Money Lessons from Michael Jackson
By now, you have heard the news that the King of Pop Michael Jackson has died.
Years before his death, we saw how the media and the general public made a laughingstock of the pop icon, with his ever-changing physical appearance to his never-ending financial woes. Despite of many years of fame, earning obscene amounts of money, we have seen Jackson fall into the trap of the money (mis) management web. It is just disheartening to note that the musical genius probably died broke.
Here are some money lessons that we can learn from Michael Jackson.
1) Live within your means.
Celebrity blogger Perez Hilton once called the King of Pop “a millionaire living like a billionaire.” According to Hilton, despite the dwindling income of Jackson, he continued to live like a king, spending $400 for ice cream, lotions, etc.
2) Straighten out your life.
One major cause of his money problems was his never-ending legal battles. He paid millions in legal fees, shelling as much as $25 million to the family of the boy, who accused him of sexual molestation. Promoters also sued him for millions of dollars for breaches in contracts. All these could have been avoided (aside from the public humiliation he experienced) if he straightened out his life, kept his dick inside his pocket, and honored his obligations.
3) Be true to yourself.
Here’s where it all began, his pursuit to improve his physical appearance. Okay, Jackson suffers from vitiligo, a chronic dermatologic disorder that causes depigmentation in patches of skin. This is said to be the cause of Jackson’s formation from a black man to a white being.
But over the years, Jackson also had several surgeries to correct what he perceived to be his imperfections. He was also rumored to have used equipment to slow the process of aging. These treatments, whether aesthetic or medical, racked up his medical bills.
4) Learn to let go.
His Neverland ranch requires $3 million a year for maintenance. He was also unable to pay taxes for the famed tourist spot. Despite his increasingly dwindling financial resources, Jackson refused to let Neverland go. At the time of his death, he no longer has the deeds to Neverland.
At the end of it all, Michael Jackson was just like the rest of us. He committed the same money mistakes like any ordinary individual (of course, the amount is not the same). His life would have been much better—financially, physically, morally, mentally and emotionally—if he just got his act straight. I’m just glad that despite of all these, he will still be remembered as a musical genius.
Michael Jackson…gone too soon.