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secretlyatargaryen · 7 years

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The Problem with Shae

I’ve had a lot of feelings about Shae floating around which I’ve found difficult to articulate as someone who is interested in reading asoiaf from both a feminist and a disability perspective because so much of Tyrion’s story is about how his relationships with women are informed by his disability. And Shae sits very closely at the heart of that. This is also muddied by how the author treats Shae, and further muddied by how the show has rewritten her to suit its needs.

The reality of Shae is that she is a sex worker who is murdered by her employer, the man who ostensibly loves her. She’s poor, barely legal by modern standards, and was probably a victim of sexual abuse as a child. A lot of blame ends up falling on Shae because she ends up having to testify against Tyrion during his trial, but it’s obvious that she has very little choice about the matter and is put into a very dangerous situation that Tyrion brought her into in the first place, and the violence of her death is extremely sexualized. That it is done by a character who was not only her lover and patron but someone we are supposed to sympathize with gave me a lot of pause when I first read it. It almost made me stop reading the series, as someone whose favorite character is Tyrion. Shae is treated horribly by both Tyrion and the narrative, and that is a big problem.

But the other problem is that Shae is, in the books, a hollow character and a pretty terrible person. This, of course, doesn’t make what happens to her any less awful. The show turns Shae into a Pretty Woman trope, someone who is able to see past Tyrion’s disability and love him the way he wants to be loved, and even to change him for the better (because show Tyrion is also a gendered stereotype, the frat boy who never grew up). Book Shae is literally the opposite of show Shae, someone who was only interested in Tyrion for his money after all. And I’ve seen a lot of people holding up and defending this aspect of Shae, which I don’t necessarily disagree with because hey, she’s just trying to make a living and Tyrion knows this, except that Tyrion is disabled. Shae’s interest in using him for his money necessarily involves exploiting his disability and his insecurity surrounding it. This is pretty explicit in the text, although it is somewhat hidden by Tyrion’s POV because of his desperate need for someone to love him which leads him to see what he wants to see in Shae and because of his lack of experience with women and loving relationships in general. (Experience paying for sex is not experience with women and relationships).

“M'lord will never be ugly in my eyes.” She kissed the scab that covered the ragged stub of his nose.

“It’s not my face that need concern you, it’s my father—”

“He does not frighten me. Will m'lord give me back my jewels and silks now? I asked Varys if I could have them when you were hurt in the battle, but he wouldn’t give them to me. What would have become of them if you’d died?”

“I didn’t die. Here I am.”

“I know.” Shae wriggled atop him, smiling. “Just where you belong.” Her mouth turned pouty. “But how long must I go on with Lollys, now that you’re well?”

Which, I mean. On the one hand, it’s not her job to love Tyrion, and it’s unfair to expect her to love him when she’s being paid to have sex with him. And part of her arrangement with Tyrion was that she would get all the silks and jewels she wanted, so I can’t blame her for her priorities. It’s unfair to expect a woman in this situation to be in it for anything other than the money. And a lot of the ways fandom condemns Shae for this are misogynistic.

But then you look at a conversation like this where Shae is dismissive of what Tyrion says, plays on vulnerabilities associated with his disability in order to manipulate him, and makes it very clear that the idea of him dying wouldn’t really hurt her that much, as long as she got her jewels. Imean, well of course she’s lying to you, Tyrion, you paid her to lie to you. But she’s lying to him in a way that exploits his feelings about his disability, and her comment about him dying is cruel and the only reason Tyrion doesn't notice it is because he wants to believe that she cares about him. Which he also paid her to pretend to do, but it’s not at all pleasant to read about and my first fandom encounters with this situation were all about praising Shae for manipulating an emotionally damaged disabled man as some kind of sexual empowerment, which kinda put a sour taste in my mouth and it hasn’t left. Again, yes I know Tyrion paid her to do this, but that doesn't mean it should be happening.

I mean, Shae is either not that good at her job or she just doesn’t care that much about Tyrion’s feelings, because the least she could do here is pretend to be sad that he might die. This is where I get into my issues with the way GRRM wrote her, because are we supposed to think Shae is just not that smart, are we supposed to think that she is smart and she just doesn’t care about Tyrion, or is GRRM just bad at writing her?

GRRM does drop a huge load of irony on us in ACOK:

“A different look, a different smell, a different way of walking,” said Tyrion [about Varys]. “Most men would be deceived.“

“And most women, maybe. But not whores. A whore learns to see the man, not his garb, or she turns up dead in an alley.”

Which is pretty chilling to read in hindsight because of what happens to Shae later. But also I think that it is true that book Shae is the opposite of show Shae. Book Shae really did see Tyrion as a rich dwarf that she could exploit and nothing more, and she never considered him as anything other than harmless because she never truly saw him as a person. She underestimates him the way most people do because of his disability, and that’s evident even in her last scene where she tries the same old tricks she used before to manipulate him.

When I first joined fandom on tumblr I saw this quote being passed around a lot in discussions of Tyrion and Shae: “Men are afraid that women will laugh at them, women are afraid that men will kill them.” Which is a true statement about male privilege and gendered violence, but when applied to Tyrion and Shae it ignores the context of Tyrion’s disability. People use this when they talk about Shae’s humiliation of Tyrion at his trial, but the problem with it is that Tyrion’s life is very much on the line in conjunction with being laughed at, in this specific situation and in others. He’s being framed for regicide. And in many contexts in the series people laugh about the murder and/or abuse of dwarfs. For Tyrion, being laughed at goes hand in hand with being abused and killed because it goes along with the specific ways that dwarfs are dehumanized, both in Westeros and in the real world, throughout history. Tyrion’s hatred of being laughed at isn’t male privilege, it’s a statement about his lack of privilege. Another thing about the trial scene in particular is that the way Tyrion is mocked is very sexual in nature, and plays on the ableism of the crowd. I understand certain reactions to this, because men tend to think that being mocked sexually is the worst thing and justify all sorts of nastiness for it, but Tyrion is not coming at this from a place of privilege, he’s coming at it as a disabled man whose sexuality is openly mocked. He’s also coming at it as a sexual abuse survivor.

