“NIMI’S TOP 10 TIPS FOR ENTERTAINERS” - ENTERTAINING US IN DEBT?

4. ENTERTAINING US IN DEBT? 

Financial planning for entertainers requires special attention; planning should be for long after a career begins to wane. 

If money earned today is not properly managed, it is a scary

fact that the vast majority of entertainers will end up either broke or in debt. 

Are you always borrowing from friends and relations? 

How did you get to this point? 

Is it your lifestyle? 

Are you trying to keep up with the “pressure of celebrity?” 

Is it the hangers-on? 

Bad ‘investments?’

Deal with your debt. Wishing it away, or avoiding people, makes things worse. Approach them. Your borrowing behaviour affects lenders’ attitude towards you both now and in future.

List your debt in order of priority. 

Tackle the most urgent loans and high interest loans first. 

Cut back drastically on spending. 

Try to earn additional income by putting all your skills to work. 

You may need to sell assets.

It’s Personal Finance on SMOOTH FM 98.1 and this is exactly what @maxinoappeal, @hauwayadoin and I will be talking about: “Celebrities and their personal finances.”

Tell all the #musicians, #actors, #dancers #sportsmen and women, #comedians, #OAPs, etc in your life, to tune in. There are powerful lessons for all of us as we build wealth. http://smooth981.fm/listen-live/