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Spending Like a Rock Star

Monday, 13 Oct 2008 | 9:25 PM ET

We’ve all heard the clichés about the crisis on Wall Street affecting Main Street and so forth. But what about how it affects, say, Rodeo Drive?

From pop stars to movie stars to sports icons, all kinds of celebrities are feeling the pain from the economic crisis. Britney Spears had to put some of her homes for sale to consolidate her assets and raise money. Michael Jackson almost lost his famed Neverland Ranch to foreclosure. Ed McMahon nearly faced foreclosure and even infamous slugger Jose Canseco had to walk away from his multi-million-dollar California home.

These free-spending stars learned the hard way. Debt and bankruptcy are longer lasting than any 15 minutes of fame.

The point is that no matter if you’re pulling in $20k or $20 mil, you still have to make solid, informed decisions to build a healthy financial foundation. Otherwise, you risk all that you’ve worked so hard to build.

So even if you’re not starring in any upcoming movies or recording any big singles, you still need to educate yourself about where your money should be to protect your lifestyle and grow your wealth. Take the time and effort to understand what makes up your investments and learn from the mistakes of these celebrities. Because losing control of your money can lose you everything.

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