Wealth Preservation Advice That Kanye West Should Follow

When Kanye West proclaimed publicly that he was $53 million in debt the news shocked many people in the estate planning community. This column points out that frivoulous spending is not the only thing that might have contributed to the rapper’s massive debt amount. A toxic advisory team can often be a major contributor to these kinds of financial disasters. Wealthy celebrities should surround themselves with reputable advisers who can tell them the truth. It is important for these celebrities not to make the mistake of surrounding themselves with yes men or women who will encourage the bad spending and investment habits that they might have. Managing wealth can be difficult and it is important to have the assistance of financial planners who are competent and can be trusted and depended on.

See Darren T. Case, The Power Of No: Unsolicited Wealth Preservation Advice For Kanye West, Forbes, February 22, 2016.