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In celebrity circles, the news out this week is that actor Nicolas Cage is broke and is suing his former manager for leading him astray.
So Nicolas has lost millions and questions will be asked, but who is to blame? Those and many more questions will be thrown around the court room but I doubt they will come up with the right answer.
What has happened to Nicolas Cage is a prime example of failing to learn the basics of financial education.
It makes no difference if you are a multi-millionaire like Nicolas Cage used to be or you are sitting on your own small nest egg - the only way to financial success is to take responsibility for your own investment decisions and not let someone else control your future.
It doesn't matter whether Nicolas's former manager has acted fraudulently or just lost all the money in bad investment decisions, the fact is Nicolas gave away control of his finances and in doing so lost the ability to take responsibility for his own financial future.
I imagine when you are making millions; there is a greater temptation to hire someone to manage your financial future. Someone with a big reputation probably, perhaps even referred from a friend or co-celebrity. It's a shame to see but I doubt whether too many people will shed any tears for Nicolas. Let's hope he learns from the experience and takes control of his own finances.
The problem that confronts many people is their belief that they know nothing about how to manage their own money. The solution is not to give away control of your finances to managers, financial advisers, family or friends but instead take the responsibility to educate yourself. There's enough information, forums, books and courses available on the net to learn anything from how to bake a cake and eat it too.
There's nothing complicated about financial education. Learning the basics are no harder than baking a cake and you get the satisfaction of knowing it's YOUR cake. Getting advice to bake your cake is fine just as it's ok to use a manager, financial adviser, family or friends for an opinion on financial matters but that's as far as it should go.
I'm sure Nicolas Cage is going to have a different outlook on managing his own finances from now on. I hope he has something left over after the lawyers battle it out trying to find someone to blame. I wonder if a course in financial education will be on his agenda.
Rob Bourne has been involved in
the financial services industry
for over 35 years. As a practising
financial adviser he focuses on the
need for practical and down to
earth financial education. The aim
is to educate people through
financial education so they can
take control of their own
financial future. Visit Rob's
website here
for more information on business
opportunities, investing and
financial education.
Rob Bourne is a Platinum author on EvanCarmichael.com
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