Now, that said, I don’t think Shae is responsible for what she said at the trial. I think that Cersei and Tywin forced her to testify, although I think Shae was smart enough to play up on her own Tyrion as the sexual deviant monster and to play up her own innocence. What she says about him is so personal and that’s why it hurts so much. She brings up her pet name for him, one that is going to be inherently funny to the crowd and call attention to his disability, - a name that when they were alone made Tyrion feel good and like his disability didn’t matter - and frames it as if the name was his idea and not hers. Again, I don’t blame Shae for the shitty situation she is in but her testimony is awful to read and uncomfortably plays on ableist tropes.

Shae’s ableism is not limited to Tyrion. Of the very few interactions she has with other characters (which is itself a problem related to the way she is written) Shae also says problematic things about Lollys, and some pretty gross things about other women as well. She’s not a nice person and while I get the impulse to defend terrible female characters (I love terrible female characters!) the idea that it’s empowering for women to shit on other marginalized folks is something I really, really dislike and see often in fandom.

Another thing about Shae that is really sad and goes along with the fact that Shae just doesn’t have any significant interactions with characters other than Tyrion in the book is that even though Tyrion is her murderer, he’s also the only character that has any kind of empathy for her. This is a flaw with the writing, it’s a flaw that is so much bigger than Tyrion. The show tries to rectify this by having Shae interact with other characters, but they also created this mess of the character who ended up being a mix of stereotypes and faux empowerment, who still had to die when the plot called for it.

Note that I am NOT saying that Tyrion is the real victim here or that Shae wasn’t a victim of Tyrion and that her death wasn’t awful, but what I am saying is that there’s a reason why people react so strongly and so contentiously to this narrative and it’s not just because of misogyny directed at Shae (although there certainly is that, too, as well as classism), and I don’t like it when people disregard Tyrion’s disability as an aspect of his character in favor of focusing solely on his privilege, especially in a book series so full of commentary on power and abuse and how these things can be wielded in different ways.

#shae #tyrion lannister #asoiaf meta #rape cw #ableism cw

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andrewdburton · 5 years

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Lifestyles of the Rich and Foolish

It's the first of April. You know what that means. Spring is here! Your friends and family are pulling April Fools' Day pranks. And my tree allergies are kicking my butt. Every year, tree pollen makes my life miserable. This year is no different.

Facebook kindly reminded me this morning that three years ago, Kim and I were in Asheville, North Carolina. After wintering in Savannah, Georgia, we'd resumed our tour of the U.S. by RV.

While in Asheville, we toured the Biltmore Estate, the largest home in the U.S. This 250-room chateau contains 179,000 square feet of floor space — including 35 bedrooms, 43 bathrooms, and 65 fireplaces — and originally sat on 195 square miles of land. (Today, the estate “only” contains 8000 acres.)

“This feels like Downton Abbey but in North Carolina,” I said as we walked the endless halls. Just as Downton Abbey documented the excesses of British upper class, so too the Biltmore sometimes feels like an example of how rich Americans indulged in decadence.

George Washington Vanderbilt II, the man who built Biltmore, was a member of one of the country's wealthiest families. His grandfather, Cornelius Vanderbilt, was born poor in 1794, but by the time he died in 1877 he had become one of the richest men in the world. During his lifetime, he built a fortune first from steamships and then as a prominent railroad tycoon.

By family standards, grandson George didn't have a lot of money. He inherited about $7 million, and drew income from a $5 million trust fund. He decided to use the bulk of his fortune to build a huge house high in the Appalachians. Work on the Biltmore Estate began in 1889, when George was 26 years old. Six years and $5 million later, he moved into his palace. (That $5 million would be roughly $90 million in today's dollars.)

Strolling the grounds of the Biltmore Estate got me thinking about the stories we hear of wealthy people who squander their riches. How and why do they do this? Are there lessons from their stories that you and I can put to use?

We hear all the time about the “lifestyles of the rich and famous”. Today, on April 1st, let's look at some lifestyles of the rich and foolish.

Lifestyles of the Rich and Foolish

There are so many stories of athletes and entertainers who have blown big fortunes that it's tough to know where to start. Who should we pick on first? Since I've never been a fan of Nicolas Cage — and since he seems to be especially bad with money — let's use him an example.

Over a period of fifteen years, Cage earned more than $150 million. He blew through that money buying things like:

Fifteen homes, including an $8 million English castle that he never stayed in once.

A private island.

Four luxury yachts.

A fleet of exotic cars, including a Lamborghini that used to belong to the Shah of Iran.

A dinosaur skull he won after a bidding contest with Leonardo DiCaprio.

A private jet.

It's not fair to characterize Cage as “broke” — he's still a bankable movie star — but his net worth is reportedly only about $25 million. (That's like someone with an average income having a net worth of roughly $25,000.) He could be worth ten times as much but his foolish financial habits have caused him woe.

Cage got in trouble with the IRS for failing to pay millions of dollars in taxes. He's been sued by multiple companies for failing to repay loans. His business manager says that he's tried to warn Cage that his lifestyle exceeds his means, but the actor won't listen.

Cage is but one of many celebrities who have done dumb things with money. Other prominent examples include:

MC Hammer sold the rights to his songs to raise money after being bankrupted by his lavish lifestyle. Hammer earned more than $33 million in the early nineties, but spent the money on a $12 million mansion (with gold-plated gates), a fleet of seventeen vehicles, two helicopters, and extravagant parties. [source, source]

Actress Kim Basinger paid $20 million to buy the town of Braselton, Georgia in 1989. When Basinger filed for bankruptcy just four years later, she was forced to sell the town. [source]

On the night of 01 February 1976, Elvis Presley decided he wanted a Fool's Gold Loaf, a special sandwich made of hollowed bread, a jar of peanut butter, a jar of jelly, and a pound of bacon. He and his entourage flew from Memphis to Denver. The group ate their sandwiches and then flew home. Price: $50,000 – $60,000. [source]

Even authors get in on the act. Writer Mark Twain made tons of money through his work, but he lost much of it to bad investments, mostly in new inventions: a bed clamp for infants, a new type of steam engine, and a machine designed to engrave printing plates. Twain was a sucker for get rich quick schemes. [source, source]

When it comes to frittering way fortunes, it's hard to compete with sports superstars. In a 2009 Sports Illustrated article about how and why athletes go broke, Pablo S. Torre wrote that after two years of retirement, “78% of former NFL players have gone bankrupt or are under financial stress.” Within five years of retirement, roughly 60% of former NBA players are in similar positions.

