Scott Storch Files For Bankruptcy After $70 Million Fortune Dwindles To $100 In Cash!

[KingOfJericho]

You can't take it with you.

On a personal note, I bought myself a Lotus for my 25th birthday. My mother actually cried on the phone telling me I should have invested in real estate. I eventually capitulated and sold the car to buy a condo (in 2008). I've lost enough on that condo that I could have bought the fucking Lotus outright. As it turns out, the worst financial decision I've ever made was selling the car.

[ASBSECU E93]

Originally Posted by KingOfJericho

You can't take it with you.

On a personal note, I bought myself a Lotus for my 25th birthday. My mother actually cried on the phone telling me I should have invested in real estate. I eventually capitulated and sold the car to buy a condo (in 2008). I've lost enough on that condo that I could have bought the fucking Lotus outright. As it turns out, the worst financial decision I've ever made was selling the car.

Agree with you on the car comment - to a point. I was given a '69 Boss 302 Mustang when I was very young. Worked to restore the car and sold it for a sizable down payment on my first house. I flipped that house and doubled my investment, but I still think of that car every day!!

[RedlinePSI]

Originally Posted by Nkc

I'd rather have the chance to squander $70m and say to myself that I've actually lived. Being broke with a $3000 watch still on the wrist ain't the worst thing in life. Yolo.

What happened to "It's better to have never had, than to have had and lost"? That's one I happen to agree with when it comes to mass riches. That is of course assuming one truly looses it all. It will take more than a leftover $3K watch to make that loss worth it.

[EJT86]

SOB owes me 20 bucks

[TXSTYLE]

Originally Posted by Nkc

I don't either but who are we to really judge how the man lived through his wealth? Maybe wealth means nothing to him either. Was he asking for your sympathy? You're stating quite strongly that he deserves to be broke, did he affect you personally when he was living lavishly? Why the hate bruh?

Lol... Here we go. Nobody hating on this or ANY person. Not over here anyway.
I stand by my words. Live like a "irresponsible child with no sense of future" zero fuks from me. But guess what... If I did the same, I'd expect zero fuks too.

Guess there's a difference when you're a middle aged, successful business owner, family man, that has worked and earned all that I have. And plan to keep it for me and my kids. Vs say, a mid 20 something yr old that lives by the mantra of "YOLO!"
How old are you again...

[TXSTYLE]

Originally Posted by EJT86

SOB owes me 20 bucks

[ASBSECU E93]

Originally Posted by Mr Tonka

Becoming instantly wealthy has little to do with people's financial control.

I actually find it to be an interesting subject of conversation about human behavior. But lately this forum seems to be about cheeky bullshit with little substance. So it'd doubtful that any meaningful discussion would materialize.

I would disagree with you - but it is only my opinion on the subject. The instant notion that you have what would appear to be an endless supply of $$ takes considerable restraint from writing a check for everything you have always wanted...

[SheaButter]

Originally Posted by ASBSECU E93

Well said. People that are instantly wealthy have serious issues with fiscal control.

The main difficulty is when you're wealth is growing at what seems to be an exponential rate, and it gets to the point where dropping $20k something is like buying a cup of coffee. you rack up a ton or purchases that either depreciate or are materialistic things that aren't really very easily sold. Compound that with the EOY taxes owed, and holy crap things can swing around quite fast.

I'd like to say mine was the economy that made me start over, but I could have also been muchhh better with spending habits. I bought 3 houses in 2006-2007 and had my entire portfolio rolled over to small and mid cap high beta accounts. Boy that 2008-2009 stock market and real estate market bubble sure hurt

[MrPrena]

Storch filed for bankruptcy claiming just $3,600 in assets, including a $3,000 watch, $500 in clothing and $100 in cash.

After getting rid of 3500 worth of stuff at a market value, he will have ~1300ish.

Making a comback with 1300cash would be extremely difficult (going to a mars difficult), but not impossible.

[ASAP]

Hah... let me give you guys a funny story from the year of 2006.

I am walking on Miami Beach next to a club called Mansion right off of Washington Ave.... if you know what it is, then good... if you don't, then trust me, it's not worth explaining.

