What’s up GLOBAL GRIND? Mad respect to Russell Simmons.
My name is AL Reynolds and I am financial educator, professor, author, entrepreneur, and television commentator. When I married into the entertainment business, I was a successful Wall Street Private Banker whose client list read like the Who’s Who of the academic and business community as well as the entertainment and sports industry. On a daily basis I monitored, managed and advised their financial life. Everything from defining their trust estate to managing their investment portfolios to acquiring mortgages, life insurance, car insurance, health insurance, and personal loans.
I have worked in corporate America for Fortune 500 companies for over 12 years. I have a Bachelor of Science degree in Urban Planning and Design; I have a Master’s degree in Public Finance, and currently completing my PhD. Presently, I am a Professor at Florida Memorial University, one of the oldest historically black colleges and universities. Florida Memorial University is proud to be celebrating its 130th year of educating the African-American and Caribbean- American community. I teach personal finance, leadership theories, and public policy. In addition, I am the President and CEO of Champion Advisors, a not-for-profit financial education and literacy organization.
When I am not doing financial commentary on television, teaching at the University or speaking about personal finance at middle or high schools, I spend a great deal of my time offering financial advice to friends, family and colleagues. Often during my travels, I am constantly asked “What are some of the mistakes my celebrity clients, friends or colleagues make”.
In response, I bring you this “Top 10 Financial Mistakes Celebrities Make and How to Fix Them” list because not only have I seen it heard it discussed it advised someone on it but I have also done it. ALL OF THEM!!!!!
So here we go…….
TOP TEN MISTAKES CELEBRITIES MAKE WITH THEIR MONEY
THEY DO NOT PAY THEIR TAXES
Recognize and believe that every dollar you make, you owe the government a portion of it (period…..end of discussion). We all don’t like it but we all have- to- do -it. If you don’t, you will end up paying more trying to get- out- of- it than just doing it.
Call or hire an accountant, tax preparer or business manager (not your momma or good friend…unless….they are an accountant, tax preparer or business manager) to make your tax payments and prepare your tax returns. If you would life to go the extra mile talk to your tax professional and ask them about “pre-paying” your taxes.
File your Income Tax. That means you should see the documents once they have been completed (with your own eyes), sign them and mail them to the Internal Revenue Service.
THEY DO NOT READ THEIR FINANCIAL STATEMENTS
(i.e. bank statements, royalty statements, mortgage statements, investment/brokerage statements, car/home insurance statements)
See with your own eyes all the money you got coming into your camp each month. When I say “see it”, I mean you need to see it recorded or written down or printed on some form of document or paper. This means money from tour/concert payment, endorsements, performance fees, residual (continual payment for your work or talent), royalties, appearanc