Some examples:

Boxer Mike Tyson earned over $300 million in his professional career. He lost it all, spending the money on cars, jewels, pet tigers, and more. He eventually filed for bankruptcy. [source]

When Yoenis Cespedes signed a new $75 million contract with the New York Mets, he drove a new vehicle each day during the first week of training camp, including a Lamborghini Aventador ($397,000) and an Alfa Romeo 8C Competizione ($299,000). [source]

Basketballer Vin Baker earned $100 million during his career. He's now worth $500,000. He manages a Starbucks store in a small town in Rhode Island. (To be fair, Baker sees to be turning his life around, which is awesome.) [source]

Hall-of-fame pitcher Curt Schilling earned $112 million during 20 years in the big leagues. It wasn't enough to keep up with his spending. Plus he lost $50 million through the collapse of a company he owned. In 2013, he held a “fire sale” to avoid bankruptcy.

It can be tough to sympathize with these folks. Used wisely, their immense fortunes could sustain them and their families for a long time. Instead, they squander their money on fleeting pleasures and the trappings of wealth.

Still, I believe it's best to keep the schadenfreude in check. “There but for the grace of God” and all that, right? I've seen plenty of examples of average folks who have wasted smaller windfalls. In fact, this sort of thing seem to be the rule rather than the exception.

But why does this happen? The answer might be Sudden-Wealth Syndrome.

Lottery winners have the same kinds of problems. A 2001 article in The American Economic Review found that after receiving half their jackpots, the typical lotto winner had only put about 16% of that money into savings. It's estimated that over a quarter of lottery winners go bankrupt.

Take Bud Post: He won $16.2 million in 1988. Within weeks of receiving his first annual payment of nearly half a million dollars, he'd spent $300,000. During the next few years, Post bought boats, mansions, and airplanes, but trouble followed him everywhere. “I was much happier when I was broke,” he's reported to have said. When he died in 2006, Post was living on a $450 monthly disability check.

Sudden-Wealth Syndrome

In 2012, ESPN released a documentary called Broke that explores the relationship between pro athletes and money. How does sudden wealth affect young men? What happens when highly-competitive athletes with high incomes hang out together? Lots of stupid stuff, as it turns out.

Here's a nine-minute montage from Broke in which wealth manager Ed Butowsky talks about why athletes get into trouble with money:

youtube

Broke is an interesting film. The players speak candidly about the mistakes they've made: buying 25 pairs of shoes at one time, buying fur coats they never wore, buying cars they never drove. They're not proud of their pasts — some are ashamed — but they're willing to talk about the problem in the hopes they can help others avoid doing the same dumb things in the future.

Curious how much your favorite actor or athlete earns? Check out Celebrity Net Worth, a website devoted to tracking the financial health of people in the public eye.

Broke does a good job of explaining why our sports heroes can't seem to make smart money moves. The problem is Sudden-Wealth Syndrome. Essentially, young folks who earn big bucks don't get a chance to “practice” with money before they're buried with wealth.

The typical person earns a little when they're young, but watches their salary grow slowly with time. Their income peaks during their forties and fifties. As a result, they get time to make mistakes with small amounts of money first which means (in theory) that they're less likely to blow big bucks down the road.

On the other hand, athletes (and entertainers) have a completely different earning pattern. They leave school to instant riches. For a few years, they earn great gobs of money. But usually their income declines sharply with time — until it stops altogether.

Here's a (pathetic) chart I created to help visualize this phenomenon:

Athletes and entertainers need to figure out how to make five years of income last for fifty years. This never occurs to most of them. “[A pro athlete] can't live like a king forever,” says Bart Scott in ESPN's Broke. “But you can live like a prince forever.”

Sudden-Wealth Syndrome doesn't just affect athletes and actors. Lottery winners experience it too. So do average folks who inherit a chunk of change or business owners who sell their companies.

The fundamental problem is that nobody ever teaches us how to handle a windfall. Windfalls are rare, and in most cases they can't be planned for. (Some folks might be able to plan for an inheritance or the sale of a business, but these situations are relatively uncommon.) As a result, when the average person happens into a chunk of change, they spend it.

Here's what you should do instead.

How NOT to Waste a Windfall

When you receive a windfall, whether it's a tax refund, an inheritance, a gift, or from any other source, it's like you've been given a second chance. Although you may have made money mistakes in the past, you now have a chance to fix those mistakes (or some of them, anyhow) and start down the path of smart money management.

It can be tempting to spend your windfall on toys, trips, and other things that you “deserve,” but doing so will leave you in the same place you were before you received the windfall. And if that place was chained to debt, you'll be just as unhappy as you've always been.

If you receive a chunk of cash, I recommend that you:

Keep five percent to treat yourself and your family. Let's be realistic. If you receive $1,000 or $10,000 or $100,000 unexpectedly, you're going to want to spend some of it. No problem. But don't spend all of it. I used to recommend spending one percent of a windfall on yourself, but from talking to people, that's not enough. Now I suggest spending five percent on fun. That means $50 of a $1,000 windfall, $500 of a $10,000 windfall, or $5,000 of a $100,000 windfall.

Pay any taxes due. Depending on the source of your money, you might owe taxes on it at the end of the year. If you forget this fact and spend the money, you can end up in a bind when the taxes come due. Consult a tax professional. If needed, set aside enough to pay your taxes before you do anything else.

Pay off debt. Doing so will generally provide the greatest possible return on your investment (a 20 percent return if your credit cards charge you 20 percent). It'll also free up cash flow; if you pay off a card with a $50 minimum monthly payment, that's $50 extra you'll have available each month. Most of all, repaying debt will relieve the psychological weight you've been carrying for so long.

Fix the things that are broken. After you've eliminated any existing debt, use your windfall to repair whatever is broken in your life. Start with your own health. If you've been putting off a trip to the dentist or a medical procedure, take care of it. Do the same for your family. Next, fix your car or the roof or the sidewalk. Use this opportunity to patch up the things you've been putting off.

Deposit the rest of the money in a safe account. It can be tempting to spend the rest of your windfall on a new motorcycle or new furniture or new house. Don't. After attending to your immediate needs, deposit the remaining money in a new savings account separate from the rest of your bank accounts — and then leave this money alone.

