This story takes place during the 2008 financial crisis, but it's still a good lesson, nonetheless. And with today's volatile market, it's worth taking some notes from this man who lost over $500k, partially due to his representative's mistake and partially due to his own ignorance. This man wanted his money from his retirement account to be moved to a more stable market. Well, his rep misunderstood him and only placed his new contributions into a stable fund instead of moving all of his money.

If you've ever heard the tale of the prodigal son, you know that father's love their children no matter how financially irresponsible they are, but in reality, how far does that love go? Now, when you come from a rich family, that love is (unfortunately) quantifiable in the form of crisp dolla dolla bills. For some reason, rich children feel that they're entitled to the entirety of their parent's fortunes and don't ever realize the value.