Hey Kanye West! Here are some tips to beat your debt

Hey Kanye West! Here are some tips to beat your debt

Kanye,

You don’t know me, but I’ve been following your celebrity life on Twitter for a while now, and I have to break it to you. I’m worried about your $53 million personal debt situation.

Let’s face it, you’ve always been a big spender. Like that time you proposed to Kim at a baseball stadium with a 90-piece orchestra.

Some people might not be sympathetic in full knowledge that your 2014 wedding to Kim cost $12 million. But when you tweeted to the world about your struggle, I really felt for you.

Look Kanye, I’m just an everyday Aussie gal but I do know a thing or two about personal finances. So I want to help you out with the following advice to beat your debt:

Don’t be proud of it.

Get rid of that kind of attitude Kanye, or debt will follow you forever. I’m guessing you have one of those platinum credit cards. Or maybe 5. So try using a 0% balance transfer card. Stick to your repayments and you won’t have to pay that ridiculous interest that comes with being $53 million under.

Start a family budget.

Like you wrote on social media, you buy fur coats and houses for your family. Getting out of debt however, takes a little sacrifice. That’s why Mozo’s budget calculator is going to help you face the music and budget accordingly. Then you can work out how much is left over to support your art and designer shoes for the kids.

Have a chat to wifey.

Initiate that dreaded money talk with your other half Kim to make money plans. One of our editors, Rebeccah Elley had a money conversation with her husband on Valentine’s Day and wrote about her experience here.

Find a better financial advisor.

When you’re dealing with celebrity status and a lot of money, a good financial advisor is a smart move. It’s even more important to get one though when you’re drowning in debt. I don’t know who’s idea it was to tweet to Mark Zuckerberg asking for money instead of using the social platform he created, Facebook. But if it was your financial advisors’, it’s time to move on and find a credible one.

Try goal focused investing.

Look Kanye, I have to admit I was a little disappointed when I found out that you’ve invested in 53 fashion groups over the past 13 years and are still in debt. Did you see that coming? You can still change, if you start to use the goal focused investing method instead. Just saying.

Kanye, with my “true heart” I plead with you.

Please consider my recommendations as a virtual friend. You can beat this debt. And when you get out of it, you’re welcome to send me a signed copy of Life of Pablo and a few articles of clothing from your new fashion collection. You’re an artist, but make your money work for you and stay out of the red.

Hey Kanye West! Here are some tips to beat your debt was last modified: February 17, 2016 by Roisin Kelly-Goldsmith

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