To successfully manage a windfall, you must allow the initial euphoria to pass, getting over the urge to spend the money today. Live as you were before. Meanwhile, calculate how far your windfall could go. Most people have unrealistic expectations about how much $10,000 or $100,000 can buy.

In 2009, I received an enormous windfall. The old J.D. would have gone crazy with the money. The new, improved model of me was prepared, and made measured moves designed to favor long-term happiness over short-term happiness.

Today, the bulk of my windfall remains in the same place it's been for the past five years: an investment account. That cash eases my mind. It helps me sleep easy at night. And that's more rewarding than spending it on new toys could ever be.

Setting a Good Example

Not everyone who gets rich quickly does dumb things with money. Especially as the plight of pro athletes becomes better known, there are prominent examples of young superstars making savvy money moves. They're learning from the lessons of those who came before.

Take Toronto Raptors superstar Kawhi Leonard, for instance. This 27-year-old NBA MVP earns $23 million per year — but still clips coupons for his favorite restaurant. He drives a 1997 Chevy Tahoe. Sure, he bought himself a Porsche, but he's not interested in flash and bling. “I'm not gonna buy some fancy watch just to show people something fancy on my wrist,” he says. [source]

Jamal Mashburn has made wise use of his wealth. So has LeBron James, who takes his investment advice from Warren Buffett:

youtube

Here are other superstars who act as money bosses:

During his 12-year career in the NBA, Junior Bridgeman never earned more than $350,000. Unlike most players, however, he planned ahead. He recognized his basketball income would eventually vanish. He bought a Wendy's fast-food franchise and learned the business inside-out. He became a hands-on owner. He expanded from one store to three to six — and then to a small empire. Today, twenty-five years after retirement, Bridgeman owns more than 160 Wendy's restaurants and 120 Chili's franchises. His company employs 11,000 people and generates over half a billion in revenue every year. His personal net worth tops $400 million. [source]

Patriots tight end Rob Gronkowski — who just retired last week — is a shining example of how to handle sudden wealth correctly. The 29-year-old earned over $53 million for playing on the field — and hasn't spent any of it. Here are his own words: “To this day, I still haven't touched one dime of my signing bonus or NFL contract money. I live off my marketing money and haven't blown it on any big-money expensive cars, expensive jewelry or tattoos and still wear my favorite pair of jeans from high school.” [source]

Oakland Raiders running back Marshawn Lynch has a similar story. During his twelve-year NFL career, Lynch has collected nearly 57 million from his contract. Reportedly, he hasn't spent a penny of that money. Instead, he's been cautious to live only off his endorsement earnings. Whether this is true or not, Lynch is known to be a good example to his teammates, helping them with their 401(k)s and other financial issues. [source]

Sometimes superstars who have been poor with money have a flash of insight and they're able to turn things around. Former NFL player Phillip Buchanon is a perfect example. After watching ESPN's Broke, he realized he was headed for trouble. He mended his ways and started managing his money wisely. Now he's written a book with advice for other folks who are fortunate enough to encounter a windfall. [source]

When people make a lot of money, they're able to spend a lot of money. Sometimes the super-rich can afford to build a place like the Biltmore Estate. The problem isn't a single extravagant purchase, but a lavish lifestyle in which they spend more than they earn. Real wealth isn't about earning money — it's about keeping money.

The post Lifestyles of the Rich and Foolish appeared first on Get Rich Slowly.

from Finance https://www.getrichslowly.org/lifestyles-of-the-rich-and-foolish/ via http://www.rssmix.com/

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michaeljtraylor · 5 years

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Lifestyles of the Rich and Foolish

It’s the first of April. You know what that means. Spring is here! Your friends and family are pulling April Fools’ Day pranks. And my tree allergies are kicking my butt. Every year, tree pollen makes my life miserable. This year is no different.

Facebook kindly reminded me this morning that three years ago, Kim and I were in Asheville, North Carolina. After wintering in Savannah, Georgia, we’d resumed our tour of the U.S. by RV.

George Washington Vanderbilt II, the man who built Biltmore, was a member of one of the country’s wealthiest families. His grandfather, Cornelius Vanderbilt, was born poor in 1794, but by the time he died in 1877 he had become one of the richest men in the world. During his lifetime, he built a fortune first from steamships and then as a prominent railroad tycoon.

By family standards, grandson George didn’t have a lot of money. He inherited about $7 million, and drew income from a $5 million trust fund. He decided to use the bulk of his fortune to build a huge house high in the Appalachians. Work on the Biltmore Estate began in 1889, when George was 26 years old. Six years and $5 million later, he moved into his palace. (That $5 million would be roughly $90 million in today’s dollars.)

We hear all the time about the “lifestyles of the rich and famous”. Today, on April 1st, let’s look at some lifestyles of the rich and foolish.

Lifestyles of the Rich and Foolish

There are so many stories of athletes and entertainers who have blown big fortunes that it’s tough to know where to start. Who should we pick on first? Since I’ve never been a fan of Nicolas Cage — and since he seems to be especially bad with money — let’s use him an example.

Over a period of fifteen years, Cage earned more than $150 million. He blew through that money buying things like:

Fifteen homes, including an $8 million English castle that he never stayed in once.

A private island.

Four luxury yachts.

A fleet of exotic cars, including a Lamborghini that used to belong to the Shah of Iran.

A dinosaur skull he won after a bidding contest with Leonardo DiCaprio.

A private jet.

It’s not fair to characterize Cage as “broke” — he’s still a bankable movie star — but his net worth is reportedly only about $25 million. (That’s like someone with an average income having a net worth of roughly $25,000.) He could be worth ten times as much but his foolish financial habits have caused him woe.

Cage got in trouble with the IRS for failing to pay millions of dollars in taxes. He’s been sued by multiple companies for failing to repay loans. His business manager says that he’s tried to warn Cage that his lifestyle exceeds his means, but the actor won’t listen.

