Neither have I. That’s because most financial advisors and experts focus on how to build wealth, not lose it.
And for good reason. Building wealth requires hard work, patience and a whole lot of luck.
You would have to have more than one source of income, the knowledge and discipline to invest wisely and be lucky enough to not get caught up in a downturn.
And anyway, does anyone really need to be told how to lose money?
Most people are careful with their money. They also tend to save whatever they can. But more often than not people slip.
They don’t just lose their savings; they lose everything they own to the point of bankruptcy.
So how does one find themselves in such a situation?
#1 Spend all, save none
For starters, they spend all their money on extravagant useless purchases without saving any.
Take, for example, Hollywood actor Nicholas Cage.
The actor at one point had US$150 m in funds but was soon bankrupt because he could not keep it together financially.
He spent all his money on frivolous purchases such as a US$150,000 pet octopus and shrunken pygmy heads. He even bought a dinosaur skull worth a quarter of a million dollars!
While this may initially seem fun, being financially irresponsible has consequences.
If you don’t have any savings, you will be financially unprepared to deal with any unexpected…