On Michael Jackson, Debts and the Man In The Mirror

Posted by Fitz Villafuerte under Mindsetting, Personal Finance on June 28, 2009

I was online when the news of the untimely death of Michael Jackson hit the internet.

And now, countless blog posts, personal tributes and other stories are everywhere (including this). 😀

But anyway, personally, one of the most sobering articles I’ve read about Michael Jackson is his staggering $400 million of debt.

To many, this news came as a surprise.

How can the King of Pop be so deep in debt? What happened to his wealth? Isn’t he supposed to be rich?

I don’t want to go much into detail on how Michael Jackson lost control of his finances. I will leave that for you to discover and learn.

Instead, what I do want to share with you today are some of the realizations I’ve had from the past few days about debt. There’s actually just two.

michael-jackson

You don’t go into debt overnight.
Lawsuits, sudden and necessary home repairs, accidents and medical emergencies – these are just some of the things that could cripple our finances overnight. But what some don’t realize is that, the financial burden that these events bring could have been prevented if only they had proper financial planning years or even just months before.

Meanwhile, for those who are fortunate enough not to experience these (yet). They think that ONE unnecessary expense will most likely not affect their finances in a major way. But what do they do? They spend on one unnecessary expense EVERYDAY. And after a year, they wonder how they got into so much debt.

It’s not how much you earn, but how much you save (and invest).
Michael Jackson undoubtedly earns at least hundreds of thousands of dollars in a month. However, if his monthly expenses are at least a million, then he’s actually in a worse situation than a regular employee earning just P20,000 but lives well within that income.

Spending less than what you earn is the first step towards preventing and eliminating debt. It creates a cash surplus that you can use to invest and earn more (so you can spend more). Don’t let the scales of income of others distract you from what is more important, which to ensure that no matter how much you earn, there is always a portion that goes to your savings and investments.

To end, I’d like to share with you probably one of the most memorable live performances of Michael Jackson and my personal favorite of all his songs. This is the King of Pop, singing Man In The Mirror, during the 1988 Grammy Awards.

I’m starting with the man in the mirror.
I’m asking him to change his ways
And no message could have been any clearer
If you wanna make the world a better place
Take a look at yourself, and then make a change…

You can start making that change by subscribing to Ready To Be Rich.

———
Photo courtesy of Son Marki

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17 Responses to “On Michael Jackson, Debts and the Man In The Mirror”


  1. “It’s not how much you earn, but how much you save” yeah… lagi ko talaga tong nababasa kahit san ako ma pad pad.. waaaaaa… baka sinasabihan na ako ng almighty na mag save.. wooot!

    at least, wala nang utang si MJ diba? wahehe

  2. Micamyx says:

    I think most of the people na nakaka-acquire ng malaking pera agad tends to overspend much. Hindi nakakapagsave.

  3. Dinah says:

    “They spend on one unnecessary expense EVERYDAY.” he he, guilty as charged!

  4. kahit gaanu kalaki ang kinikita mo, pero ‘di kana man marunong mag-ipon…maglalaho lang yan parang bula na di mo mamalayan 🙂

  5. michael jackson is a very very talented person to the point that he rose as a pop icon. he would live forever in our history books and memories.

  6. Lowel delos Angeles says:

    yup its true that lifestyle is the very factor of why a lot of people crippled financially……..blema ko din yun……i spend more than i earn…..God Help Me

  7. Nice post Fitz! Definitely I agree with “It’s not how much you earn but how much you save”.

  8. I would like to add Fitz one of my favorite quotes in Filipino: “Ubus-ubos biyaya, bukas ay nakatunganga”

  9. acne treatment | acne therapy says:

    all of my friends are Michael Jackson fans, we would really miss the King of Pop.

  10. Michael Jackson will be the greatest pop singer in the whole world. Everyone will miss him.

  11. | Acne Treatment Health Site says:

    i idolize Michael Jackson because of his great achievement in the Pop Music. farewell King of Pop.

  12. Herman says:

    | Michael Jackson is truly the King of Pop. i am a die hard fan of him and we are going to miss him now that he is gone.

  13. Kayla says:

    i am already a great fan of Michael Jackson ever since i was just a little kid. i would really miss the King of Pop.

  14. Chezzny2 says:

    Michael Jackson would always be the best popstar ever. i love all his songs and his live concerts.
    *

  15. Jonathan says:

    Michael Jackson is truly the King of Pop. He made a lot of great songs in the area of Pop Music. His death is a great loss to the music industry.

  16. I will miss Michael terribly. I wish he would have lived longer.

  17. i will really miss the King of Pop. michael jackson is truly the best pop artist in this lifetime.“;

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