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E.I.

Rich and Famous People Need to Be Economically Intelligent (E.I.) 2

by

Jeremy G. Preston

Chapter 1 – Lifestyles of the Rich & Famous

“Champagne wishes and caviar dreams.” This signature phrase coined by Robin Leach, host of the popular nineties era American television series, “Lifestyles of the Rich and Famous” became an endearing, objective statement to acquire wealth and live an extravagant lifestyle. “Lifestyles of the Rich and Famous” was a popular American television series that aired in syndication from 1984 – 1995. The show (hosted by Robin Leach and Shari Belafonte) exploited the extravagant lifestyles of wealthy actors/actresses, athletes, and business moguls. I can clearly recall watching this television show as a teenager and being completely mesmerized and awe struck with the extravagant lifestyles of those individuals featured on the show. Prior to watching this television series, I did not quite comprehend how extravagant some people live on a day-to-day basis. I mean really, how could this be true? How can this celebrity, athlete, or businessman that I am watching on this show actually be able to afford multiple mansions, a yacht, jewelry, and several exotic cars! How can one person afford to live and maintain this life of glamour? At the time, my simple, teenage mind just could not fathom an individual possessing such a substantial amount of wealth. I can clearly recall racking my brain wondering “if a rich and famous person can ever run out of money to spend?”

Consequently, the “Lifestyles of the Rich and Famous” was not the first television show to exploit the glamorous lifestyles of the rich and famous. Another popular American TV show that also glorifies extravagant lifestyles of the rich and famous is MTV Cribs. “MTV Cribs” is a current popular reality television show that focuses on exploiting celebrities houses and exotic automobiles. Just as a teenager watching Lifestyles of the Rich and Famous, I have watched “MTV Cribs” and been amazed at how luxurious some people decide to live. Television shows like the “Lifestyles of the Rich and Famous” and “MTV Cribs” that exploit luxurious lifestyles of famous wealthy individuals are somewhat beneficial to our society. These types of TV shows help us common individuals take a glimpse into the world of the rich and famous. For about an hour, we marvel at their success and attempt to understand their mentality regarding money. We are intrigued with the Rich & Famous ability to extend their financial resources beyond our imagination. I have discussed these shows with many friends and associates and have received some very interesting feedback regarding the reason these type of television shows are watched. Some people watch these television shows to marvel at the luxurious lifestyles of the rich and famous. Other people watch these television shows to criticize the excessive lifestyles of the rich and famous. And then, there are other people that actually watch these type of television shows to imagine themselves living these luxurious lifestyles.

Television shows that glamorize luxurious lifestyle most definitely have a profound impact on our society. As stated earlier in this chapter, we attempt to understand the financial mentality of rich and famous people; this is indeed a difficult task to endeavor. In actuality, the best way to understand the financial mentality of a rich and famous person is to walk in their shoes. Yes, I know; this is easier said than done. Must of use do not have millions at our fingertips. An alternative to understand the financial mentality of a wealthy person is to simply talk to someone that is Rich & Famous.

There are many so-called rich and famous people in history that have gone from “riches to rags”. Here are just several names that have most notable gone from being multi-millionaires to financial ruin: Warren Sapp (Former Pro Football Player), Kim Basinger (Veteran Hollywood Actress), and MC Hammer (Grammy Award Winning Rapper). How can these individuals go from being worth millions of dollars to being broke or worst filing for bankruptcy? The Lifestyles of the Rich & Famous television show gave me the false perception as a teenager that rich people’s money was virtually infinite and that they can spend money to their heart’s desire without the possibility of exhausting financial resources. History shows that rich people can exhaust their financial resources by excessive spending and by living luxurious lifestyles without any degree of financial restraint. Maybe, just maybe, rich and famous people need to be E.I. too! This sequel to E.I. will explore the typical financial mentality of rich and famous people in an effort to understand their financial actions. Also, this book sequel will propose solutions for rich and famous people to who have gone from riches to rags. Even more, this book will teach upcoming rich and famous individuals how to avoid financial ruin and not repeat some mistakes of past rich and famous individuals.

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