More money does not mean you are free of problems. Money can make life easier, but it has a price.
You want fame? … Well, fame costs. And right here is where you start paying. With sweat. – Debbie Allen in Fame
“Stardom equals financial success and financial success equals security. I’ve spent too much of my life feeling insecure. I still have nightmares about being poor, of everything I own just vanishing away. Stardom means that can’t happen.” – Steve McQueen
“I think everybody should get rich and famous and do everything they ever dreamed of so they can see that it’s not the answer.” ― Jim Carrey
“What people don’t realize is that fame—whatever your worst experience in high school, when you were being bullied by those 10 kids in high school—fame is that, but on a global scale, where you’re being bullied by millions of people constantly.” – Megan Fox
People assume I’m out there having this great life, but money doesn’t erase the pain. When you’re young you barrel through life, making choices without thinking of the repercussions. A few years down the line, you wake up in a certain place and wonder how the hell you got there. – Jennifer Lopez
MONEY PROBLEMS
What’s the problem with money? The problem with earning more is that oftentimes followed precipitously by spending more.
Overspending can cause many problems such as stress, depressions and weight gain. It also leads to debt, poverty, and negative net worth’s.
Although, having vast sums of money can cause some headaches and of the same problems as stated above, money has many good uses as well.
For example, once you have it you are able to espouse love in numerous ways, such as paying for good health care, an excellent education, adequate housing and healthy food.
Money offers protection.
Especially, for the harshness of life. However, the reality is that money has no power until you use it. Power by itself is not good or evil. Money is not good or bad. It is what you do with it that gives it meaning.
It is all up to you.
They say be careful what you wish for. Especially, money. It can be a gift or a curse depending on the way you look at it.
I read a book called Winning the Money Game: Lessons Learned from the Financial Fouls of Pro Athletes by Adonal Foyle. He was a professional basketball player who describes the things he says while playing in the NBA in regards to how other athletes dealt with financial management or lack thereof.
He that said you should learn the basics of money and that you should rule your money or money will rule you. He saw many people lose homes, cars, wives, and careers.
In addition, he said you should audit anyone who comes into contact with your money. That includes family.
I cannot count the number of stories I have read about some celebrity losing millions to unscrupulous financial and business managers.
It’s a great way to keep accountants and others on their toes and let them know you are watching.
CASH RESERVES
Cash reserves are a must. Any individual with an income should put a money cushion aside for lean times because trust me they will come.
The problem is that when money comes fast, which is true for athletes and lottery winners, it usually goes out that way as well. Before many have had time to adjust and learn the ropes of handling money.
If you own a home and want to build a fortune as a real estate mogul or landlord, then usually that comes with sweat equity (a fancy term for hard work and fixing up your property yourself).
You also need to set aside money for maintenance or vacancies. As every business needs capital.
Should you choose to pursue wealth, fame, fortune, and your dreams you better have a backup plan should all not go as you hoped. (Foyle was forced to retire due to an injury at the ripe old age of 35)
He started preparing financially many years’ prior and was on solid financial footing when the day came for him to stop earning paychecks from his career as a basketball player.
I advise everyone to do the same.
Foyle has started coaching and advising other young athletes about money as he saw a need and decided to help others and he continues to help people regardless of what has happened in his life.
No matter what you go through in this life do not lose your humility or your humanity.
Your friends and family are the ones that will help you in good times and bad.
Always treat people like gold.
They are the most important asset in the world.