Right as I walk by... I hear an incredibly loud sports car drive by and park by the valet. Turned out to be a Bugatti Veyron, so a large crowded had gathered at this time as everyone was wondering who this was. A random pasty white dude walks out with black shades on, shiny shoes, 2 diamond chains, some expensive diamond watch all while looking down on his phone and texting as he walks past me. Around him walk 4 massive body guards and that's when it struck me... it's Scott Storch... I knew who he was as this was not long after a few of his hits came out... Moral of the story, if you saw this guy... you would not be surprised at all how things turned out for him.

[ASAP]

I'll add something else for fun... the clown made a diss track at Timbaland back in 2009...

[Nkc]

Originally Posted by TXSTYLE

Guess there's a difference when you're a middle aged, successful business owner, family man, that has worked and earned all that I have. And plan to keep it for me and my kids. Vs say, a mid 20 something yr old that lives by the mantra of "YOLO!"
How old are you again...

Dude you're like a old broken record. How often do you have to say the same "middle aged, successful business owner, family man..." routine and what's with you questioning my age all the time? I'm not nearly as old as you (I assume) and I'm past my 20's. I seriously have no idea what you're getting to but you might have a serious case of schadenfreude.

[Mr Tonka]

Originally Posted by ASBSECU E93

I would disagree with you - but it is only my opinion on the subject. The instant notion that you have what would appear to be an endless supply of $$ takes considerable restraint from writing a check for everything you have always wanted...

My argument is that most people without wealth are already unable to restrain themselves from writing a check for everything they want. (within the confines of their bank account or CC limits)

The only difference is that the person who just won the lottery, inherited a large amount, was picked high in the draft, awarded a record contract, etc... just has more to spend. What tells them to stop spending is not having anything to spend.

What's crazy is to expect someone who's never had more than a few hundred excess dollars in their bank account to all of a sudden be financially responsible with so much more.

I also think it's a matter of what you want. Most people are infatuated with acquiring stuff. When they come into a lot of money they naturally aim to acquire lots more stuff. Though they are in the minority, some people want different things like security or early retirement. A friend of mine inherited $4mil when he turned 18. He has aspirations of owning his own hotel. So since college, he's been working in the hospitably industry learning all aspects of the game before he decides on the right property to buy. He's been doing that for 14 years without hardly touching that money. Despite spending some of it the earnings he's made to buy a reasonable house and other things, he's almost doubled the amount he inherited.

So in essence, i don't disagree with you. I just propose that most people who become instantly wealthy are controlling their finances the only way they know how, to spend it all.

[TXSTYLE]

Originally Posted by Nkc

I'm not nearly as old as you (I assume) and I'm past my 20's. .

That explains it. Carry on. Speaking of broken records... Isn't time you direct your "concern" elsewhere instead of constantly addressing me? Oh i forgot... You're trying to prove some sort of point.
Let's see what comeback you have now...

Anywho... I'd much rather be proud of and share something actually admirable like "hard work and family values" than "shallow douchery". It's all about this thing called 'character'. Hint... It's not something you can buy.

[TXSTYLE]

Originally Posted by Mr Tonka

My argument is that most people without wealth are already unable to restrain themselves from writing a check for everything they want. (within the confines of their bank account or CC limits)

The only difference is that the person who just won the lottery, inherited a large amount, was picked high in the draft, awarded a record contract, etc... just has more to spend. What tells them to stop spending is not having anything to spend.

What's crazy is to expect someone who's never had more than a few hundred excess dollars in their bank account to all of a sudden be financially responsible with so much more.

I also think it's a matter of what you want. Most people are infatuated with acquiring stuff. When they come into a lot of money they naturally aim to acquire lots more stuff. Though they are in the minority, some people want different things like security or early retirement. A friend of mine inherited $4mil when he turned 18. He has aspirations of owning his own hotel. So since college, he's been working in the hospitably industry learning all aspects of the game before he decides on the right property to buy. He's been doing that for 14 years without hardly touching that money. Despite spending some of it the earnings he's made to buy a reasonable house and other things, he's almost doubled the amount he inherited.

So in essence, i don't disagree with you. I just propose that most people who become instantly wealthy are controlling their finances the only way they know how, to spend it all.

