A lesson I'm constantly trying to teach my celebrity-struck young friends

It's not how much you're worth (the difference between what you have and what you owe), it's how much actual cash that you actually have which you don't owe.

When her brother incurred criminal charges in 2015, rapper Nicki Minaj raised bail by putting up real estate she owned as collateral on a pair of $50,000 promissory notes. You'd think that someone who was allegedly worth $65 million at the time would have at least $100K sitting around with nothing better to do than gather dust and compound interest, wouldn't you?

And remember when rock star Jon Bon Jovi tried to buy a piece of an NFL team? He couldn't because he was "only" a millionaire on a billionaire's playing field. Every cent of his estimated $350 million net worth would had to have been converted into cash -- by selling off all his assets AND paying off all his debts -- just to come up with his share of the franchise fee!


Rocknation