Money lessons learned from Michael Jackson & Ed McMahon

According to this Fox news article:

Yet after selling more than 61 million albums in the U.S. and having a decade-long attraction open at Disney theme parks, the "King of Pop" died Thursday at age 50 reportedly awash in about $400 million in debt, on the cusp of a final comeback after well over a decade of scandal.

Jackson lived like king but died awash in debt. Just days ago, it was Ed McMahon, the co-host of NBC's The Tonight Show with Johnny Carson for 30 some years. They all had talents and opportunities that most of us dream of. However, if you are not in debt, you are richer than both of them and many of the celebrities. Think about it! You can honestly say "I am richer than Michael Jackson." Now that is powerful.

Lessons learned from most celebrities:

1. They spend more than they can afford. Simple: earn $1, spend $2, then you are in debt. People get that rule, but most choose to ignore it.
   
2. They entrusted the wrong people. Mike Tyson & Don King anyone?
   Bernard Madoff, A Con Man for Our Times and all the celebrities and investor entrusted their money with him? Know who to surround yourself with: friends or foe.
3. Finance education is important. It helps you make better money decisions for yourself. Actors\musicians are good at what they do, but not necessary on business\financial decisions.
   

Personally, I also have one rule: I don't lend money to friends. Borrowing money is usually the easy way out and your should be aware of someone who are looking for an easy way out. But that doesn't mean I won't help a friend. I just think there are a lot of other ways to help someone. Help a friend to find a job, help a friend to move... better yet, help a friend to spot troubles before troubles find him.

I like Michael Jackson, he was an icon of my generation. I remember doing the moonwalk as a kid and watching his Thriller video over and over again. Good luck to his kids and may he rest in peace.