Cage is but one of many celebrities who have done dumb things with money. Other prominent examples include:

Actress Kim Basinger paid $20 million to buy the town of Braselton, Georgia in 1989. When Basinger filed for bankruptcy just four years later, she was forced to sell the town. [source]

On the night of 01 February 1976, Elvis Presley decided he wanted a Fool’s Gold Loaf, a special sandwich made of hollowed bread, a jar of peanut butter, a jar of jelly, and a pound of bacon. He and his entourage flew from Memphis to Denver. The group ate their sandwiches and then flew home. Price: $50,000 – $60,000. [source]

When it comes to frittering way fortunes, it’s hard to compete with sports superstars. In a 2009 Sports Illustrated article about how and why athletes go broke, Pablo S. Torre wrote that after two years of retirement, “78% of former NFL players have gone bankrupt or are under financial stress.” Within five years of retirement, roughly 60% of former NBA players are in similar positions.

Some examples:

Boxer Mike Tyson earned over $300 million in his professional career. He lost it all, spending the money on cars, jewels, pet tigers, and more. He eventually filed for bankruptcy. [source]

Basketballer Vin Baker earned $100 million during his career. He’s now worth $500,000. He manages a Starbucks store in a small town in Rhode Island. (To be fair, Baker sees to be turning his life around, which is awesome.) [source]

Hall-of-fame pitcher Curt Schilling earned $112 million during 20 years in the big leagues. It wasn’t enough to keep up with his spending. Plus he lost $50 million through the collapse of a company he owned. In 2013, he held a “fire sale” to avoid bankruptcy.

Still, I believe it’s best to keep the schadenfreude in check. “There but for the grace of God” and all that, right? I’ve seen plenty of examples of average folks who have wasted smaller windfalls. In fact, this sort of thing seem to be the rule rather than the exception.

But why does this happen? The answer might be Sudden-Wealth Syndrome.

Lottery winners have the same kinds of problems. A 2001 article in The American Economic Review found that after receiving half their jackpots, the typical lotto winner had only put about 16% of that money into savings. It’s estimated that over a quarter of lottery winners go bankrupt.

Take Bud Post: He won $16.2 million in 1988. Within weeks of receiving his first annual payment of nearly half a million dollars, he’d spent $300,000. During the next few years, Post bought boats, mansions, and airplanes, but trouble followed him everywhere. “I was much happier when I was broke,” he’s reported to have said. When he died in 2006, Post was living on a $450 monthly disability check.

Sudden-Wealth Syndrome

Here’s a nine-minute montage from Broke in which wealth manager Ed Butowsky talks about why athletes get into trouble with money:

youtube

Broke is an interesting film. The players speak candidly about the mistakes they’ve made: buying 25 pairs of shoes at one time, buying fur coats they never wore, buying cars they never drove. They’re not proud of their pasts — some are ashamed — but they’re willing to talk about the problem in the hopes they can help others avoid doing the same dumb things in the future.

Curious how much your favorite actor or athlete earns? Check out Celebrity Net Worth, a website devoted to tracking the financial health of people in the public eye.

Broke does a good job of explaining why our sports heroes can’t seem to make smart money moves. The problem is Sudden-Wealth Syndrome. Essentially, young folks who earn big bucks don’t get a chance to “practice” with money before they’re buried with wealth.

The typical person earns a little when they’re young, but watches their salary grow slowly with time. Their income peaks during their forties and fifties. As a result, they get time to make mistakes with small amounts of money first which means (in theory) that they’re less likely to blow big bucks down the road.

Here’s a (pathetic) chart I created to help visualize this phenomenon:

Athletes and entertainers need to figure out how to make five years of income last for fifty years. This never occurs to most of them. “[A pro athlete] can’t live like a king forever,” says Bart Scott in ESPN’s Broke. “But you can live like a prince forever.”

Sudden-Wealth Syndrome doesn’t just affect athletes and actors. Lottery winners experience it too. So do average folks who inherit a chunk of change or business owners who sell their companies.

The fundamental problem is that nobody ever teaches us how to handle a windfall. Windfalls are rare, and in most cases they can’t be planned for. (Some folks might be able to plan for an inheritance or the sale of a business, but these situations are relatively uncommon.) As a result, when the average person happens into a chunk of change, they spend it.

Here’s what you should do instead.

How NOT to Waste a Windfall

When you receive a windfall, whether it’s a tax refund, an inheritance, a gift, or from any other source, it’s like you’ve been given a second chance. Although you may have made money mistakes in the past, you now have a chance to fix those mistakes (or some of them, anyhow) and start down the path of smart money management.

If you receive a chunk of cash, I recommend that you:

Keep five percent to treat yourself and your family. Let’s be realistic. If you receive $1,000 or $10,000 or $100,000 unexpectedly, you’re going to want to spend some of it. No problem. But don’t spend all of it. I used to recommend spending one percent of a windfall on yourself, but from talking to people, that’s not enough. Now I suggest spending five percent on fun. That means $50 of a $1,000 windfall, $500 of a $10,000 windfall, or $5,000 of a $100,000 windfall.

Pay off debt. Doing so will generally provide the greatest possible return on your investment (a 20 percent return if your credit cards charge you 20 percent). It’ll also free up cash flow; if you pay off a card with a $50 minimum monthly payment, that’s $50 extra you’ll have available each month. Most of all, repaying debt will relieve the psychological weight you’ve been carrying for so long.

Fix the things that are broken. After you’ve eliminated any existing debt, use your windfall to repair whatever is broken in your life. Start with your own health. If you’ve been putting off a trip to the dentist or a medical procedure, take care of it. Do the same for your family. Next, fix your car or the roof or the sidewalk. Use this opportunity to patch up the things you’ve been putting off.

Deposit the rest of the money in a safe account. It can be tempting to spend the rest of your windfall on a new motorcycle or new furniture or new house. Don’t. After attending to your immediate needs, deposit the remaining money in a new savings account separate from the rest of your bank accounts — and then leave this money alone.

Today, the bulk of my windfall remains in the same place it’s been for the past five years: an investment account. That cash eases my mind. It helps me sleep easy at night. And that’s more rewarding than spending it on new toys could ever be.

Setting a Good Example

Not everyone who gets rich quickly does dumb things with money. Especially as the plight of pro athletes becomes better known, there are prominent examples of young superstars making savvy money moves. They’re learning from the lessons of those who came before.

