When The "Rich Kid" Lost All His Money (AskReddit)

when did that rich kid lose all his wealth so I used to know this kid whose father was a political figure everyone knew he was quite corrupt and made tons of money but we used to live in an Eastern European country so things like corruption were quite common he used to spoil his kid with everything like most rich parents do he wasn't a bad guy or anything but he was always so arrogant had just got on my nerves he basically had everything financially settled for him but this wasn't enough he used to hang around my neighbourhood and people would make fun of him because he was short and all that your typical bullying scenario so what did he do well he figured that he should start selling weed because that would get in respect in the neighborhood and the respect will be enough to live up with his arrogance so this kid who basically had everything that he desired and was always bragging about it risked his freedom trying to sell drugs just like all the other poor people because he thought it would be back quote cool that was the perfect recipe for disaster it took about a year and a half until he got caught The Fool was selling to an undercover cop obviously the agents were more interested in him because of his father's political exposure and the amount of attention the case would get after the investigation he was given two years in juvenile prison some years after that his family was still under investigation for different corruption allegations of his father so it goes that the father was jailed afterwards being found guilty of political corruption and taking bribes you can sort of say it was a back quote like father like son type of scenario I guess the point of the story is to be happy with what you have and even if you have more than others don't brag about it a loud-mouthed can easily be shut up I had this rich kid in my school one of the most arrogant people I knew you know the type the silver spoon brat who didn't need to work for a thing in their lives and thought the world revolves around him because he was spoilt as a child from what I known his dad used to make a lot of money back in the days when he was working for a big hedge fund in London he had everything a nice Merson 18 holidays paid for every year he used to go to place like Paris and Switzerland you know the ideal scenario the problem was not that his parents were rich and he was enjoying the money that's only normal we are all working hard trying to provide the best life for our children the problem was that he acted like he owned everything like he done everything by himself many people started to notice that and told him that he's way too arrogant and that he wouldn't have anything if it weren't for his dad all of that was true of course but as you know truth can really hurt people so he wanted to prove everyone wrong so he bought this fancy trading course because he wanted to learn how to back roads clay the stock market just like his father did I've heard he maximum dad's credit card to fund his trading account he had this so-called trading strategy that would triple his investments in three weeks that trading strategy was basically putting all your money into a cryptocurrency and getting passive gains from that every day he put all his money in bit connect he lost everything after the first week we haven't seen him around school after that months later we've seen him working at Burger King he told us that his father is no longer giving him any money and asked him to move out of the house what's with people who already have everything but want to ruin it all just be humble flipping burgers might teach him that most of the friends in our circle turned 18 and it was the time for getting a license and trying to flex with our cars like every other teenager does most of us didn't even have our own cars and we used to borrow our parents car when they were kind enough to give us their keys however some us had the luck and money to earn their own cars so it was the case for my friend Paul who got a naughty RS for his 18th birthday truly a beast of a car having more than 400 horsepower definitely way more than a teenager needs either way we had this spot where all of us got together on weekends he used to show up revving the car that his folks got in trying to impress everyone this one night it was raining so a couple of my friends were practicing drifting of course he wanted to join to backquote show us how it's done all said and done he pushed pedal-to-the-metal turned the wheel and lost control there was smoke all over and we barely saw him but we heard a loud noise and then we knew that he messed up he smashed his rear bar of his precious car into a pole into the parking lot one of his wheels came off and basically the car was unable to run because of this there were tiny pieces of metal all scattered across the ground in the airbags pops luckily he hadn't suffered any injuries or anything however after that he was always walking to school also we stopped seeing him in the weekends as well probably the only car he was riding in now was his uber I remember this kid back in high school who was really popular because his parents were aged and lived in a mansion he used to make fun of other students who brought lunchboxes to school because they couldn't afford buying food from the canteen every day once I saw him going to this girl I knew her father died in an accident so only her mom was sustaining the family and gave her $50 dollars just like that saying even poor people should be able to enjoy some pizza every once in a while this should last you a couple of weeks got I wanted to slap him but I didn't want to get expelled because I know his dad and the principal were good friends the thing is he didn't even do as a good intention he was just trying to impress this girl from class what a horrible human being that's why we didn't talk too much because I don't like arrogant spoiled teenagers I remember that on his 16th birthday he invited us to his mansion well his parents mansion because he wanted to impress everyone after inviting everyone over promising a good time when people started to show up he had sent them back home saying that they are not dressed fancy enough and their poor taste will ruin the photos again I wanted to slap him so hard years later I found out that his father died unfortunately a sad incident indeed as soon as he found out both him and his mother the wife tried to come up with the papper work to inherent the mansion they had to go through a bunch of lawyers and draft up numerous paperwork but all with no luck his grandpa told him that he is not actually his child he done a DNA test when he was born to see if the child belongs to him but it turned out he did not the wife was fooling around apparently at the time the father was too preoccupied with his business in order to find time to sort this out so he just played along pretending to know nothing of his wife's affairs his grandpa refused to sign the papers because the arrogant spoiled kid didn't belong in the family and neither did the backquote wife they ended up renting a crowded two-bedroom apartment on the outskirts of town the only place they could afford now when I see him I feel like giving him $50 so he could afford rent