These days, the nightly news telecasts are peppered with enough financial hardship stories to fill a country music convention.
Sadly, as a Fresno Bankruptcy Lawyer I see these stories played out in real life everyday. Many have over-spent on their credit cards, bought too much house or too many toys. However, now with a lingering recession we’re starting to see more and more stories of how famous celebrities with 7 figure incomes are also “losing everything” and are making their glamorous red carpet entrances at a bankruptcy court near you.
The moral of the story here, is not to gawk at other people’s problems, it’s to state a few simple financial laws of the universe…Laws that when broken, guarantees that the perpetrator ends up broke himself. Including the rich and famous.
The rule you ask? No matter how much money you make, you can always outspend what you have. And… you can be stupid and rich, just not for very long.
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Tags: bankruptcy, celebrites, famous, finacial managment, income. recession