Beware of smoke and mirrors! Having what appears to be a wonderful lifestyle does not mean the same as having wealth. Lamborghini and Maserati, expensive purchases and exotic vacations are not equal in terms of financial freedom and assets that can be transferred to the family later. These people may experiment in moderation in a state of mind conducive to the creation of wealth, but it is generally a world of high-income people. Hence the problem with many well-paid people and especially artists. Those who earn a lot are often caught in a version of “The lifestyles of the rich and famous.” Buying complimentary products can lead a high-income person to adopt a high-consumption lifestyle, which can often lead to bankruptcy. Millions of people are trying to enter the entertainment business. The majority have difficulties, some earn a living and a small percentage achieve consistently high salaries. Most performers are not entrepreneurs at first, so the chips are intended for them when they earn some money and are delivered to the consumer’s lifestyle of the rich and famous. You should consider smoke and mirrors. It’s easy to spend a lifetime trying to keep up with the Jones, as they run the risk of going bankrupt. I see particularly black artists who are dying and you see that their fields do not match their way of life. One of the most popular artists of all time continued to spend millions of dollars shortly before his death, but would have been poor in cash at his death. He had suffered on his behalf and suffered financial losses as a result of his trial, but his name could still control millions of people. This is partly why he accepted his final act. Of course, his estate has produced tens of millions of dollars since his death. Another legendary comedy died, leaving his indebted family after 60 years in the entertainment industry.
Others have died from millions of IRS. Perhaps the next generation of famous black artists is wiser, you have to see it. Some artists and high-income people face economic difficulties and lifestyle changes from the beginning, but others never do. A famous actress and her husband have just declared bankruptcy. Taxes, loans, car rentals, credit card bills and other unpaid debts represent $ 15 million. I hope they succeed, but it seems that if they don’t change their way of life, they may face more problems in the future. The creation of wealth is a process of economic freedom. Know that living below your means and having savings to balance life’s surprises is essential and necessary for true financial freedom and independence. Manage your money wisely, no matter what saves your work, invest wisely and live moderately.