knew a guy who had a brand-new Range Rover one of those fancy expensive editions the South must have worth like fifty thousand or something which is insane the truly crazy part is that this happened when he was 16 and they say all people are equal anyway his spoiling went on in many ways through college and beyond now he's a loser who parties like he's 19 with a job he got through daddy's connections he is in his mid thirties with a failed marriage and no friends I don't want to be harsh on him but the guy's so arrogant and always has been I'm sure he will burn all his inheritance and life up such a shame there were five high schools in my district the one I attended had the average income of above dollar sign 100k per household while the other schools were close to half fat over the course of four years I can think of multiple cases of rich kid syndrome however this one takes the cake the kid was an older freshman and became one of the first students to get their learning permit parents immediately purchased a BMW with all of the bells and whistles within four months of having the car the kid got multiple speeding tickets and of course got into an accident that messed up the car for good parents bought another car not as expensive but had numerous extra features on the sixteenth birthday took half a year before getting into another rack parents sold the car to get another one this car was a considerable downgrade from the previous two cars this cow lasted the longest before the kid got a DUI at 18 his parents sold the third car and sent their kid to rehab once the kid went to college private school they purchased him another car this was last I heard from the kid but I'm sure he will find a way to mess it up again I was best friends with this kid during first years of high school we were literally such good friends shared our lunches shared the same bench during classes talked about girls you know your usual stuff one summer after school year finished he told me he would be away apparently his dad had this new business deal that had to take care of Indy Bay so I will only get to see him at the beginning of the next school year I was truly gutted that we won't spend the summer together like we usually did but I understood the situation when next year started I saw him showing up in a brand new car wearing fancy clothes which is not like him because he used to be really laid-back about all that stuff I approached him to say back quote hello and he instantly dismissed me saying that he shouldn't hang out with people poorer than him because it is just a waste of time I couldn't believe my ears how can someone change so drastically in such a short period amount of time I was absolutely shocked I tried to approach him the next day as well asking if everything is all right with him however this time I was met with complete silence I couldn't stand his arrogance in the middle of the school year I stopped seeing him around school thought that something terrible had happened so I've asked my teacher if he heard anything from him or his parents she told me that my back quote friend abandoned school because he was not able to afford it anymore we went to a private school I found that really strange at the time why would someone exhibit that rich and arrogant attitude if they are poor I found out months later while reading a news article that his dad was found Gil a fraud apparently he was involved in some sort of pyramidal Ponzi scheme that would fool investors to chip in their funds but then never saw a return on their investment truly load stuff his father was failed for seven years in the Sun my colleague and ex friend was jailed for three years because he acted as an accomplice to the whole fraud I can't believe the stupid things people do for money the truly ironic thing is that he couldn't even enjoy the money because they were dirty make sure you send out a positive message to your kids you know when you spot that someone has a problem like an addiction issue for example but you simply don't know what to say to make things better this was the case with a friend of mine his parents were filthy rich I mean like oil rich his dad was a self-made millionaire in the oil industry and his mom got an online shopping business essentially he was are all right as a teenager but everyone kept telling him that he did not add his money and that he does not deserves all the nice things in his life I found that a bit harsh that he was judged like that by people that didn't even know him anyway in time he sought and developed this complexity that he needs to work for his own money and not depend on his parents funding which I found truly remarkable coming from someone who didn't need to work a day in his life because everything was sorted for him however I think he wanted to prove others more than to himself that he can make his own money all said and done he got a job that required no experience because he didn't have any anyway he started as the waiter in a restaurant because it was the only place that would hire him after the first week he got fired because he used to turn up late for work so he discovered another way of making money and this was through gambling he used to go to poker nights and play the roulette with the pocket money his parents gave him which was around thousands of dollars when you don't think about the things you have to lose your gambling gets better I guess after his first winnings he started to act all arrogant claiming that he made all his money from his business endeavors which was obviously untrue when I've confronted him why did he lie simply told me that I should shut up and that he will hurt me if I tell anyone my friend had changed because of money and he didn't even need that money it all escalated when he got into a massive gambling debt because he lost a couple of hundred thousand on poker I told him that he could sell one of his three super cos to pay for the debt because otherwise some dangerous people will get him obviously he didn't listen and just like any other responsible gambler would do he doubled down on his money so he went on stealing all the gold from his house his mum was really into jewelry and bet on it hoping he will be able to pull through he lost it he lost everything and now he was in trouble this was the last time I've seen him he wrote me a letter a couple of months later apologizing for the fact that he was so arrogant and how this caused him to go down his path he also told me that his dad keeps him on a monthly limited allowance now until he learns how to manage his money and so on why is it that we always want more when we already have everything

Channel: ToadFilms

Views: 273,458

Rating: 4.9170351 out of 5

Keywords: rich kid, rich, kid, rich kids, kids, rich kid syndrome, lost all his money, rich people who lost it all, money, lost all money, reddit, askreddit, askreddit funny, top posts, top posts of r/, r/, r/askreddit, reddit top posts, reddit cringe, comedy, reddit compilation, top posts of all time, askreddit question, askreddit top posts, ask reddit, askreddit reading, subreddit, reddit stories, best of r/askreddit, funny reddit, best reddit posts, best of reddit, emkay, ToadFilms, GioFilms

Id: p3JvWcuyqnI

Length: 14min 22sec (862 seconds)

Published: Sat Nov 09 2019