I recently came
across an article entitled ‘The Money Lesson You Can Learn from ‘Gangnam
Style’. Many of you are probably familiar with the YouTube song/video from Korean
artist, Psy, that took the US by storm. While amusing and catchy, this article
outlines what exactly the song is about and how it ties into many financial
lessons to be learned. After reading this article (see link below) I started to
research other ‘celebrities’ that have other lessons for us to learn from!
There are things we all enjoy doing
and/or spending our money on, but you should always make sure it is in
moderation! It was
reported that Michael Jordan once lost $57,000 while gambling and over a
million betting on a single golf game. While going to the casino or occasional bet
is fine, that hundreds of thousands of dollar surely could have had better use!
Always spend less than what you earn! Ed McMahon, Stephen Baldwin and Tom
Petty (to name a few) have all spent above their means and had houses foreclosed
on! Just because you earn ‘enough’ doesn’t mean you should spend to the last
penny. Always have some in savings for that rainy day!
Always file your taxes. Celebrities such as Willie Nelson
and Marc Anthony are among many who neglected to file. Trust their experience;
it will be a much more painful and expensive process than if you simply filed
on time and correctly. If you feel you are not ready, file for an extension!
Finally, make sure any beneficiaries, wills and
other such documents are updated. Actor Heath Ledger had a will written
prior to the birth of his daughter. She was never added to the document before
his passing and has yet to receive any inheritance. Don’t let this happen to
your family or loved ones, make sure you update!
What other
lessons have you found to learn from?
Gangnam
Style lesson!
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