the age old story

[Gordie]

Ahhh the age old story....the kids squandering the inheritance from the hard work of the parents....Lisa Marie Presley manages to turn $100m into $14k.

Elvis Presley's daughter tells court she has $14k left from $100m inheritance | Stuff.co.nz (https://www.stuff.co.nz/entertainment/celebrities/101738388/elvis-presleys-daughter-tells-court-she-has-14k-left-from-100m-inheritance)

[ATH]

I've got nothing to leave them to squander........ [biggrin]
AlanH.

[trog]

I've got nothing to leave them to squander........ [biggrin]
AlanH.

No kids either !

[V8Ian]

If there's any squandering to be done in this family, I'll be the one doing it. [bigwhistle]

[Gordie]

I am just envious I suppose...never been given anything to squander!!

[Markf]

If there's any squandering to be done in this family, I'll be the one doing it. [bigwhistle]

Case in point. I own a D2, or does it own me?

[trog]

No , you are custodian

[DiscoMick]

Reminds me of the old joke that the way to create a small company is to leave your big company to a spoiled and irresponsible child.

[Gordie]

Reminds me of the old joke that the way to create a small company is to leave your big company to a spoiled and irresponsible child.Have heard a similar saying, not a joke, something like....the grandfather builds up the company, the son bleeds the company and the grandson bankrupts the company. something like that.

[DiscoMick]

Poor to rich back to poor in three generations.

[Mick_Marsh]

My great grandfather was a very wealthy man. Owned businesses and commercial properties. Wouldn't let his kids touch any of it. Ok, he paid them allowances.
When he died, his kids squandered it on race horses, sports cars and the like.

They didn't learn how to manage their money.

I suspect it is a common story for America's rich and famous.

[trog]

Lotto jackpot is 15 million tonite. If I win , it will be my Solomon pledge to squander as much as possible. Don’t have kids to do it for me

[V8Ian]

What are you up to this morning Trog, working or squandering? [bighmmm]

[Gordie]

What are you up to this morning Trog, working or squandering? [bighmmm]He is busy hiring a PA to do his forum postings for him....

[V8Ian]

He is busy hiring a PA to do his forum postings for him....
And pay his rego. [bigwhistle]

[DiscoMick]

Malcolm Turnbull's father gave him $1m and he turned it into $300m, so some people do well from inheritances.

[trog]

And pay his rego. [bigwhistle]

Oi ! Enough of that , no phone call so resumed my place at the bottom of the pecking order. Enjoyed the solitude of my walk in by planning the most painful possible injuries on the brains trust that run the place. Unfortunately voodoo thoughts are as useless as my ticket.

[DiscoMick]

Just think of every pay packet as a victory.

[trog]

Just think of every pay packet as a victory.

No , i see another lot of free work donated in lieu of overtime or time off. Btw another vacancy has come up . Fourth person to leave in the last month !

[Tombie]

Like the ones that have gone before you mate. Maybe it’s time for a change?

[DiscoMick]

No , i see another lot of free work donated in lieu of overtime or time off. Btw another vacancy has come up . Fourth person to leave in the last month !Sounds like the disgruntled wage slaves are voting with their feet, as high staff turnover can indicate poor working conditions.

[Gordie]

Sounds like the disgruntled wage slaves are voting with their feet, as high staff turnover can indicate poor working conditions.I have worked for a few employers who care not how you vote, they just keep recruiting, not addressing why people are leaving....GLAD I don't work for them anymore.

[Bigbjorn]

Have heard a similar saying, not a joke, something like....the grandfather builds up the company, the son bleeds the company and the grandson bankrupts the company. something like that.

Old North of England proverb. clogs to clogs in three generations.

Mind you there are plenty of examples of lavish spenders who blew all their brass quickly. I knew a bloke who was an Invalid Pensioner and won the Gold Lotto first division. In 18 months he was back at the DSS to reclaim his pension having spent, ****ed up, and punted nearly $2 mill.

[DiscoMick]

Yeah I knew a chippie who won $1m and a year later was broke again.

[Bigbjorn]

Yeah I knew a chippie who won $1m and a year later was broke again.

There was one on the Gold Coast who got $670,000 as either a CTP or Worker's Comp lump sum settlement and got through it in 4 months mainly at Jupiters Casino. He was physically stuffed from his injuries and went to Centrelink to apply for a Disability Pension and was refused as a preclusion period applied and he could not get welfare assistance until after the expiry date of the preclusion period. Welfare Rights got him to apply for a Ministerial Act of Grace which the Minister quite rightly refused.

They do something similar in UK. They call it deprivation of assets There if you have a large sum in your bank a/c's and you spend it, give it away or whatever. They won't pay you welfare.

[trog]

Sounds like the disgruntled wage slaves are voting with their feet, as high staff turnover can indicate poor working conditions.

