As a follow-up on my post talking about It's Not What You Make, It's What You Spend, here are two real life examples from the news today:
First we go to Michael Jackson (everyone's talking about him, so I might as well too). In an article titled "Michael Jackson's Money Troubles" it states:
"Jackson is thought to be in deep financial straits despite owning various music and real estate assets worth as much $600 million."
Why? It goes on:
"The King of Pop, for all his assets, spends far more money than he generates these days, according to an expert who testified at Jackson's trial."
Isn't that the same story for many today?
The second story is about Mike Tyson, the ex-heavyweight champ who lost his most recent fight this weekend. ESPN reports:
"Though he once had $300 million in the bank, now Tyson is $24.4 million in the red, even after a settlement with promoter Don King that would pay the former champ $14 million."
If you need even more examples, check out "Debt Disasters of the Rich and Famous".
Once again: It's not what you make, it's what you spend that determines your net worth.
Update: Time to post on the Beltway Traffic Jam.
I was thinking about writing up something on just this topic this morning on the way into work... You beat me to it!
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http://www.fivecentnickel.com/
Posted by: nickel | June 14, 2005 at 09:57 PM
You can always just note it on your blog and link to me. ;-)
Posted by: FMF | June 15, 2005 at 07:37 AM
hey i think it's good that michael has retired but it isn't.
the good side:
he can get away from all of the people that keep saying nasty things about you and away from the people that don't apreciate michael.
the bad reasons:
the many people that didn't go and see him in concert (that wanted to) and michael can't make any of his good and meaning full songs (they meant the world to me the words and how you sang them I love it!)
but whateva michael thinks is better for him im right there with him i will stick by you forever i love your songs and that's alll from me by by malele
Posted by: malele | April 19, 2006 at 06:16 AM