Finances still remain one of the leading causes of divorce, even for those with a lot more than average in the bank.
On this past Friday, Jessica Simpson sat down with CNBC’s Kelly Evans to discuss the latest that’s going on with the pop star. Interestingly enough, Jessica Simpson’s shoes are more noteworthy than her music career, as she has amassed a $1 billion retail empire. I dare you to say that you do not have at least one pair of Jessica Simpson shoes in your closet!
Out of the gate, Evans asked Jessica Simpson what her biggest financial mistake was and she referenced her highly publicized marriage to former boy band, heart-throb Nick Lachey, formerly of the group 98 Degrees.
“The biggest money mistakes? I don’t know. For some reason, I thought of my first marriage.”
– Jessica Simpson
Back when reality television was an anomaly, Nick and Jessica played out the early days of their marriage on a MTV television show called, “Newlyweds: Nick and Jessica.”
Since staying married was The Hardest Thing to do for the pair, their marriage ended in divorce in 2006. The financial mistake that Jessica is likely referring to is that she did not have a pre-nup in place during her marriage to Nick Lachey, which cost her about $2 million dollars in a divorce settlement. Fortunately, Jessica had her fabulous shoes to fall back on and the majority of her empire grew after her divorce.
When we look at celebrities and wealthy individuals, we often think that they do not have the same issues as the average person because “they have money.” There are numerous cases of people who have gone from rich to poor after a nasty divorce settlement. As we continue to see in our society, wealthy people make financial mistakes too, just with a larger number; it is all relative.
What’s your biggest financial mistake? Were they financial mistakes in marriage? Business? Family?
The real question is what did you learn from your financial mistakes and how are you going to use it or how have you used it to improve your financial situation? Financial success as in any other cases of success is about getting progressively better. If you lost $5,000 in a bad business deal, have you figured out how you can increase your income by $6,000? Success is about learning from a failure or mistake and growing from it.
MissCFO Takeaway Lesson: Don’t let a financial mistake ruin you. Learn from it, grow from it and implement the lesson learned from it!
MissCFO Actionable Task: Make a list of 5 mistakes you have made in the past and 5 ways that you are going to make an improvement in your life from those makes. Pick 3 of the lessons and implement them into your life now!