Thirteen years ago, things looked brighter for Jennifer Sultan.Then, Sultan was a recent New York University graduate who sold a tech startup, Live Online, for $70 million. That summer she rented a summer house in the Hamptons and purchased a penthouse in Manhattan's Union Square....
Last Friday, Sultan, now 38, pled guilty to selling painkillers and for trying to sell a firearm, The New York Times reports. She'll be spending four years in prison, which isn't bad considering her sentence was initially five times that. NYT says she's blown through her fortune too.
Smart and wise are totally different. I have experience with individuals who worked very hard and made a lot of money fairly quickly. I also know people who didn't work hard but won the lottery. The thing that I noted is that being able to start and run a successful business, or buying a winning lottery ticket doesn't make you any smarter about finances or investments. It often means that your mistakes are bigger and more expensive.
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