Heidi Montag and Spencer Pratt (The Hills), recently revealed that they are broke. I don’t know who they are but I heard them on the TV saying that they have spent over 10 million dollars.
The young lady said that she was just overwhelmed by the money, she would shop spending
20 or 30, 000 at a time. The young man said he purchased over a hundred hand made designer suits.
Basically, these young people who happened to earn a lot of money at a fairly young age, ran through the money money like a kid runs through candy the week after Halloween.
I looked up people who have gone broke. I found out that not every one goes broke because they just spend it all. Bankruptcy isn’t altogether bad. It gives you a chance to regroup.
Some people end up bankrupt because of tax obligations, legal issues, medical costs or contract disagreements. Other people end up broke because they spent it all.
Here is a list of some very famous people who filed bankruptcy. The details vary a bit but here’s the typical reason.
Mansions, yes more than 1. Cars Cars Cars. Clothes and jewelery. Bad investments. Taking care of family, friends, employes, managers, assistants and the like. Extreme spending $1000.00 dinners, private jets, parties, gambling and child support.
Tell your children that Money won’t last forever and it don’t grow on trees.
Encourage them to save faithfully and spend wisely.
It Takes a Village to Raise A Child. This is My Village Project. Take Care of Your Village
The Village Mother