… common and UNcommon viewpoints about money

How to you create a cash machine either as side income or to be a main income? I can share with you a bit more in this article. As I write this, the biggest news is Michael Jackson’s death. Just in my last article title Rich and Stupid, there is a large picture of Neverland and I wrote about stars and super stars who are less than stellar when in comes to managing their money. I always maintain that it is not how much you make but how much you keep. Well, for MJ or others alike, it is not easy to hold onto money once they’ve made it. The saving grace for MJ is half the rights he hold on the Beetles’ song which are worth a ton of money. Besides that, I quite sure his family or executor or whoever will think of a way to build a lasting legacy aka like what Graceland did for Elvis.

This brings me to the topic at hand

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We usually associate those that are are rich to be smart, but there is more than enough real stories that point to the opposite. In fact, if I have to call a spade a spade, quite a few are financially “stupid”.

Let’s see some examples. First off, there is the King of Pop, Michael Jackson. MJ earned millions of dollars and the adoration of fans in his heydays. But his empire slowly collapsed in 2003 and Neverland was in danger of foreclosure in 2008. Many items MJ accumulated went to the auction to pay debts. On a documentary, the spent $6 million in just a few hours.

There are many other rich and famous who got in trouble because they failed to remember the basic money rule of spending less than what you earn. Among them Elton John, who was reported to running up debts of more than $2 million a month and Burt Reynolds filed for bankruptcy in 1996 with more than $8 million in debt.

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