We’ve been discussing Britney Spears’ reported poor financial management strategy lately. A recent court report described her overspending and lack of investment, although this may have been a part of her spousal support strategy. She must have financial advisers on her payroll, right? There must be more to the story.
Nevertheless, I’m not stepping up to Britney’s defense. Several commenters did. Meg says:
For better or worse, she has many streams of passive income that will likely be there long after she dies no matter WHAT she does. Sure, she could be a billionaire or incredible philanthropist if she tried, but she’s not exactly being financially reckless — emotionally and mentally and physically reckless perhaps, but her finances are pretty strong.
Kris agrees:
I’m going to with Meg here… It’s the same reason Michael Jackson will never go broke, despite reports of his overspending. Besides the rights to his own music, Jacko owns the entire Beatles catalog. (He outbid McCartney for it in 1984.) He will never, ever live poorly, since he’ll always collect residuals.
Funny you should mention Michael Jackson. Perhaps jealous with the media attention given to Britney’s finances, Michael’s Neverland Ranch is entering foreclosure due to over $212,000 in missed mortgage payments. We all know he has the income, so why do his financial advisers allow this to happen? Unless they really believe the value of the Ranch is less than what is owed, why would they want to lose this asset due to neglect?
I don’t mean to dwell on celebrities. They’re just normal people with normal problems, but with the added “bonuses” of lots of media attention and lots of money. The media feeds right into our schadenfreude, and we never receive complete information. There is more to these stories we don’t know. It’s fun to draw our own conclusions, especially when situations involve people who seem somewhat less than real.
Michael Jackson Neverland Ranch Appears in Foreclosure Report [Implode-O-Meter]
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{ 3 comments… read them below or add one }
I don’t know that a persons (celebrity or otherwise) freespending ways are the responsibility of a financial adviser. After all they’re advisers, not enforcers. After his shopping spree in Vegas was caught on camera (I want this, this and both of those), I would conclude Micheal Jackson’s financial wounds are self inflicted. Same with Spears.
Btw, the comment edit countdown is super cool.
If you spend more than you make, you’ll eventually get in trouble. This is true no matter the source (active or passive) or amount ($30,000 per year or per day) of the income.
Spears and Jackson may not care about their savings rates or establishing a philanthropic legacy (which is also true for millions of non-celebrities), but their conspicuous consumption may be more than just a symptom of their larger “issues.” And it is these issues, not typically their monetary habits, which more often land them in the news for reasons different than they’d prefer.
Every time I see that pasty Michael Jackson photo I cringe. He’s so disturbing on so many levels.