Unfortunately the family of Michael Jackson really failed to effectively invest or manage their money very well despite huge success, leaving the family mostly in serious financial straits. There were reports that Michael Jackson might have died with up to $400 million in debt. And reportedly, at least one pharmacy business had a difficult time collecting a prescription drug bill owed by Jackson for over $100,000 for some time. Another story claims that Michael Jackson might have used up to $48,000 in prescription drugs some months. Michael Jackson also lost primary ownership of the Neverland Ranch with all of his money troubles. But the financial problems for the Jackson family don't just stop there.
Janet Jackson is the best at money management and raising income compared to all the other family members, and she bought a home for her parents because the mansion owned by her parents was facing possible foreclosure, and she didn't want her parents to become homeless. And stories exist that claim that workers at the mansion haven't been paid a salary in months by the elder Jacksons. Both of Michael Jackson's parents have declared bankruptcy before, and the father only makes a little money by promoting some girl groups. In fact, the elder Jackson used the death of Michael Jackson as an opportunity to promote his latest smalltime struggling record business to a national audience.
Latoya and Robbie Jackson both have wealthy businessmen in their lives, allowing them to survive financially. However, one brother Marlon merely stocks groceries and lost his home to foreclosure. Tito Jackson has a small time blues band he formed which does shows for as little as just $500 a show, hardly a fortune. Randy Jackson, who is three years younger than Michael makes a few bucks working as a tire changer. However, he unfortunately duped three friends of Michael Jackson to take out home equity loans on their homes to allow Michael Jackson to pay lawyers when he was charged with sexual abuse. Michael Jackson failed to repay these friends, leaving them in a financial mess. Great way to treat good friends, huh?
Jackie, the oldest son of the Jackson family started a largely failed Internet clothing business that went nowhere, and has only struggled financially since. And Jermaine Jackson, is at least $5 million in debt for state and federal tax liens and has declared bankruptcy back in 1995. Reports are that he doesn't work. Unfortunately, his job acting as family spokesman at the passing of his younger brother, Michael, was probably the most work that he's seen in some time.
Despite having so much money at one time, few of the Jackson family members managed or invested it very well. Instead they merely squandered away huge amounts 0f money on Jewelry, mansions, automobiles or other foolishness and are now essentially broke. It is unfortunately a sad portrait of poor money management where no one seemed wise enough to hire an accountant or a financial advisor to preserve their cash assets. Now few of them have much to show for all of the money they once had.
Many Americans believe that the Jackson family story is some sort of Horatio Alger rags to riches success story. That it's another Motown Records success story. However, the real truth is pretty far from that. It's more like rags to riches to rags.
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