Take Toronto Raptors superstar Kawhi Leonard, for instance. This 27-year-old NBA MVP earns $23 million per year — but still clips coupons for his favorite restaurant. He drives a 1997 Chevy Tahoe. Sure, he bought himself a Porsche, but he’s not interested in flash and bling. “I’m not gonna buy some fancy watch just to show people something fancy on my wrist,” he says. [source]

Jamal Mashburn has made wise use of his wealth. So has LeBron James, who takes his investment advice from Warren Buffett:

youtube

Here are other superstars who act as money bosses:

During his 12-year career in the NBA, Junior Bridgeman never earned more than $350,000. Unlike most players, however, he planned ahead. He recognized his basketball income would eventually vanish. He bought a Wendy’s fast-food franchise and learned the business inside-out. He became a hands-on owner. He expanded from one store to three to six — and then to a small empire. Today, twenty-five years after retirement, Bridgeman owns more than 160 Wendy’s restaurants and 120 Chili’s franchises. His company employs 11,000 people and generates over half a billion in revenue every year. His personal net worth tops $400 million. [source]

Patriots tight end Rob Gronkowski — who just retired last week — is a shining example of how to handle sudden wealth correctly. The 29-year-old earned over $53 million for playing on the field — and hasn’t spent any of it. Here are his own words: “To this day, I still haven’t touched one dime of my signing bonus or NFL contract money. I live off my marketing money and haven’t blown it on any big-money expensive cars, expensive jewelry or tattoos and still wear my favorite pair of jeans from high school.” [source]

Oakland Raiders running back Marshawn Lynch has a similar story. During his twelve-year NFL career, Lynch has collected nearly 57 million from his contract. Reportedly, he hasn’t spent a penny of that money. Instead, he’s been cautious to live only off his endorsement earnings. Whether this is true or not, Lynch is known to be a good example to his teammates, helping them with their 401(k)s and other financial issues. [source]

Sometimes superstars who have been poor with money have a flash of insight and they’re able to turn things around. Former NFL player Phillip Buchanon is a perfect example. After watching ESPN’s Broke, he realized he was headed for trouble. He mended his ways and started managing his money wisely. Now he’s written a book with advice for other folks who are fortunate enough to encounter a windfall. [source]

When people make a lot of money, they’re able to spend a lot of money. Sometimes the super-rich can afford to build a place like the Biltmore Estate. The problem isn’t a single extravagant purchase, but a lavish lifestyle in which they spend more than they earn. Real wealth isn’t about earning money — it’s about keeping money.

The post Lifestyles of the Rich and Foolish appeared first on Get Rich Slowly.

* This article was originally published here

from RSSMix.com Mix ID 8312273 https://proshoppingservice.com/lifestyles-of-the-rich-and-foolish/ from Garko Media https://garkomedia1.tumblr.com/post/183874605274

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garkomedia1 · 5 years

Text

Lifestyles of the Rich and Foolish

Facebook kindly reminded me this morning that three years ago, Kim and I were in Asheville, North Carolina. After wintering in Savannah, Georgia, we’d resumed our tour of the U.S. by RV.

We hear all the time about the “lifestyles of the rich and famous”. Today, on April 1st, let’s look at some lifestyles of the rich and foolish.

Lifestyles of the Rich and Foolish

Over a period of fifteen years, Cage earned more than $150 million. He blew through that money buying things like:

Fifteen homes, including an $8 million English castle that he never stayed in once.

A private island.

Four luxury yachts.

A fleet of exotic cars, including a Lamborghini that used to belong to the Shah of Iran.

A dinosaur skull he won after a bidding contest with Leonardo DiCaprio.

A private jet.

Cage is but one of many celebrities who have done dumb things with money. Other prominent examples include:

Actress Kim Basinger paid $20 million to buy the town of Braselton, Georgia in 1989. When Basinger filed for bankruptcy just four years later, she was forced to sell the town. [source]

Some examples:

Boxer Mike Tyson earned over $300 million in his professional career. He lost it all, spending the money on cars, jewels, pet tigers, and more. He eventually filed for bankruptcy. [source]

But why does this happen? The answer might be Sudden-Wealth Syndrome.

Lottery winners have the same kinds of problems. A 2001 article in The American Economic Review found that after receiving half their jackpots, the typical lotto winner had only put about 16% of that money into savings. It’s estimated that over a quarter of lottery winners go bankrupt.

Sudden-Wealth Syndrome

Here’s a nine-minute montage from Broke in which wealth manager Ed Butowsky talks about why athletes get into trouble with money:

youtube

Curious how much your favorite actor or athlete earns? Check out Celebrity Net Worth, a website devoted to tracking the financial health of people in the public eye.

Here’s a (pathetic) chart I created to help visualize this phenomenon:

Sudden-Wealth Syndrome doesn’t just affect athletes and actors. Lottery winners experience it too. So do average folks who inherit a chunk of change or business owners who sell their companies.

Here’s what you should do instead.

How NOT to Waste a Windfall

If you receive a chunk of cash, I recommend that you:

Setting a Good Example

Not everyone who gets rich quickly does dumb things with money. Especially as the plight of pro athletes becomes better known, there are prominent examples of young superstars making savvy money moves. They’re learning from the lessons of those who came before.

Take Toronto Raptors superstar Kawhi Leonard, for instance. This 27-year-old NBA MVP earns $23 million per year — but still clips coupons for his favorite restaurant. He drives a 1997 Chevy Tahoe. Sure, he bought himself a Porsche, but he’s not interested in flash and bling. “I’m not gonna buy some fancy watch just to show people something fancy on my wrist,” he says. [source]

Jamal Mashburn has made wise use of his wealth. So has LeBron James, who takes his investment advice from Warren Buffett:

youtube

Here are other superstars who act as money bosses:

During his 12-year career in the NBA, Junior Bridgeman never earned more than $350,000. Unlike most players, however, he planned ahead. He recognized his basketball income would eventually vanish. He bought a Wendy’s fast-food franchise and learned the business inside-out. He became a hands-on owner. He expanded from one store to three to six — and then to a small empire. Today, twenty-five years after retirement, Bridgeman owns more than 160 Wendy’s restaurants and 120 Chili’s franchises. His company employs 11,000 people and generates over half a billion in revenue every year. His personal net worth tops $400 million. [source]

Patriots tight end Rob Gronkowski — who just retired last week — is a shining example of how to handle sudden wealth correctly. The 29-year-old earned over $53 million for playing on the field — and hasn’t spent any of it. Here are his own words: “To this day, I still haven’t touched one dime of my signing bonus or NFL contract money. I live off my marketing money and haven’t blown it on any big-money expensive cars, expensive jewelry or tattoos and still wear my favorite pair of jeans from high school.” [source]

Oakland Raiders running back Marshawn Lynch has a similar story. During his twelve-year NFL career, Lynch has collected nearly 57 million from his contract. Reportedly, he hasn’t spent a penny of that money. Instead, he’s been cautious to live only off his endorsement earnings. Whether this is true or not, Lynch is known to be a good example to his teammates, helping them with their 401(k)s and other financial issues. [source]

The post Lifestyles of the Rich and Foolish appeared first on Get Rich Slowly.

