Millionaires getting duped out of millions
Boy O Boy. I am getting so tired of hearing about the poor millionaires getting “duped” out of millions. The latest is John Elway, and once again, I have no pity.
Now dont mistake my lack of pity for anger against “rich” people. If you have made your money and you are well off, then my hats off to you. I dont think you should pay a higher tax rate than me (which you do) and I think you have the right to better things in life, simply due to your resources (which you do).
What I dont have is pity for when you make investments that fail. I cant afford to risk the money I have, simply because I cant afford to lose it. If you can afford the risk, then go for it. Just dont complain when the risk doesnt pay off. I think back to when Charles Barkley was in the news for his gambling “problem”. He made the point that he likes to gamble, and he can afford to gamble, so where is the problem? Amen to that logical line of thinking, brother.
The defense that Elway or any of the others was “duped” sits poorly with me, as it takes away the responsibility of the investor. If you dont do your research with diligence, that one is on you. Either greed, laziness or complacency could be used to describe what happened, but I would be willing to bet (if I could afford to as Sir Charles can) that if you looked hard enough, there were indicators that this was not a solid investment.
