This past week, actress and author Tori Spelling revealed that she has major money issues. The former 90210 star laments her extravagant lifestyle that now has brought her to the brink of bankruptcy. For those struggling to maintain their status in the middle class, this news may be met with little to no sympathy. However, there are practical financial lessons that everyone can take away from Spelling’s misfortune.
The first lesson is to watch what you spend. Living within a budget has become a way of life for Spelling and many Americans who need to keep spending in check. Secondly, Spelling has learned to repurpose and reuse things to get the maximum value out of the things that they already own. This includes having the children wear hand-me-down clothing. Finally and most importantly, Spelling has had to change her priorities. Downsizing life due to financial challenges may actually create an increased quality of life.
After taking the lessons of Tori Spelling to heart, an individual may still be plagued by credit card debt or medical bills that require more than just a shift in priorities. If high debt is coupled with job loss, the long-term effects of this financial setback may be too much to bear. Creditors or a looming foreclosure require immediate attention. For these individuals, the answer may be bankruptcy.
To find out if bankruptcy is right for you, a consultation with a bankruptcy attorney may be helpful. There are various types of bankruptcy and an attorney can help you determine which one will provide the optimum financial relief for you and your family.
Source: www.savvysugar.com, “Tori Spelling’s Debt Trouble,” Emily Co, Oct. 25, 2013