Mike Sorrentino, from MTV’s controversial (is there any other way for MTV?) reality show, Jersey Shore, has made some smart business deals to put him in a pretty secure money situation.
He’ll rake in approximately $5,000,000 by year’s end!
Known as ”The Situation” on the MTV Jersey Shore show, he earns $60,000 per episode and has also inked a few endorsement deals!
I must admit, I have never seen this show. I hadn’t even heard of Sorrentino (I know, I know, I”m so out of the loop!) until a friend forwarded me this article and said I should write about what “The Situation” should do with his money!
So here are 5 dumb money moves The Situation should avoid - and for you to consider too:
Keep It All For Himself!
$5,000,000 is a lot of money. It’s not much compared to A-list actors or top professional athletes, but it is a ridiculous amount of money to you and me.
The last thing this MTV Jersey Shore actor should do is keep it all for himself.
Because contrary to popular belief, greed is not good – sorry Gordon Gekko!
We are most happy when we are self-giving, generous and willing to help those in need.
Don’t Do Estate Planning
“I’ve got plenty of time to get my affairs in order!”
Ever think those things? I’m sure we all do.
The reality is we never know when it’s time to leave this place.
Sorrentino should avoid probate, avoid the mess that is created without an estate plan and avoid putting it off until tomorrow.
Look at Johnny Carson, the guy did a great job with his estate plan, and is still donating money to charity even though he’s been gone for five years!
Don’t be caught dead without these documents, your beneficiaries will thank you!
Spend Like There’s No Tomorrow
Jersey Shore won’t always be the most popular show on MTV – the next edgy reality show will soon take it over, which means the money won’t always be there.
Sorrentino would be smart to put a big chunk of that away for the future and plan for those rainy days!
Spend less than you make isn’t just for us “regular folks”, it’s for everyone!
Don’t Work With Trusted Professionals
One word. Madoff.
Many of you are DIYers – and that’s great. Inevitably though, you’ll probably need to consult with an insurance agent, financial advisor, attorney or CPA at some point in the future.
Do your due diligence on these individuals. Make sure they have your best interest at heart.
Hopefully Sorrentino has some trusted advisors in his court!
Don’t Diversify Income
Again, the cultic MTV Jersey Shore won’t always be around. Sorrentino would do well with figuring out additional ways to earn some cash.
It sounds like he’s already doing this, which is great! He’s got a set of workout videos coming out and is also getting endorsements from liquor companies to clothing lines!
Perhaps we need to take a page out of that book and look for ways to diversify our incomes.
Especially in this economic environment, there aren’t too many “recession proof” jobs.
Maybe we need to our hobby into a business or look for additional ways to make some money!
Avoid Those Mistakes – Do the Right Things!
So there you have it! Five of the dumbest things “The Situation” could do with his money (and you too!) – Be sure to avoid these common mistakes!