5 Dumb Money Mistakes Jersey Shore’s “Situation” Should Avoid (And You Too!)

by Jason on August 25, 2010


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.

Why?

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!

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{ 4 comments… read them below or add one }

Kevin@OutOfYourRut August 25, 2010 at 2:38 pm

I’m not going to win friends with this comment, but in a way you have to feel sorry for these celebrity*** types. They make incredible amounts of money in a short space of time, and for any of us put in that situation it would be hard to believe it won’t continue forever.

It’s easier than any of us think to give in to the temptation of the moment and believe that the world has finally noticed (and is rewarding) our incredible talent, or that it won’t ever not do so at some point in the future.

***The term “celebrity” being watered down and extended to the cast of reality shows who aren’t actors in the true sense of the term, but really people who are perfectly fine going on national TV and embarassing themselves in front of millions of people with their long list of quirks and weirdisms, talent not required.

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j. money September 21, 2010 at 8:54 pm

Haha nice. I actually love the guy on Jersey Shore. Refused to watch it for months, but when I jumped into one of their marathons I was hooked :) Just cool to see how totally different some of our lives are.

Anonymous September 28, 2010 at 8:18 pm

J – yes, very different lives! :)

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