Why wealthy individuals often die poor

Can’t take it with you, right?

Was recently reading some old history books. One thing that caught my attention was the author’s study of how much the richest and most famous people in America made while they were alive versus how much they had when they died.

There are exceptions, like John Wanamaker but… many wealthy men (back in the day, there weren’t many wealthy women) died broke.

One of the stories that stuck out was the daughter of the president of one of the largest railroad companies in the U.S. in the 1900s… a few months after the president died, his daughter had so little money she couldn’t pay a dressmaker’s bill.

It’s the same story today and… Facebook (and other social media sites) make death quite the spectacle.

Here’s what I mean:

I have seen no less than 5 people on Flakebook this past year ask for money to pay for a family member or friend’s funeral.

Usually they hop on GoFundMe or something and beg for dollars.

But… it’s getting harder and harder for these people to meet their funding goals… understandably.

A simple life insurance policy would solve this problem.

And yet… is often overlooked.

Back to the wealthy:

It’s common for folks like Bill Gates and Warren Buffett to give away everything they’ve earned in their lifetime. Sometimes, they even disinherit their children and spouses.

Of course, sometimes not. But it’s more common than not.

Ok, onward.

If you want to avoid dying a pauper, one of the simplest ways you can protect your family, and perhaps leave something to your favorite charity, is to own a customized life insurance policy.

Join my email list if you want more info on how I design insurance policies for clients.

David Lewis, AKA The Rogue Agent, has been a life insurance agent since 2004, and has worked with some of the oldest and most respected mutual life insurance companies in the U.S. during that time. To learn more about him and his business, go here.