Multi-platinum recording artist celebrity Kanye West recently shocked the world when he revealed on Twitter that he currently has $53 million in personal debt. Although many hard-working Americans have very little sympathy for the often egotistical West, the reality is that debt is a huge problem for a large number of Americans who could learn some very helpful lessons about debt from West’s situation.
1. You can’t earn your way around bad spending habits.
If you think that your debt problems will go away once you finally get a raise, you may be sorely mistaken. There are certainly some people who are simply not making enough money to make ends meet, but many more Americans simply do not maintain a realistic budget or and live lifestyles beyond their means.
Kanye reportedly earned $30 million in 2014 and $22 million in 2015 and still found himself $53 million under water. If you don’t get your spending habits under control, you will likely always have debt issues no matter how much money you make.
2. Don’t invest more money than you can afford to lose.
Whether it be stocks, gold, oil, real estate or your nephew’s startup, never invest…
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