* This article was originally published here

from RSSMix.com Mix ID 8312273 https://proshoppingservice.com/lifestyles-of-the-rich-and-foolish/

0 notes

garkodigitalmedia · 5 years

Text

Lifestyles of the Rich and Foolish

Facebook kindly reminded me this morning that three years ago, Kim and I were in Asheville, North Carolina. After wintering in Savannah, Georgia, we’d resumed our tour of the U.S. by RV.

We hear all the time about the “lifestyles of the rich and famous”. Today, on April 1st, let’s look at some lifestyles of the rich and foolish.

Lifestyles of the Rich and Foolish

Over a period of fifteen years, Cage earned more than $150 million. He blew through that money buying things like:

Fifteen homes, including an $8 million English castle that he never stayed in once.

A private island.

Four luxury yachts.

A fleet of exotic cars, including a Lamborghini that used to belong to the Shah of Iran.

A dinosaur skull he won after a bidding contest with Leonardo DiCaprio.

A private jet.

Cage is but one of many celebrities who have done dumb things with money. Other prominent examples include:

Actress Kim Basinger paid $20 million to buy the town of Braselton, Georgia in 1989. When Basinger filed for bankruptcy just four years later, she was forced to sell the town. [source]

Some examples:

Boxer Mike Tyson earned over $300 million in his professional career. He lost it all, spending the money on cars, jewels, pet tigers, and more. He eventually filed for bankruptcy. [source]

But why does this happen? The answer might be Sudden-Wealth Syndrome.

Lottery winners have the same kinds of problems. A 2001 article in The American Economic Review found that after receiving half their jackpots, the typical lotto winner had only put about 16% of that money into savings. It’s estimated that over a quarter of lottery winners go bankrupt.

Sudden-Wealth Syndrome

Here’s a nine-minute montage from Broke in which wealth manager Ed Butowsky talks about why athletes get into trouble with money:

youtube

Curious how much your favorite actor or athlete earns? Check out Celebrity Net Worth, a website devoted to tracking the financial health of people in the public eye.

Here’s a (pathetic) chart I created to help visualize this phenomenon:

Sudden-Wealth Syndrome doesn’t just affect athletes and actors. Lottery winners experience it too. So do average folks who inherit a chunk of change or business owners who sell their companies.

Here’s what you should do instead.

How NOT to Waste a Windfall

If you receive a chunk of cash, I recommend that you:

Setting a Good Example

Not everyone who gets rich quickly does dumb things with money. Especially as the plight of pro athletes becomes better known, there are prominent examples of young superstars making savvy money moves. They’re learning from the lessons of those who came before.

Take Toronto Raptors superstar Kawhi Leonard, for instance. This 27-year-old NBA MVP earns $23 million per year — but still clips coupons for his favorite restaurant. He drives a 1997 Chevy Tahoe. Sure, he bought himself a Porsche, but he’s not interested in flash and bling. “I’m not gonna buy some fancy watch just to show people something fancy on my wrist,” he says. [source]

Jamal Mashburn has made wise use of his wealth. So has LeBron James, who takes his investment advice from Warren Buffett:

youtube

Here are other superstars who act as money bosses:

During his 12-year career in the NBA, Junior Bridgeman never earned more than $350,000. Unlike most players, however, he planned ahead. He recognized his basketball income would eventually vanish. He bought a Wendy’s fast-food franchise and learned the business inside-out. He became a hands-on owner. He expanded from one store to three to six — and then to a small empire. Today, twenty-five years after retirement, Bridgeman owns more than 160 Wendy’s restaurants and 120 Chili’s franchises. His company employs 11,000 people and generates over half a billion in revenue every year. His personal net worth tops $400 million. [source]

Patriots tight end Rob Gronkowski — who just retired last week — is a shining example of how to handle sudden wealth correctly. The 29-year-old earned over $53 million for playing on the field — and hasn’t spent any of it. Here are his own words: “To this day, I still haven’t touched one dime of my signing bonus or NFL contract money. I live off my marketing money and haven’t blown it on any big-money expensive cars, expensive jewelry or tattoos and still wear my favorite pair of jeans from high school.” [source]

Oakland Raiders running back Marshawn Lynch has a similar story. During his twelve-year NFL career, Lynch has collected nearly 57 million from his contract. Reportedly, he hasn’t spent a penny of that money. Instead, he’s been cautious to live only off his endorsement earnings. Whether this is true or not, Lynch is known to be a good example to his teammates, helping them with their 401(k)s and other financial issues. [source]

The post Lifestyles of the Rich and Foolish appeared first on Get Rich Slowly.

* This article was originally published here

from RSSMix.com Mix ID 8312273 https://proshoppingservice.com/lifestyles-of-the-rich-and-foolish/

0 notes

nicholerestrada · 5 years

Text

Lifestyles of the Rich and Foolish

Facebook kindly reminded me this morning that three years ago, Kim and I were in Asheville, North Carolina. After wintering in Savannah, Georgia, we’d resumed our tour of the U.S. by RV.

We hear all the time about the “lifestyles of the rich and famous”. Today, on April 1st, let’s look at some lifestyles of the rich and foolish.

Lifestyles of the Rich and Foolish

Over a period of fifteen years, Cage earned more than $150 million. He blew through that money buying things like:

Fifteen homes, including an $8 million English castle that he never stayed in once.

A private island.

Four luxury yachts.

A fleet of exotic cars, including a Lamborghini that used to belong to the Shah of Iran.

