Was he a coke fiend or simply a soft touch for every porn whore or mope?
Probably a bit of everything. Just spent it as fast as it came in (easy to do with parties, or women, or travel, or drugs, or hookers, or whatever). now he has a lifetime of experiences but is broke at 54 driving a fucking uber couch surfing with his friends.
For some people, they would take that outcome because of the 30 years of debauchery and fun they get to have.