5 Ways Katy Perry and Rihanna Botched Their Finances — What You Can Learn - Go Banking Rates

This post was originally contributed by Molly Triffin of LearnVest . You can cruise around in a convertible and sip Moët like it’s Perrier, but a high net worth doesn’t automatically grant you a high financial quotient. “People tend to assume that wealthy individuals must either be pretty darn fiscally smart in order to make that much money in the first place — or they are able to afford the very best in professional advice,” said Judy McNary, certified financial... You need look no further than the late actor Heath Ledger, Katy Perry, Madonna, NBA player Tim Duncan and even current White House contender Senator Marco Rubio, who all have one thing in common — seriously mismanaging their money. From succumbing to lifestyle inflation to turning a blind eye to proper estate planning, you can see the various ways some of the world’s brightest — and wealthiest — luminaries have botched their financial lives so you can avoid the same costly... Mistake #1: Neglecting to Draft an Estate Plan Like a cluttered garage, a will is probably something you know you should tackle… just as soon as you have a spare afternoon. Just look at actor Heath Ledger. Source: www.gobankingrates.com