1. Wolfgang Amadeus Mozart lived shortly from 1756 to 1791. He was considered to be one of the most celebrated composers as he toured Europe as a kid to showcase his talent and allowed him to make up quite a fortune. However he had a problem with gambling and he also avoided certain jobs that led him to having massive debt. He was buried in a common grave due to poverty.
2. Thomas Jefferson was the third President of the United States. He had a wonderful career but couldn't control his spending and passed away with massive debts as well. A lot of his property was sold to pay off his debts.
3. Michael Jackson was called King of Pop and unfortunately passed away in 2009. His songs remain to be culturally relevant however at the time of his passing he passed away with around 500 million dollars of debt. Due to this, many of his assets were sold to pay for his debts.
The lesson I got from looking at all these influential people is you can be exceptional in your field but if you do not know how to manage your money you might just die penniless. I personally do not want to pass away after suffering from poverty. I want my last days to be spent in bliss.
There are other people in the list but I only chose three.
Elvis Presley _Despite being one of the best selling artists of all time, Elvis's estate was nearly bankrupt at the time of his death due to poor management and excessive spending.
Jimi Hendrix _the legendary musician died with very little assets and his estates took years to manage and generate significant income
Highlighting the importance of financial management
Effective financial management is crucial for achieving financial stability, security at freedom...and here are some key aspects of financial management
1.Budgeting_creating and sticking to a budget helps to track income and expenses.
saving _Building an emergency fund and saving for long-term goals provides a safety net and helps achieve financial objectives
3.Investing_investing wisely can also help grow wealth over time ,but it's Essential to understand risk tolerance, diversification and investment options.
4.Debt management _Managing debt effectively involves understanding interest rates,creating a debt repayment plan and avoiding high interest debt.
5.Financial planning _setting clear financial goals,such as retirement or buying a home,helps guide financial decisions and ensures progress towards achieving those goals.
By mastering these aspects of financial management, individuals can be able to reduce financial stress and also have increase financial freedom.