Michael Jackson, the king of Pop, has made a fortune from his songs and from buying the rights to The Beatles songs, and still couldn’t manage his finances. He has made an astonishing amounts of money in his prime, for example in 1995 he had signed a deal with Sony for 95 million dollars, so how could he rack up so much debt.
This is the same boat that many affluent Americans are in, they earned big bucks and spend 2 to 3 times what they earned, in the forms of loans and credit. Our standard of living and spending habits have to change if we plan on living a stress free enjoyable life. Everyone can learn form Michael’s mistake and start to cut spending where it is not necessary. Michael should have enrolled in a Debt Settlement Program a couple of years back, and maybe even consult with an credit counselor.
