I am always reading stories about celebrities that have gone broke after years of earning millions of dollars. It doesn’t matter if they were sports stars, television stars, or stars of the big screen; they all have one theme in common. They often wind up bankrupt due to squandering millions of dollars frivolously. This may have something to do with the fact that they often receive riches in an instant and not over time. The celebrity life is not as easy as you think. There are lots of other things that go along with the fame and fortune.
I am going to present two scenarios and you tell me which one would be your ideal lifestyle.
Case Number 1: Filthy Rich
You would make millions of dollars over the course of your lifetime. You would be able to buy just about anything that you want including homes, cars, clothes, jewelry, and electronics. You could eat at the finest restaurants and enjoy many of the best things in life. Your vacations would be glamorous because you would be able to afford to travel to the Swiss Alps or the islands for vacation whenever you like. Your whole life would be lived in the perpetual limelight.
Wealth would also bring the other trappings of fame and celebrity with it. Your every move would be watched, dissected, and scrutinized. Every article of clothing that you wore would be judged and your every action monitored. This means always having to purchase new clothes, cars, and items. You can’t be seen in the same outfit! You are a celebrity. No more quick runs to the store or the mall to pick up something. Every trip and dash to the store would have to be carefully planned.You would have to make sure that you are looking your best at all times. If not, you will end up on the cover of TMZ or the National Enquirer.
This would be the price for your fortune.
Case Number 2: Financially Comfortable
You would never make millions of dollars in a given year but would make a solid income. Your annual salary would range from $80,000 to $120,000 during your career. You would make enough money to own your home, pay off your cars, put some money away for retirement and to help send your kids to college. You would not be able to buy everything that you wanted but you would be able to meet all of your financial needs.
When you retired, you would live a debt free existence and have enough money to live a comfortable lifestyle. You wouldn’t worry about money as you would have an income steam that takes cares of your living expenses. You would have enough money to live better than the average person but not enough to live like a celebrity.
This may sound like an easy answer but it really is not. I suspect that the answers will likely vary since most people have different goals for their lives. The goals of some individuals are to join the ranks of the super rich. They would like to enjoy the best of everything and be amongst the rich and famous. Other meanwhile may not need all of the excess and would be happy to know that they are able to take care of their basic needs in life.
So, which lifestyle sounds better to you? Do you want the lifestyle of fame and fortune or do you want the existence of anonymity and comfort? Are you looking at building wealth over the long term or would you prefer instant riches? The choice is yours!
Photo by: Gawd