimated 425 million, Alec Wildenstein paid an estimated 2.5 billion. Everyone thinks of divorce as the thing that breaks your bank but marriage can be an expensive mistake even for couples who stay together. If one spouse becomes ill or need elder care, the other spouse may be required to step up and pay the bills. This article talks about this in more detail.


An Oklahoma oilman shelled out an unfathomable 974 million dollar in a divorce settlement Adding insult to injury, apparently the x-wife wants even more!



If you hire a company or contractor with no workman's compensation insurance and someone gets injured or dies on your property you can be liable. Your homeowner's insurance usually does not cover this. A woman in Glendale California lost her house when she had to pay for an injured contractor's medical bills. So whenever you hire someone to work on your property be sure that they provide proof of workman's comp and liability insurance.


Agreeing to be a cosigner can lead to financial ruin. For example if you agree to co-sign on a family member's car and they get behind the wheel after drinking and kill or injure someone, you can be held liable, especially if you knew that the family member had a history of drug or alcohol abuse.


Auto insurance doesn't cover such things as reckless driving. Check the text of your insurance policy. Reckless driving might include driving way way over the speed limit, DUI, using drugs while you're driving, or just plain falling asleep at the wheel. One terrible drunk driving accident and you can lose everything.


You throw a party at your house, someone gets drunk and gets into a serious accident. You can be held liable.


Borrowing lots of money to buy a home. It may be redundant to talk about this because it has already been covered on the real estate page.


This one has already been covered to death but it's worth repeating... Don't trust anyone, not just with, but involved with large amounts of money. In most cases this means beware of private equity investments and beware of financial advice givers.


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