Michel Jackson – Penny Unwise,Pound Foolish

Michel Jackson – Penny Unwise,Pound Foolish<?XML:NAMESPACE PREFIX = O />​

Sad about MJ.So very talented, so much loved, and his Thriller was and still is the world’s best selling album to date.He died very young, 50 is no age to go. But we cant fight Destiny, can we !


However this blog is not about the usual tribute.This is about something else, how not to live like MJ,many may envy him, for his talent, his money, his fame, but I beg to differ.According to me he lived a wasted life.


They say, never speak ill of the Dead.Reasons best known to whoever coined this phrase.And don’t worry, I am not here to malign him, I want to write about what we can learn from his life, most of which what not to do in life.So here goes, no holds barred.


MJ made a lot of money.But look where he landed. 500 million dollors in debt ? That is close to Indian Rupees 2500 crores, borrowed from various sources.How is that possible !Today;s newspapers brought in details of his money transactions.His doctors pumped him with vitamins and prescription pills, so he could stay on his feet , and billed hi, thousands of dollors everyday.That greed killed MJ, he had to do concerts to earn money to pay off the debtors.


He was a very impulsive buyer.I saw a documentary around 2003, where they show MJ telling the store to remove all customers before he comes hopping, and he buys statues and other such things for a whopping 6 million dollors(30 crores ) within an hour.You could see the salesmen fawning over MJ.Who would’nt !


For his last album, he went on a tour, and he had a plane, Car and Bus ready, and at the last minute, he would decide which one to take to go to the other venue.When they made accounts, they found that he had spent more than he had earned on the tour !


Neverland also killed him in expenses.As also the payments made out of court to the family of the boys who accused him of u know what.Some indulgences can kill you.And he never had normal sex.His third son is from a surrogate mother, whose identity is not known.


Even today in B Schools all they teach u is to how make money, but not much on how much to save, or invest wisely.Sure, you will make money, lots of it in life, after all there are so many intelligent people around, but making money is no guarantee for a healthy bank balance later on in life.You could land up in Bankruptcy, as did MJ, and Mike Tyson, who made 400 million dollors during his career, and later filed for bankruptcy saying he had just 5000 dollors in the bank, and millions to give.


Today Tyson is hired by the same Casiono where his fights were held, and where he earned 20 million dollors a night, he mock fights with customers, for a 100 dollors or so.What a comedown, dear friends.


I give u a small example of two persons A and B.A earns 25000 a month, and B earns 2,50,000 a month. Both get the same percentage of salary increase down the next 10 years.After 10 years who will be having more wealthy ? A or B ?


The obvious answer will be B, as he is earning more.But it is not necessary that B will be wealthier.B may be spending more than he is earning, who knows, with all sort of loans over his head.Previously, u had the board of the Bank which financed, either in the Taxi, where u could see it, or in the showroom, saying " this xxx is financed and mortaged to YYYYY Bank.I have seen them myself.Nowadays this is not so, so u dont know if the house or the fancy car is paid up, or still under the Bank Mortgage.


A is in the habit of saving 20% of his income, some in non risky Fixed Deposits, and some in Mutual Funds and Shares.And he lives below his means.


B is like MJ or Tyson, living life to the hilt.Yes B stayed in the best of the hotels, had the best of the foods, exotic holidays, and expensive house he owns.B moves in the fanciest of the cars, and has a yatch to boot.A moves in a second hand Maruti Zen, lives in a small house, modest neighbourhood, kids study in the convent schools whose fees are very affordable.


Down the line, during recession both are jobless, but A has enough to fall back on, aroof over his head, his own car, and a years salary in his account by which he can survive comfortably till gets a new job. while B to pay of his debts, with banks closing in on him take possession of his assets, and he is down on the roads, with just the wife’s jewellery to fall back on.Houses Yatch everything gone.


So it is not necessary that the higher u earn, the more comfortable u will be in old age.It is what u do with what u earn, that will warm yr pockets in the later years.




It makes me sad to read about the fate of these rich people, driven to poverty and bankruptcy , making so much , and squandering it all away.Just that they had listened to some advise from a wellwisher, rather than listening to those chamchas who put u on a pedestial, so that u can take them around the world in yr plane, and who bleed u to death .


When will these guys learn !


KAMAL MAHTANI