Michael Jackson’s Personal Finance
Michael Jackson’s death teaches us what not to do .During his lifetime Michael Jackson lived a life of a millionaire and spent like a billionaire. Even the huge amounts of income he generated from his albums could not save him from financial crisis .During his last days before his death, he was clearly seen struggling for cash to cover his extravagant spendings.
After years of extravagant spendings, expensive legal cases and questionable business advice, Jackson finally appeared to be attempting sort out his finances.
Even as his hits were drying up he continued spending extravagantly. Michael was an obsessive shopper and collector of costly items .He spent $US 4 million in a single shoping in one Las Vegas emporium.
Jacson was also fighting many legal battles and lost quite a fortune .He was sued $ US 7.8m in London 6 months back by his former benefactor ,Sheikh Abdulla who lent the singer 23,000 pounds
His financial miseries reminds us that, in order to enjoy true financial independence ,it is important to be do efficient financial planning .Here are the lessons we get :
1. Earn more than what you spend.
2. Always Keep track of your spendings
3. Better not buy things that can put you in heavy debt (especially luxury items).
5. Save money for future years
Thus you can avoid mistakes that caused the loss of MJ.
