Money Mondays

Another week of Money Monday

Lately, I've been hearing more and more about celebrities filing bankruptcy. What is it?

This goes to show everyone that a person with millions too can mismanage funds. We seem to think that having more money is the answer to our daily problems. When on the other hand it quite the opposite.

Let's face it!! A person who has the world in his or her hands can easily find himself into debt. This can happen for several reasons:

1. wanting to buy friends & family gifts
2. wanting to save the neighborhood from financial distress
3. purchasing big ticket items ( cars, houses, jewelry)
4. spending every monthly gratuity earned
5. not saving

When you research the celebrities filing bankruptcy the list is never ending. I have a few suggestions to protect your prestigious income.

1. Consult with a trusted advisor
2. Only purchase what is necessary
3. Live on 80% of monthly gratuity
4. Don't try to financially save family & friends
5. Establish a prenup when considering marriage
6. Save & invest

Please stop putting your income and life savings into jewelry "bling bling", clothes, shoes and meaningless items. I find it amusing when watching MTV Cribs the amount of celebrities who purchase items just for bragging rights. These include Plasma flat screen TVs in each room, gold toilets, granite throughout the house.

I too enjoy the finer things in life, but within reason.

Remember, you can easily be the 'secret millionaire next door' and live life to its fullest. You aren't defined by your material items. However, you are remembered by your management of money.


Be inspired,
Bahiyah Shabazz