What do Ace Hood, Nicholas Cage, and Ed McMahon have in common? All are successful celebrities who at one time faced financial ruin.
What went wrong? Without a doubt, they didn’t follow money management basics. Anyone rich or poor can make bad financial decisions that can start a downward financial spiral. At one time, Cage owned 15 homes, for instance. Hood reported extravagant spending and shopping sprees. Not prudent decisions by anyone’s standards.
Ace Hood summarized lessons he learned from his financial troubles, including:
- Save a percentage of your paycheck for an emergency fund
- Replace your gas–guzzling SUV
- Consider buying a used car rather than leasing one
- Don’t be afraid to ask for advice
Did you ever think, “If I had that kind of money, I’d be set?” I bet these celebs thought that, too. These examples just show us that it isn’t the amount of money you have – it is how you manage it. Good Money Habits can make a huge difference!