A dinosaur skull he won after a bidding contest with Leonardo DiCaprio.

A private jet.

Cage is but one of many celebrities who have done dumb things with money. Other prominent examples include:

Actress Kim Basinger paid $20 million to buy the town of Braselton, Georgia in 1989. When Basinger filed for bankruptcy just four years later, she was forced to sell the town. [source]

Some examples:

Boxer Mike Tyson earned over $300 million in his professional career. He lost it all, spending the money on cars, jewels, pet tigers, and more. He eventually filed for bankruptcy. [source]

But why does this happen? The answer might be Sudden-Wealth Syndrome.

Lottery winners have the same kinds of problems. A 2001 article in The American Economic Review found that after receiving half their jackpots, the typical lotto winner had only put about 16% of that money into savings. It’s estimated that over a quarter of lottery winners go bankrupt.

Sudden-Wealth Syndrome

Here’s a nine-minute montage from Broke in which wealth manager Ed Butowsky talks about why athletes get into trouble with money:

youtube

Curious how much your favorite actor or athlete earns? Check out Celebrity Net Worth, a website devoted to tracking the financial health of people in the public eye.

Here’s a (pathetic) chart I created to help visualize this phenomenon:

Sudden-Wealth Syndrome doesn’t just affect athletes and actors. Lottery winners experience it too. So do average folks who inherit a chunk of change or business owners who sell their companies.

Here’s what you should do instead.

How NOT to Waste a Windfall

If you receive a chunk of cash, I recommend that you:

Setting a Good Example

Not everyone who gets rich quickly does dumb things with money. Especially as the plight of pro athletes becomes better known, there are prominent examples of young superstars making savvy money moves. They’re learning from the lessons of those who came before.

Take Toronto Raptors superstar Kawhi Leonard, for instance. This 27-year-old NBA MVP earns $23 million per year — but still clips coupons for his favorite restaurant. He drives a 1997 Chevy Tahoe. Sure, he bought himself a Porsche, but he’s not interested in flash and bling. “I’m not gonna buy some fancy watch just to show people something fancy on my wrist,” he says. [source]

Jamal Mashburn has made wise use of his wealth. So has LeBron James, who takes his investment advice from Warren Buffett:

youtube

Here are other superstars who act as money bosses:

During his 12-year career in the NBA, Junior Bridgeman never earned more than $350,000. Unlike most players, however, he planned ahead. He recognized his basketball income would eventually vanish. He bought a Wendy’s fast-food franchise and learned the business inside-out. He became a hands-on owner. He expanded from one store to three to six — and then to a small empire. Today, twenty-five years after retirement, Bridgeman owns more than 160 Wendy’s restaurants and 120 Chili’s franchises. His company employs 11,000 people and generates over half a billion in revenue every year. His personal net worth tops $400 million. [source]

Patriots tight end Rob Gronkowski — who just retired last week — is a shining example of how to handle sudden wealth correctly. The 29-year-old earned over $53 million for playing on the field — and hasn’t spent any of it. Here are his own words: “To this day, I still haven’t touched one dime of my signing bonus or NFL contract money. I live off my marketing money and haven’t blown it on any big-money expensive cars, expensive jewelry or tattoos and still wear my favorite pair of jeans from high school.” [source]

Oakland Raiders running back Marshawn Lynch has a similar story. During his twelve-year NFL career, Lynch has collected nearly 57 million from his contract. Reportedly, he hasn’t spent a penny of that money. Instead, he’s been cautious to live only off his endorsement earnings. Whether this is true or not, Lynch is known to be a good example to his teammates, helping them with their 401(k)s and other financial issues. [source]

The post Lifestyles of the Rich and Foolish appeared first on Get Rich Slowly.

* This article was originally published here

Source: https://proshoppingservice.com/lifestyles-of-the-rich-and-foolish/

from Garko Media https://garkomedia1.wordpress.com/2019/04/01/lifestyles-of-the-rich-and-foolish/

0 notes

andrewdburton · 5 years

Text

Lifestyles of the Rich and Foolish

Facebook kindly reminded me this morning that three years ago, Kim and I were in Asheville, North Carolina. After wintering in Savannah, Georgia, we'd resumed our tour of the U.S. by RV.

We hear all the time about the “lifestyles of the rich and famous”. Today, on April 1st, let's look at some lifestyles of the rich and foolish.

Lifestyles of the Rich and Foolish

Over a period of fifteen years, Cage earned more than $150 million. He blew through that money buying things like:

Fifteen homes, including an $8 million English castle that he never stayed in once.

A private island.

Four luxury yachts.

A fleet of exotic cars, including a Lamborghini that used to belong to the Shah of Iran.

A dinosaur skull he won after a bidding contest with Leonardo DiCaprio.

A private jet.

Cage is but one of many celebrities who have done dumb things with money. Other prominent examples include:

Actress Kim Basinger paid $20 million to buy the town of Braselton, Georgia in 1989. When Basinger filed for bankruptcy just four years later, she was forced to sell the town. [source]

Some examples:

Boxer Mike Tyson earned over $300 million in his professional career. He lost it all, spending the money on cars, jewels, pet tigers, and more. He eventually filed for bankruptcy. [source]

But why does this happen? The answer might be Sudden-Wealth Syndrome.

Sudden-Wealth Syndrome

Here's a nine-minute montage from Broke in which wealth manager Ed Butowsky talks about why athletes get into trouble with money:

youtube

Curious how much your favorite actor or athlete earns? Check out Celebrity Net Worth, a website devoted to tracking the financial health of people in the public eye.

Here's a (pathetic) chart I created to help visualize this phenomenon:

Sudden-Wealth Syndrome doesn't just affect athletes and actors. Lottery winners experience it too. So do average folks who inherit a chunk of change or business owners who sell their companies.

Here's what you should do instead.

How NOT to Waste a Windfall

If you receive a chunk of cash, I recommend that you:

Setting a Good Example

Jamal Mashburn has made wise use of his wealth. So has LeBron James, who takes his investment advice from Warren Buffett:

youtube

Here are other superstars who act as money bosses:

The post Lifestyles of the Rich and Foolish appeared first on Get Rich Slowly.

from Finance https://www.getrichslowly.org/lifestyles-of-the-rich-and-foolish/ via http://www.rssmix.com/

0 notes