James had a major concern. His beloved son, William, was spoiled. He got everything he wanted. Flashy clothes, fancy vacations, beautiful bedroom with private bathroom were just a few of the things that William took for granted being a member of James' family.
James had accumulated so much wealth that William never wanted to work in school. William wasn't a good student. His grades in school were borderline acceptable. James sent William to the school where rich people send their rich kids. It was expensive because William didn't qualify for any of the scholastic scholarships James had received.
William liked to party at school. With his dad's money, William was a rock star on campus. With his nice car, tanned face, and party hearty attitude, he was a favourite with the girls. He was such a bad student that after one year, the school asked him not to come back. James thought that William was sowing wild oats and that eventually he would grow up. James offered him a position in his multi million dollar enterprise. The idea was that James would teach William what had made him a success so that William could carry on the family fortune.
William didn't understand why James was thrifty. Money was always available. It was like magic. Just when William needed more, it would be there.
James wanted to retire. His built his business so it could run itself. William could work in it and benefit from the same trees that James had planted.
Bad news followed. The doctor told James he had three months to live. All his hard work and he was never going to enjoy his free time.
Ninety five days later James was lying horizontal in life's death carriage. He was gone. William had full control of his dad's company. The party animal from school became a party beast. There were no limits on how much money William could spend. He took five vacations per year, with five different women. His dad couldn't tell him to curve his spending. The business needed attention so William hired some high paid employees to take care of it for him. He had no interest in his dad's business. He wanted the lifestyle.
One high paid employee stole $1 million from the company account and fled to Thailand. Crippling the company with a cash problem, William had to buckle down and get back to work. But he didn't know the work. Plus he didn't like to work. Work took away from his lifestyle.
Banks wouldn't invest in his business. So he refinanced his dad's house to keep the business going for the next 3 months. His friends dried up about the same time as the money did.
William was alone. His dad's business was bankrupt. His dad's house was going to be repossessed. He abandoned his dad's house, moved in to his cousin's mobile home, and handed the keys to the business to the bank.
He would run into family and ex party friends at the corner store. They sympathized for him and declared that he was poor.
He answered, "I was always poor, I just didn't know it".
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