A new fellow today asked me about the walk rate. Kept quiet for a minute , then he said he was likely to go soon 😂
I take a bit of pleasure going in each morning to see who is sick , late or broken their delivery ute. Calamity for giggles.

[trog]

Oops , got my numbers wrong. Seems it was 4 people this week !

[3toes]

Last place I worked soon after started realised that out of 25 people the longest serving person had been there just under 2 years. HR did not see that there was a problem as the turnover rate was ‘normal’ for this department. Rest of business did not have the same level of turnover. The issue relates to a golden boy who could do no wrong and should never have been promoted. Once I realised it was not going to be solved left taking my team with me to the competition.

[trog]

The goal is to stick around til Mrs trog gets a Melbourne transfer or if the turnover rate reaches one per week again . Not sure which will win out.
Also have a side bet going on how long a pallet of printing labels will live in front of the fire door. It’s been 8 days now !
Personally I would recommend staying on the rock and roll before joining me at this place.
Ps they have a low regard for landless too !

[superquag]

I know of another '3 generations

A building products company over here, started by Grandfather and built up... - who arranged the financial side such that his sons couldn't take out big chunk$ and fritter it away..
Was acquainted with the last of the line, who's father/son, see above, used to constantly complained of how his hands were tied.
Fast-Forward to today, where the company name - at least - still exists, though as a much smaller player. Went from 'all products' in their field, down to 'specialty / niche' stuff favoured by high-end 'artisan' builders.
Last I heard of #3, was him living on his launch, drinking away the profits... - Was told he sold it to a bigger fish who's kept the 'reputable' company name and separated it from their normal quality stuff.
Cunning grandfather put professional General Managers in place, - kept son(s) on fat drip-feeds and out of the vault. [bigwhistle][bigwhistle][bigwhistle]

[trog]

Last place I worked soon after started realised that out of 25 people the longest serving person had been there just under 2 years. HR did not see that there was a problem as the turnover rate was ‘normal’ for this department. Rest of business did not have the same level of turnover. The issue relates to a golden boy who could do no wrong and should never have been promoted. Once I realised it was not going to be solved left taking my team with me to the competition.

general corporate theory though most johnny walkers are min wage slaves. i am nearing long service , at three years. not too many i dislike enough to ask to join me

[3toes]

Company I worked for a decade ago had been around for over 200 years. The founder had put all the shares into trust and family could only take a share of profit. Not that family were locked out they could work in the business and some did just that they were not paid had to depend on the profit share for income. There were a maximum number who could profit from the trust so this did not become diluted over the years keeping them interested in how the business performed as there was a very good income being produced for the beneficiaries

[DiscoMick]

I know of two brothers. One has a very successful business he owns outright. He agreed to go 50:50 with the other brother in a single branch franchise. The other brother mercilessly milks the branch profits to fund his racehorse hobby. The branch is losing money, unlike all the others, which are profitable.
The smart brother asked someone I know to take over management of the branch and make it profitable. The person did that and then the other brother, after resisting every change, then skimmed off the new profits to spend on horses. The manager was furious and resigned. The smart brother is also furious.

[cripesamighty]

I know the feeling. I have close family who owe me a ton of money, which I probably will never see again. You live and learn, but it's better when you learn off others mistakes!

[Colmoore]

I think it was Charlton Heston who said: 'my children have not had the advantage of growing up poor.'
Someone wiser still spoke of a 'fool and his money, soon parted'

[LRT]

Last place I worked soon after started realised that out of 25 people the longest serving person had been there just under 2 years. HR did not see that there was a problem as the turnover rate was ‘normal’ for this department. Rest of business did not have the same level of turnover. The issue relates to a golden boy who could do no wrong and should never have been promoted. Once I realised it was not going to be solved left taking my team with me to the competition.

I found the same is the case at most of the agricultural tractor dealerships in SW Victoria.

One particular dealership I used to work at turned over a majority of its mechanics every 18 months. The problem was the owner that would roll up and override the branch manager and service manager, which caused a lot of tension especially if he blasted the mechanics for doing something else. In the end I resigned and started my own business.

[trog]

I found the same is the case at most of the agricultural tractor dealerships in SW Victoria.

One particular dealership I used to work at turned over a majority of its mechanics every 18 months. The problem was the owner that would roll up and override the branch manager and service manager, which caused a lot of tension especially if he blasted the mechanics for doing something else. In the end I resigned and started my own business.

A thought that crossed my mind . In the same game there are a few independent contractors. Reckon the take home less than $15 per hour. So going back to getting a vehicle time doing tax etc , I am still a few bucks ahead. Still there has to be more out there for $20 per hour with less agro

[BathurstTom]

The three generations tale that I was taught is that the first generation makes the cake, the second generation bakes it and the third generation breaks it.

Tom.