CELEBRITY DEBT

Celebrities like movie stars, stars, pop singers become millionaires within a short span of time and they become bankrupt also within a short period of time. Such celebs like Stephen Baldwin, Bjorn Borg, Michael Jackson became millionaires due to quick success in their careers. Their income is not perennial. Sooner or later their income from the profession declines. Meanwhile, they spend their money lavishly buying multiple mansions, luxury cars, jewels acquiring hobbies like rearing tigers, etc.

Most of the celebrities cease to get income after a while. Some get into personal problems like divorce (as in the case of Burt Reynolds), legal battles (for example Michael Jackson), taking drugs ( for instance Bjorn Borg),. Aftermath of all these things is their earnings in millions are used up and they accumulate debt also in millions.

None wants to get diminished income but one can prune lavish expenditure. Celebrities can invest their earnings in acquiring or starting industries, super markets, universities, hospitals etc in productive ways. The following are the benefits of such wise investments.

• Will generate income

• Earnings will be secured

• The generated income will help the celebs sustain a luxurious life

• Will be providing employment directly and indirectly to lot of people

• Help the society and the nation

Even if the celebrities don’t get money from their professions they will get income from the wise investments. The celebrities should not succumb to bad habits such as taking drugs. They can help charities in a limited way. Two Nobel Laureates lost all their prize money and they started teaching to earn for their livelihood. The advise is that “ Save for the rainy day”

To quote Charles Dickens as applicable in the 21^st century:

• Income 1 million; Expenditure 0.99 million; Savings: 0.01million Result: Happiness

• Income 1 million; Expenditure 1.01 million; Debt: 0.01 million Result: Misery