Michael Jackson's death should teach us all a money lesson
Sarah Coles
Michael Jackson dead eh, who'd have thought it?
When I heard the news last night it was so unexpected I assumed it was the build-up to a particularly bad-taste joke. It was just so unexpected.
Now this is going to sound a bit heartless, but this sad news should get us all thinking about money.
It shows us that one day, maybe when we're least expecting it, we're all going to die.
I know, not particularly cheery stuff.
We all think it's some date far off in the future, and that we're all going to have a chance long before then to sit down and think about how our family are going to cope financially after we've gone.
But as Michael found, these things can just come out of the blue.
There's no telling what state Michael's finances were in. He made a lot of money, but he also knew how to spend it. But with three young kinds on the scene you can only hope he at least did something sensible for them.
And it's important that we all do.
There are three things this should prompt us to do.
When I heard the news last night it was so unexpected I assumed it was the build-up to a particularly bad-taste joke. It was just so unexpected.
Now this is going to sound a bit heartless, but this sad news should get us all thinking about money.
It shows us that one day, maybe when we're least expecting it, we're all going to die.
I know, not particularly cheery stuff.
We all think it's some date far off in the future, and that we're all going to have a chance long before then to sit down and think about how our family are going to cope financially after we've gone.
But as Michael found, these things can just come out of the blue.
There's no telling what state Michael's finances were in. He made a lot of money, but he also knew how to spend it. But with three young kinds on the scene you can only hope he at least did something sensible for them.
And it's important that we all do.
There are three things this should prompt us to do.
The first is to make sure you have a will. If you don't, when you die, your family will have no choice about how any money or debts are divided – it's all according to a particular set of rules. An unmarried, childless person, who may have a partner with three kids will see the bulk of their estate passed to their own parents, and their partner get nothing. So think about it.
The second thing is to think about the state of your finances. If you die with debts, this is what your family will inherit, so think of it as a problem you're saving up to dump on those you care most about, and do something constructive about your debts.
And finally, get yourself some life insurance. It's not enough just to cover the cost of the mortgage. If you have kids you'll need a sum to cover childcare or living costs if your other half has to give up work.
Think about it carefully. These things aren't to be taken lightly.
So all in all, a depressing day, but one that could make all the difference in the world to your family if you choose to act as a result of it
So all in all, a depressing day, but one that could make all the difference in the world to your family if you choose to act as a result of it
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