Is Bow Wow Broke?

Is Bow Wow broke? Yesterday the rapper/actor, formerly known as “Lil Bow Wow”, embarrassingly revealed to a judge that he has just $1500 in a checking account and is unable to afford child support payments for his baby daughter Shai. Bow Wow’s financial troubles are shocking when you recall that the 25 year old “retired” from rap three years ago because he had “accomplished everything in music.” It’s unbelievable that someone who has sold millions of albums, had 10 hit singles and starred in dozens of television shows and movies would be flat broke.

Campbell’s Soup Heiress’ $15.8M Rhode Island Estate comes with a private dock

Picturesquely sited on a rocky outcropping at the ocean’s edge, Wildacre, an iconic oceanfront property in Newport, Rhode Island, which is architecturally renowned for both its residence and landscape has now been listed for whopping $15.75 million. Sited on the most sought-after and dramatic stretch of Ocean Drive at affluent price’s Neck Cove, this single family shingle-style colonial home actually belongs to Dorrance ‘Dodo’ Hamilton, the heiress to the renowned Campbell Soup Company fortune with a net worth of $1.1 billion, who has always enjoyed a splendid life of wealth and glamor.

$180 Investment in 1935 Turns into $7 Million Secret Fortune

A recently departed Michigan woman, who wore secondhand clothes, didn’t own a car and lived in a modest one bedroom house, has left a local college the surprise of a lifetime. Grace Groner of Lake Forest Michigan was known around town as a nice old lady who did not have any children or grandchildren but had lots of friends and loved her alma mater, Lake Forest College. Groner, who was over 100 when she died, was a fixture at football games and pledged to make a contribution to the school upon her death. To the absolute shock of Lake Forest College’s president and the community at large, that contribution turned out to be $7 million, the result of a brilliant $180 investment made by Ms. Groner in 1935…

Grace Groner was born on April 4th, 1909, in the rural farm town of Lake Forest Michigan. By the time she was 12 years old, both her parents had died. Grace and her and twin sister Gladys were adopted by a prominent local businessman and family friend named George Anderson. Anderson paid for both girls to attend Lake Forest College where they graduated in 1931. Upon graduation Grace Groner got a job as a secretary at pharmaceutical firm Abbott Laboratories. Grace would go on to work at Abbott for 43 years.

In 1935 Grace made what might be one of the wisest investments in history when she purchased three $60 shares of Abbott preferred stock. FYI, $180 in 1935 is worth roughly $3000 in 2012 inflation adjusted dollars. Over the next 75 years Abbott Laboratories’ stock would split dozens of times. When a stock splits, you get twice the number of shares for half the price so for example three $60 shares become six $30 shares and so on… Today, Abbott Labs has grown into one of the largest pharmaceutical and health care conglomerates in the world with over 90,000 employees and nearly $40 billion in annual revenue and $60 billion in assets.

Meanwhile, Grace Groner never sold her modest $180 investment which at the time of her death had ballooned to an astounding $7 million!!! That’s an unbelievable 39,000 times her original investment. For some perspective, if she had invested that same $180 in the S&P 500 in 1935,her account would be worth just $27,360 today.

Who’s The Richest Person Ever To Live (Inflation Adjusted)?