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A Billionaire’s Budget
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Turns out that the personal financial advisor to Oracle Corporation founder Larry Ellison, worth about $17 billion and the nation’s fifth richest according to Forbes, sent him a series of emails that warned him of his “habitual runaway spending.” In 2002, he tells him that he’s worried and that “it’s imperative that we start to budget and plan” because Ellison, who is a billionaire, was spending too much. Ellison has a credit limit of more than a billion dollars and his “miscellaneous lifestyle expenses” are pegged at around $20 million a year.
Take a look at this list of loan balances in 2000, Ellison has over a billion dollars in loans to five different banks! It’s amazing isn’t it?
via sfgate.
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Just proves the old saying once again — “it’s not what you make, it’s what you spend!”
Yikes! I guess that just shows that understanding credit and budgeting is definately not something that comes with wealth.
Carnival of Debt Reduction
Welcome to this week’s edition of the Carnival of Debt Reduction. As a summary of each piece, I’m listing each author’s reason for submitting the post to the carnival (for those that submitted one) and/or a bit of the post