When people start making big money, they forget there should be some limitation to their spending. It’s not how much you make, but what you do with what you make, matters most. The title must have surely explained my topic for today. This post lists those wealthy people who made big fortunes but spent it foolishly.

 William Randolph Hearst, famous American Newspaper Magnate and newspaper publisher, built an enormous castle in California. The estate features 56 bedrooms, 41 fireplaces, 61 bathrooms, and 19 sitting rooms. The buildings total more than 90,000 square feet.

 Dennis Kozlowski, a former CEO of Tyco International (currently serving at least eight years and four months in prison for misappropriating more than $400 million from company funds), received widespread attention for his decadent lifestyle. For his wife’s 40th birthday, Kozlowski staged an extravagant $2 million party on the Italian island of Sardinia.

 Larry Elisson, founder of Oracle Corp and one of the world’s richest men, owns few of the most erotic cars including Audi R8 and a McLaren F1, several aircrafts and a $200 million Woodside, California estate.

 Imelda Marcos, former First Lady of Philippines, was ranked 58th among 100 Most Powerful Women in the World, but gained notoriety for her extensive shoe, gown, and jewelry collection. Her extensive wardrobe included 15 mink coats, 65 parasols, 71 pairs of sunglasses, 508 gowns, and 888 handbags and over a thousand pairs of shoes.

 Michael Jackson, the King of Pop earns a lot of money but spends a lot too. He purchased ten artificial intelligence Sony AIBO dog robots at $5,000 each, and it takes over $200,000 a month just to maintain and run his home. American population was dazzled when he shopped away $6million within few hours.

 Boxing Champ, Mike Tyson, earned over $300 million, in his professional career, but lost all spending it on jewels and cars and eventually filed for bankruptcy.

 Elton John, famous for spending bulk of money in classic cars, clothing and jewelry and once he was reported spending an amount of $205, 774 on the flowers only. Some time back, he admitted running up debts more than $2 million a month.

Don’t think this post is against the wealthy people enjoying the luxuries they can afford to buy, but don’t you think they should be a bit prudent when they are being idolized by so many people.
So, what do you say.… the billionaires should also have a budget or you think what good is making a fortune if you can’t spend it.