Leaving a Money Mess
While by now, almost everyone people would have know that Michael Jackson has passed away, some might not realize the money mess that MJ, king of pop have left behind. If you want to list them down, you will end up with quite a number of things he did not do to set his financial house in order.
Here is the list:-
- MJ spent between $20 to $30 million more than he earned a year according to fools.com
- He did leave a will but that has not been updated for several years.
- For a person of his wealth and status, he should have created living trust to manage his assets while alive as well as when he dies, rather than just through a Will. His assets is now subject to contention from various parties.
- He did not choose his advisors properly.
The one thing MJ did right was to purchase the catalog of Beatles songs when he had the money to do so and that actually kept him afloat and might be enough to leave behind a financial legacy of sorts. I say “might be” because we still do not know his actual net worth until the dust settles.
What can we learn from this?
- Spend less than you make
- Write a Will, keep it updated
- If you think you have enough assets, manage them with the write financial tools i.e. living trust, etc.
- Choose the right advisors.