One way or another, we all have heard of them before – high-paying actors and actresses, world-renowned athletes surrounded by fame, adoration, not to mention, wads of cash during their heyday; practically unknown personalities laying down on beds of cash or drowning in pools of money from out of the blue, like a genie just handed them three money wishes and granted them pronto; lottery winners, minimum-wage earners making it to the big time.
And then in the blink of an eye, all the cash, the adoration, the fame is gone. Sadly, even the friends depart. And mind you, many chart-smashing artists have done it themselves, too – earning a ton of money and spending two tons, leaving them so deep in debt overtime.
A very sad scenario, we all might solemnly say. Now we ask ourselves, what the heck happened?
Either they chose the wrong people to manage their money for them, or they were too caught up in their new-found fame and sense of importance to even bother where the money coming in was going.
In short, financial literacy was something they didn’t take into consideration seriously.
I’ve said this before, and I’ll say it again. We are not here to judge people. We are here to learn from their mistakes. Think about it. Now is the time to be financially literate.
Because if we make it big right here right now and not know what to do with the money we so suddenly have at our disposal, chances are we’re going to go bankrupt in no time at all.
What to read next:
- Budget 101: Assets vs. Liabilities
- Budget 101: Never Underestimate the Power of Small Beginnings
- Budget 101: Stay Away From Bad Debt
- Budget 101: Learn To Say No
- Budget 101: Live Within Your Means
- Budget 101: Pay Yourself First
- Investing 101: Mutual Funds
- Investing 101: The Rule of 72
- The Truth About Money Management
- The Money Equation Discourse
- What Is Delayed Gratification?
- Emergency Fund: How Much Is Enough?
- Credit Cards: The Quick And The Dead
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