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August | 2013 | Stop Eating Money | Page 2

Archive for August 2013

See How Easy It is to Lose Millions

darnelldockett

Last month, Darnell Dockett of the Arizona Cardinals lamented about being able to purchase a pet tiger but not being able to buy a monkey (despite his $30,000 offer)! The defensive tackle backpedaled a few days ago and denied that he actually owned the pet tiger. His denial came after the U.S. Fish and Wildlife Service as well as the Arizona Game and Fish Department reportedly investigated the incident at PETA’s urging.

I still cannot get the thought out of my mind; I keep thinking about how much $30,000 could help so many schools. I’m sure some other charitable organizations would also appreciate that amount. It is his hard-earned money, and he has a right to spend it any way that he wishes to spend it. I just believe that ridiculous spending is like throwing money in the trash can! Research shows that 78% of NFL players file bankruptcy within five years of retirement.

I hope Dockett has a lot of trash cans, or he has made significant investments. Then again, he has a previous incident of posting a photo of $100,000 bills stacked. His behavior led me to consider more athletes, actors, singers, and other celebrities who have lost millions of dollars. Impulsive/overspending and bad investments are easy ways for any of us to lose money. Tax issues, legal problems due to poor decision-making, and addictions (gambling, etc.) are also easy ways to lose money.

If someone has millions, the losses are to a greater extent. Mike Tyson lost $400 million due to overspending (including $2 million on a solid gold bathtub). Toni Braxton’s $50 million debts were also a result of overspending. Jose Conseco, a former Oakland A’s star, lost $45 million on numerous legal issues. Wesley Snipes, Sinbad, Dionne Warwick, and others have had tax issues. Watch this interesting video to learn more on how easy it is to lose millions.

If you had millions of dollars, what would you do differently to prevent you from losing your money? Please comment.

Top 10 Money Songs

moneysongs

Happy Monday! What’s on your mind? What is the water cooler talk today? With the return of football season, some sports enthusiasts might be debating the punishments for Riley Cooper and Johnny Football. Other popular issues might include the following: Alex Rodriguez, dangers of Acetaminophen, 2 Guns, and Tax-Free Weekend “bargains.” Regardless of the topic, all of these issues have a direct or indirect correlation to money!

Last week, I disclosed some things about Tax-Free Weekends. I’m sure that my post and other warnings didn’t stop some people from shopping. Long-held beliefs are hard to break, but the psychology of discounts is something else you might want to ponder. I apologize to marketing pros, but you need to be aware of strategies that are used to persuade consumers. It might not change your behavior; however, you will have the information.

Some individuals and organizations are against empowering people with decision-making skills. Despite these challenges, I will continue to “sing like a bird” in my efforts to enlighten people. As you enjoy your day, consider this: Two things that most people would not want to live without are money and music. They are related to so many aspects of our lives, which might explain why there are hit songs about money in every genre.

Here are my top 10 songs related to money:

Are any of these your favorite money songs? Please comment.

Trailblazer of the Month-August (Series 1 of 4)

kennrashad

Welcome to a new series, “Trailblazer of the Month,” which I plan to alternate with my “Entrepreneur of the Month” series! The media is fraught with negative images that might lead viewers to believe that there are no innovators among us! So, I will continue to counter those stereotypes with positive portrayals. If you have helped to open up a new line of technology, etc., for people of color, you are also eligible because you are portraying positivity. The featured trailblazers will vary from industry to industry, and I hope that they will serve as inspiration to you. The first “Trailblazer of the Month” is Mr. Kenn Rashad.

TSPNlogo

In 1997, the Inglewood, California, native founded TSPN Sports. The Grambling State University graduate refused to stop there despite the overwhelming success of his sports information site! Not only did Mr. Rashad become the president and CEO of an Internet marketing and publishing firm, but he also became the co-founder and COO of a publishing company. Do you need sports information, Internet marketing, or publishing? Kenn Rashad (contact@rashadinteractive.com) is the man for the job! I appreciate Mr. Kenn Rashad for accepting my invitation to be “Trailblazer of the Month” for August 2013.

Next week, you will learn who has contributed to Mr. Rashad’s success. What do you think of this series? Please comment.