We need to learn financial lessons from tragedy.
The Wall street Journal reports that Michael Jackson had reported debts of $500,000,000, and assets of $500,000,000 to $1 billion (before lawyers, accountants, and taxes).
http://blogs.wsj.com/wealth/2009/06/26/what-is-michael-jacksons-estate-worth/
There is a difference between Net Worth and Net Income.
Unfortunately, society promotes people who have high net incomes (and what they buy with that income), even though they may spend all of, or more than they earn.
Instead, we should emulate people that have high net worths relative to what they earn and how much they save out of what they earn.
Do you have a greater net worth than Michael Jackson relative to your income?
Saturday, June 27, 2009
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