Well there's the rich, and there's the mega-wealthy.

Yesterday it was announced that Macquarie Bank's CEO, Alan Moss, is retiring after thirty years of service with an $80 million dollar payout: $24.8 million pay packet for the year, a $24.8 million bonus and more than $30 million in Macquarie- related shares he has bought over the years.
Laree Madonna Jane, ex-wife of Tyre Giant Bob Jane (T-Marts) has told court she cannot possibly live on the $30K a MONTH ($800K a YEAR) allowance she is currently allocated.
She is such an extravagant spender, she also ran up $1.5 Million in debt over 41 credit cards!!! I can't even think how she'd get that many cards!! That's more than one with every bank I can think of + store cards anywhere that offers them!
The case has hit the news also because Mrs Jane couldn't control her spending and ended up dipping into two franchises she part owns.
When their spending started to cause financial problems for the Bob Jane Corporation, Rodney Jane - Mr Jane's son from a previous relationship - put Mrs Jane on an allowance of $70,000 a month.

Mrs Jane, her sister Natarsha Ryan and her husband Glenn Ryan have taken legal action to win a ruling that the corporation was not legally entitled to issue a notice of default on the T-Mart franchises at Taylors Lakes and Essendon after they ran up debts of $440,000.

Mr Collins said that while debt was running up in the franchises, the Ryans and Mrs Jane bought property and other assets and appeared to be trying to build up their own empire.
How much money can a person need! I'm not ashamed to admit that I make less than $70K A YEAR. I don't even know what I would spend that much on.
Its not known what she spent all the money on, but reports include a purchase of "rare pearls".

I'm in tonight's Powerball draw, $30 Mil split four ways if we win. I can't afford to continue to lose however, if we don't win soon I'll have to pull out hehehe.
M and I often muse, how much money we could win that would be "enough". Everyone's got their own bar for where "enough" falls. Say, "enough to change your life".
We start small, say if we won $10K, what would we do with it. I think its generally agreed if you won $10K however, its not really enough to do anything with* other than be excited. Go on a more extravagant holiday than you could normally afford, new boots, new this, new that, before you know its all gone. Its not enough to make a substantial dent in our mortgage*, so its kind of not worth putting any of it there.
So then you move onto say $50K. While nice, and we probably would throw some of that amount at our mortgage, again, a nice holiday, some savings possibly, some fun, but it wouldn't change our life drastically. $100K? Doesn't wipe out our mortgage, we can't stop working, so where does it end? Is it "enough" if you can pay off your mortgage? Is it only "enough" if you can go on and buy a house and have spare change? By that standard, depending where you want to live, $1 Mil might not even cover you.

*Obviously we haven't even considered simpy investing the money in any of these scenarios. The sensible thing would probably be invest at least half the money if its a small amount ( >$20K is this arrow the right way? I can never remember which way means which) and pay any interest into the mortgage as it makes it.

4 kindred spirits ~ This bugs them too!:

K said...
May 22, 2008 2:56 PM

I won $10K a few years ago in a lotto syndicate. After uni fees, a new (second hand) car I desperately needed and a little in the bank it was gone.

What seems like a lot of money is really not much at all.

richwell said...
May 22, 2008 6:43 PM

Bob did marry her when she was 19 and he was 55. And they were married for 20 years with two children. So maybe she spent something her children.
The rich are not like the rest of us!
What about this $261,000 handbag?


Reanan said...
May 22, 2008 8:19 PM

Obscene wealth baffles me... we can never comprehend that much money.

Dataceptionist said...
May 26, 2008 12:02 PM

Yes indeed K, the more we have, the more we spend it seems.

Hi Richwell, WOW I had no idea there was such an age gap actually. As far as I know however her children are grown up and she's not buying them Porsches or anything.

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