Use access key #2 to skip to page content.

When Too Much is Never Enough



June 26, 2009 – Comments (6)

While everyone mourns MJ, I hope some of the folks in our debt-crazed nation will pay attention to one of the trajedies in this story.

This guy, probably many people's idea of a wealth man, was actually in the red nearly half a billion dollars. He spent $20 to $30 million more each year than he earned, and only survived in the end by finding wealthy benefactors to cover his expenses, after the banks seem to have cut him off, after loaning him hundreds of millions of dollars.

I can't help but wonder if the dude might have been happier spending less and living more.

A few details in this story.

Yet after selling more than 61 million albums in the U.S. and having a decade-long attraction open at Disney theme parks, the "King of Pop" died Thursday at age 50 reportedly awash in about $400 million in debt...

6 Comments – Post Your Own

#1) On June 26, 2009 at 8:43 AM, JakilaTheHun (99.92) wrote:

It says something about our culture. 

I don't think it's just a coincidence that so many musicians, athletes, and other celebrities find themselves bankrupt despite earning millions of dollars throughout their careers.  It almost seems like the wealthier they get, the worse they manage their finances.  

Of course, this probably also suggests that we shouldn't be paying all these celebrities millions of dollars per year, but that's the result the market seems to create.  

Report this comment
#2) On June 26, 2009 at 9:15 AM, BravoBevo (99.97) wrote:

What I conclude from almost all of last night's news shows (at least ABC ran an extended piece on Farrah Fawcett's story) about Jackson's life and death is that he lived a tragic, wasted life. He never grew up, perhaps because he had never experienced a normal childhood during his youth.  He never had a grasp on his responsibilities, finances, relationships, etc. He fabricated eccentric stories about himself to the media. He surrounded himself with people who would say "yes" to him, but who never really personally cared about him. I pity him, even with the immense talent and wealth that he had at one time.

It is better to go to the house of mourning
than to go to the house of feasting,
for this is the end of all mankind,
and the living will lay it to heart.
Sorrow is better than laughter,
for by sadness of face the heart is made glad.
The heart of the wise is in the house of mourning,
but the heart of fools is in the house of mirth.

(Ecclesiastes 7:2-4)

Jackson's lifestyle was one of entertainment and partying. At the end, he was preparing for another monster concert tour with 50 performances in London. A true fool (small "f") wastes his life obsessed with "mirth" and immediate gratification without seriously considering death even though "this is the end of all mankind." May Jackson's life and death lead us to a moment to reflect on our own mortality. 

Report this comment
#3) On June 26, 2009 at 9:17 AM, devoish (65.60) wrote:

I suspect his debt is probably as much a reflection on financial management as it is on excessive lifestyles.

On the other hand, what is the lesson here? If you can achieve extraordinary income, you can also leverage it and achieve extraordinary debt and spend $400 mil of tomorrows GDP, today.

Report this comment
#4) On June 26, 2009 at 10:02 AM, alstry (< 20) wrote:

Anybody who is an American has too much debt.....our money is in note form which is a debt instrument whose maker's solvency is in question.

If you don't understand this issue, you fail to appreciate your situation.

Report this comment
#5) On June 29, 2009 at 8:51 PM, QwertyHero (< 20) wrote:

He was a depraved, homosexual-child-molesting, drug addict...  But oh yeah, he could moonwalk.

Good riddance. 

Report this comment
#6) On June 29, 2009 at 11:23 PM, BravoBevo (99.97) wrote:

When Michael Jackson was wheeled from the ambulance into the hospital, already in a coma, the emergency room doctors said “It’s bad. It’s bad. It’s really, really bad ...

Report this comment

Featured Broker Partners