Today Michael Lackson, The King of POP died living behind millions of Debt. Michael Jackson was one of my favourite pop star. In fact, when I was in school i used to buy his music albums.
Jackson died leaving behind US $ 400 Million (Rs.2000 Crore) of Debt. After 2000, his living expense rose US $ 20 Million more than his expense. He earned a lot. He brought a ptrivate Ranch also and a palace like Home for him. He spent literally millions of dollars behind his heavy life style but to maintain this life style, he started taking more and more debt.
In 1995, he had to negotiate with Sony to sell some of his invaluable Assets - His Music Rights.
Not only this but he spent literally millions of dollars on his own Face Plastic Surgery.
To repay his huge debt, he started auctioning his stuff since 2007. And in the coming July 2009, he was planning to come back in London by a huge Live show. All of this was his last efforts to repay debts.
Click Here to See Michael Jackson's Stuff for Auction
All of this shows that, Making Huge Money is very hard but to manage & keep that money with you is harder than making money. Jackson earned a great deal in his life, he lived like a King but he died leaving behind unpaid bills and millions of debt.
So only a little Financial Literacy can save you from this types of Financial Disasters.... Think about it...!!!
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