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How NOT to spend your money.

Trying to live the lifestyles of the rich and famous on TV will send you straight to the poor house. Once you have a career and make a decent salary, avoid luxuries and extravagance whenever possible. As you get raises, put more money into your retirement funds, and invest. Do NOT emulate rappers on MTV and buy a diamond encrusted grill and a new whip with 20 inch rims. Be wise and prosper. Look at those who were wildly rich and successful who ended up broke and bankrupt. Exhibit 1 MC Hammer claim to fame, he made two hit albums in the early 90's, wrote "Can't Touch This" and followed up with another successful album "2 Legit 2 Quit". He was blowing up everywhere and his pants were enormous. Unfortunately he was not financially sound. He hired everyone he knew and brought them along on tours, he spent and spent, until he had no more money and no more hit records. I admire his generosity, but am disappointed that he let himself get into major debt. Now he shows up every once in a while on VH1 True Hollywood Story, or a reality show for washed up celebs. Exhibit #2 Mike Tyson, fame and fortune at a young age, champion heavyweight boxer, amazing personality, expensive tastes. He didn't have any longterm plans, he consumed and consumed, concerned only with instant gratification. He eventually crashed and lost his fortune quickly. Now he is fighting to pay off his large debts. Next time you see 50 cent spinning his G-Unit chain and riding around in his Escalade with Lamborghini doors, remember you don't have that kind of money, it's better to think you are poor and be rich than to think you're rich and really be poor.

2 comments:

  1. True, but I'd love to know how you choose to spend your money. I think it's easy for us PF bloggers to tell people what not to do, but a little bit harder to show by example what might be better. Me, I still mess up, but I'm smart enough to know I can't walk around with Louis Vuitton on my salary and with my debt.

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  2. Yes, you're right, it is much easier to tell others what to do and spout off advice instead of looking at my own situation. Thanks for keeping me honest, I'll write about my expenses and yes I do have some frivolous expenditures.

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