All Articles Tagged "financial problems"
Financial debt is no joking matter. It has the power to cripple a person’s present situation as well as their future. If you leave things unchecked, you might find yourself so far in the red that it’s hard to come back. While all of us have dealt with money issues at some point in our lives, you can’t really expect brighter days to appear if you continue to make the same mistakes. Here are 10 reasons why you are still in that financial hole.
Mary J. Blige received a notice on the apartment door of her tony Manhattan apartment for failure to pay rent, according to a report in the New York Daily News. The Ashley boasts a basketball court, health club, and bowling alley, and an apartment like the three-bedroom that Blige was renting can cost between $9,000 and $12,000 per month to rent. Sources for the paper say she’s been there for a little over a year and the problem began in November.
Poor Mary’s financial hardships have been well-documented in the media: a tax lien in New Jersey over more than $901,000 in back taxes; a lawsuit with Bank of America over a $500,000 loan; and a lawsuit with Signature Bank over a $2.2 million loan. Commenting on all of the headlines during an interview with Hip Hollywood, she said, “All you can do is keep pushing, keep your head up and just let people be people. [Let] haters hate and just do what you do.” That may be true, but what about all that money and those lawsuits?
The Daily News speculates that copyright infringement lawsuits could be causing all of Blige’s money problems. The newspaper says they’re costing her as much as $1 million per year to fight.
Mary, this is…out of hand.
In documents obtained by TMZ, singer Mary J. Blige has been hit with a tax lien by the state of New Jersey. The documents state that Mary owes the government $901,769.65 in back taxes. They didn’t state what years the IRS is seeking back pay but she’s probably missed at least two years.
This is just the latest string of financial problems and embarrassments for Mary. It was just over a week ago that we told you she defaulted on a loan from Bank of America and now owes them over $500,000. When she was asked about it, she said was that all she can do is just keep pushing on on and “let haters hate.” Ahhh yes, those haters sure do know how to get you in alleged financial trouble, don’t they?
But even prior to that, she defaulted on a $2.2 million dollar loan and before that, she was sued because of her charity not paying back money.
It would seem like when you suddenly find yourself in major situations like this on an almost consistent basis, not only would you fire your accountants (even if they’re flesh and blood), but you might also consider taking some accounting classes so you can figure out how to go over the books yourself. There just doesn’t seem to be a logical reason for these things to keep happening.
TMZ reached out to Mary’s reps but so far, they’ve received no response.
Managing finances can be a struggle, especially when you’re a single parent. You have the challenge of running all aspects of a household, working and raising a child, alone. It’s tough to stay organized and sometimes things get lost in the shuffle. However, it’s very important for you and your child that money management is intact.
The easiest way to pay off debts, maintain good credit, save and live within your means is to create a budget. Wealthy people know where every cent goes and you should, too. When you know exactly how much is coming in, how much is going out and where all of it is going, you can make responsible decisions and be better prepared to handle unforeseen circumstances. This is especially important when you’re all you have for support—financially, emotionally and physically. Your child doesn’t need to know or see the madness mismanagement creates when funds are surprisingly low. As a parent, it is also your responsibility to teach good habits and be the first example of financial planning.
Your budget should account for all income (excluding child support and/or alimony) and fixed and variable expenses. Child support and alimony should only be included as a reliable source of income when the father has a strong track record of paying in full and on time. Expenses should be listed according to importance. That way, if you are currently in over your head and can’t afford to pay everything on time (if at all), you know which bills are most pressing. Additionally, allocations to an emergency fund (six months worth of total living expenses) and savings should take precedence over clothing allowances and entertainment for you.
Single Mom Financial Help is a great resource for single mothers looking to spend wisely. The site offers printable monthly budget and grocery list forms to help track your funds and prevent overspending. There are also free budget calculators online.
Below is a sample of where your money should go when preparing your budget:
|Miscellaneous (Life Ins., Entertainment, etc.)||5-10%|
Are you a single mom? What financial advice do you have for your fellow single parents?
Family and friends of former Memphis Grizzlies player Lorenzen Wright are in mourning today as the player’s body was found in the woods in Memphis. Wright had been missing for ten days when police called his father, former professional basketball player Herb Wright with the news that they had found his body.