"History is a wonderful thing, if only it was true"

Monday, June 02, 2008

Sic Transit Gloria

How about a big round of "boo hoo"
Note that this piece seems to be very Manhattan-centric.

It's as if layoffs on Wall St. are news.

Lesson - live below your means, not beyond.

It’s Not So Easy Being Less Rich - NYTimes.com:

"They seem to have nothing to fret about: their net worths range from $5 million to $1 billion. A blip in the markets shouldn’t send their chateau-size Park Avenue co-ops to foreclosure or exile them to Payless Shoes.

But Ms. Chemtob’s clients are concerned all the same, she said, because their incomes have shrunk, say, to $2 million a year from $8 million, and they know that their 2008 bonus checks are likely to be much less impressive.

One of her clients recently confessed that his net worth had decreased to $8 million from more than $20 million, and he thinks that his wife will leave him. He has hidden their fall in fortune by taking on debt to pay for her extravagant clothes and vacations.

“I literally had to sit there and tell him that he had to tell his wife that she had to stop spending,” she said. “He was actually scared she would leave him because their financial situation changed so drastically.”"

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