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Michel Jackson – Penny Unwise,Pound Foolish

Discussion in 'Snippets of Life (Non-Fiction)' started by Kamalji, Jun 29, 2009.

  1. Kamalji

    Kamalji IL Hall of Fame

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    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
     
    Last edited by a moderator: Jun 29, 2009
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  2. priya_mary

    priya_mary Senior IL'ite

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    very well said and true; we should all take this as a lesson
     
  3. Kamla

    Kamla IL Hall of Fame

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    Dear Kamalji,

    A very nice post. Michael Jackson will be the reference point for a classic tragedy tale. His world was made up of money, though it should have been music really. Under the glow of money, his enormous talent took a beat. He said 'beat it' and beat himself to it...unfortunately.

    I feel that the majority of members in IL are young people with young and growing families. This post will be a sure guide for them. It is so easy to spend money when one is earning well and so easy to forget about the future rainy days. This will serve as a guideline to them, a timely one.

    L, Kamla
     
    Last edited: Jun 29, 2009
  4. Cheeniya

    Cheeniya Super Moderator Staff Member IL Hall of Fame

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    Dear Kamal
    Nice to see Kamal raising some valid issues in his thread, MJ PUPF, and Kamla readily agreeing with it! Earning and spending have always been a subject matter of hot discussion. Our Tirupathi Balaji is reported to have borrowed heavily for his marriage and is still paying only the interest! The principal remains outstanding and look at His lifestyle! Can anyone afford that kind of a life in all the fourteen worlds of mythology?

    Kanchi Paramacharya used to say that the people who had money but never spent it were only custodians of that money like a Bank Manager who might have crores in his safe but could not touch it. He would say that only those who readily spent it were the real owners! But as regards how much of it must be spent and how much should be put away for a rainy day, Kamla can perhaps conduct classes for us!
    Sri
     
  5. Kamla

    Kamla IL Hall of Fame

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    Dear Cheeniyasir,

    Do not be misguided!
    Kamalji has talked about money and how to go about it in many of his posts. Its people like him and you who are the gurus on the subject and can conduct classes on monetary matters.
    If I had that sort of wisdom, wont I be hopping around US, Jaipur and Chennai or to wherever that an IL meet is conducted?!
    Only, I am thankful that I atleast have a monitor wisdom to keep up with all of you if not the monetary!!:hide:

    L, Kamla




     
  6. Cheeniya

    Cheeniya Super Moderator Staff Member IL Hall of Fame

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    Dear Kamla
    Saving for a rainy day can wait but first get us some rain here which we desperately need! I suggest you pay a visit to India and the rain will come. Be our modern Rishyasringar!
    Sri
     
  7. Padmini

    Padmini IL Hall of Fame

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    Dear kamalji,
    A very wise and nice post from you. It is really an eyeopener to all. pointing out the life of MJ you have made your point clear.
    The more money we make, the more we tend to spend. This endless cycle of materialism has led many people to confuse the word “need” with the word “want.” The pursuit of material success often is the root cause of burnout at midlife.
    The first step to breaking free from the materialism trap is to understand the difference between “need” and “want.”
    We need food, clothing, shelter, reliable transportation, education, enrichment, and the technology necessary to do our work. Also, we need the occasional small indulgence to treat our children and ourselves.Raising the money can be a tremendous challenge, depending on our financial resources. Savings, bonds, securities, IRAs, home equity, jewelry, valuables, and family resources are all avenues for raising capital to sustain our family during this transition.
    Make the effort to evaluate everything you do. You’ll be amazed by the amount of money you can save.When you talk about rich people become penniless by their way of spending money, I remembered the great actress Meena kumari.
    Even after earning so much money, she died with no money not even a penny to pay her hospital bill. Thank you very much sir for sharing your nice thoughts with us.
    with love
    pad
     
    Last edited: Jun 29, 2009
  8. sundarusha

    sundarusha Gold IL'ite

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    Dear Kamalji

    a valuable post on how not to emulate the rich and the famous.

    Famous people like Jackson and Tyson rose from humble beginnings and their inherent talent earned them riches and fame. Then they are forced to maintain a certain lifestyle to avoid the papparazi and pay its price.In one interview, Jackson had said that he wished he could go to the grocery store and push those grocery carts down the aisles.Then they also feel insecure and rejected if they don't get the media attention.

    They have to live in constant anxiety of who is going to extort what from them unlike the common man whose worries could be as trivial in comparison such as beating the traffic.

    The celebrities have the fixation of trying to look young forever.
    Like they say, Lakshmi never stands still in one place, nor does youth.
     
  9. shvap_786

    shvap_786 Gold IL'ite

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    Sir,
    very well written... its truly a lesson for all us ...
    thanks for this valuable snippet...
     
  10. gopalan1937

    gopalan1937 Silver IL'ite

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    Dear Kamalji,

    I am reminded of the dictum " A penny saved is a penny got". An excellent piece of writing with simplified examples for one to follow in life
    Gopalan
     

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