Saturday, June 21, 2008

Re-post: I reckon this proves my theory about money - Apr 05

From Monday, April 18, 2005

.. that the amounts are irrelevant, it's our relationship with money and our attitude towards it that determines whether we're rich or poor.

From yesterday's Daily Mail ("I'm Still Spending") :

"Elton [John]'s finances are in disarray. 'Even though he earns a vast amount, Elton always, always spends as much, if not more,' says a well-placed source. ... 'The problem is that he has an excessive personality and in the way he used to abuse drink and drugs, he now overspends. Everything he sees, he wants and everything that he wants, he has to have. It is a terrible sickness. And it is why he has to work so hard.' "

Apparently Elton is £27 million overdrawn, an amount that's presently increasing by £12 million a year. He has to work to pay his bills, which is why he's just taken on a £32 million 3-year deal to play regularly at Caesar's Palace in Las Vegas, the strict terms of which made him miss Charles and Camilla's wedding.

"According to sources at his former accountancy firm, Elton was told he must try not to spend more than £1 million a month - a sum that was over and above 'fixed costs' like staff, which were already covered. So £1 million a month was mere spending money. Even so, the singer has been unable to stick to his budget. 'In truth,' says the source, 'he was still spending in the region of £1 million a week.' "

The article goes on to say that Elton's argument to his accountants is that, like Elvis, his estate will make more after he's dead than when he's alive and that they'll be able to make good any shortfall then, so he's not going to rein in his spending in his lifetime.

Here's my cheerful Tuesday morning thought, before I head off to tidy up the chaos that's descended on the house as a result of our manic Monday: Receiving vast amounts of money causes huge problems. Those of us who don't receive vast amounts of money are the lucky ones.

posted by Gill at 8:34 AM 4 comments


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