They're Different from You and Me

The $200 Million Man (WSJ photo)

Graffiti artist David Choe took stock instead of cash for painting the offices of a Palo Alto startup in 2005. When Facebook goes public later this year, Mr. Choe's equity interest could be worth $200 million. (Some of his artwork may be seen here.)

The Wall Street Journal writes about the difficulties faced by David Choe, Jeremy Lin, and other beneficiaries of sudden riches. Most of us think that we would love to have the problems of the nouveau riche. But there are any number of ways that wealth could slip through their fingers, including 1) not acquiring competent financial, tax, and legal help, 2) consorting with "friends" and relatives who do not have their best interests at heart, and 3) impulsive spending.

Too often we hear about a case of a formerly rich entertainer or athlete who is now broke. Most recently the case of NBA star Allen Iverson, who reportedly has nothing to show for the $200 million earned during his career, is a cautionary tale.

I am unfamiliar with the art of David Choe, but from a quick perusal of his website and art, I detect a sensibility that indicates he'll probably take better care of his $200 million than Allen Iverson did his. I'm rooting for him.