That is what I would call admirable. I respect "effort, responsibility, meager, humble, and low key". When you know and hang out with Millionaires who you would never think are, based on their lifestyle, it puts things in a different perspective and respect. That's my opinion.
I come from very modest beginnings. Through effort, discipline, diligence, hard work and even a couple of missteps along the way... I'm happy and comfortable. So naturally I'm gonna respect like minded individuals.

[w0ady]

I learned a lot of my biggest lessons from screwing up. Screwing up and losing $70 million is levels above lol.

[MrPrena]

I've seen it all.
Most of people who overly spend their money speculate that they will have a consistent income coming out. Regardless of people making $10,000/yr or $10mil/yr, they need to budget themselves.

[Lups]

Originally Posted by MrPrena

I've seen it all.
Most of people who overly spend their money speculate that they will have a consistent income coming out. Regardless of people making $10,000/yr or $10mil/yr, they need to budget themselves.

What's your budget alert?

My hubby laughed his ass off when I was heart broken after I spent 500 bucks more than I anticipated on our last houses full renovation. I go so overboard with my calculations, if I serve baby carrots with dinner, I can tell you how much each costs.


I see our life as his income - expenses (my income- hobbies) =savings, savings are not a family holiday money. They are my next renovation budget.

I've let go a lot. Now I know only by ten bucks accuracy what is on which account at each given moment.

[MrPrena]

Good question. We are trying to minimize to 3500/mo +/-10% (minus lump sum semi-annual car insurance) on entire budget. That is including mortgage.
Reason we are doing this is because I don't have a fixed paycheck. One day, I will make $10/day, and some other day, I can make 1000x more.

At the end of the year, if we have a surplus, we reconciliate the budget after saving+retirement+taxes, and other DIY projects $ put aside.

Last year DIY project was flooring, and it went +/- 1000 budget.

Originally Posted by Lups

What's your budget alert?

My hubby laughed his ass off when I was heart broken after I spent 500 bucks more than I anticipated on our last houses full renovation. I go so overboard with my calculations, if I serve baby carrots with dinner, I can tell you how much each costs.


I see our life as his income - expenses (my income- hobbies) =savings, savings are not a family holiday money. They are my next renovation budget.

I've let go a lot. Now I know only by ten bucks accuracy what is on which account at each given moment.

[Lups]

Originally Posted by MrPrena

Good question. We are trying to minimize to 3500/mo +/-10% (minus lump sum semi-annual car insurance) on entire budget. That is including mortgage.
Reason we are doing this is because I don't have a fixed paycheck. One day, I will make $10/day, and some other day, I can make 1000x more.

At the end of the year, if we have a surplus, we reconciliate the budget after saving+retirement+taxes, and other DIY projects $ put aside.

Last year DIY project was flooring, and it went +/- 1000 budget.

Lol.

Me: My hobbies (nothing car related) last year's income minus taxes minus 35% to accumulate for the next year. I'm so heavily down this year it's not even funny. I'm like 30k red, since I don't invest in anything I see un ethical but my hobbies still cost me a lot.

I think I can make this a zero or a mildly positive year maybe during third and fourth quarters for me, but I seriously hate the stall marks right now.

[MrPrena]

Not bad. One of my investment, I am down 35%.
This fund was made specifically made for my wife's 507 purchase named AMD for AMG. AMD for AMG is a total bust this year YTD.

One month, I think I only made $550 off of online sales. LOL. That was horrible month, but we survived.

Oh yeah, when we go out to eat, we use deals/coupons on 75% restaurants we go. Tomorrow, we are going to Noodle's and Company for lunch. it is not the best food out there, but BOGO at ~$6 for 2 is not bad at all.

Originally Posted by Lups

Lol.

Me: My hobbies (nothing car related) last year's income minus taxes minus 35% to accumulate for the next year. I'm so heavily down this year it's not even funny. I'm like 30k red, since I don't invest in anything I see un ethical but my hobbies still cost me a lot.

I think I can make this a zero or a mildly positive year maybe during third and fourth quarters for me, but I seriously hate the stall marks right now.

[Nkc]

Originally Posted by TXSTYLE

Why the 'thumbs-up' you ask? Simple... He deserves to be broke!

Originally Posted by TXSTYLE

It's all about this thing called 'character'. Hint... It's not something you can buy.

Character... lol.