One of the most difficult things I have to contend with when working with people in financial distress is their sense of entitlement. They think they deserve so much despite their monetary limitations.
Jackson had some mammoth entitlement issues. In interviews, he often lamented his lack of a childhood. I recall watching the 2003 Martin Bashir documentary, "Living with Michael Jackson," in which the pop star talks about missing out on playing with other children because of his studio practice sessions. At one point, Jackson covers his face after revealing the physical punishments he said he received from his father.
It seems Jackson spent his entire adulthood trying to make up for what he lost. He tried to buy back his childhood starting with the aptly dubbed Neverland. The property had a zoo, Ferris wheel, bumper cars and other amusement-park rides that reportedly cost $4 million a year in upkeep.
During the documentary, which I viewed again on YouTube, Jackson takes Bashir to a Las Vegas store where he shows the British journalist all the stuff he had purchased, including a chess set for $89,000 and two royal blue supersized vases priced at $275,000 each.
Jackson walks around pointing at what he had purchased.
"I bought so much stuff here," he says as he guides Bashir through the store. "I bought these. I bought this one. This one."
"I bought this one, right?" Jackson asks a store employee.
Jackson points out additional things he wants -- without ever asking the price for anything.
"Wow," Bashir says as he looks at the price tags.
I've always asked people this one question when they think that winning the lottery or picking the right stock or even earning a bigger paycheck will solve their problems.
"How do you go broke on $200 million?"
Answer: You spend $201 million.
On my Facebook page, someone chastised me for commenting on Jackson's financial legacy. "I think we should all grieve and leave the comments about his personal life to a minimum," the poster noted.
Yes, we should celebrate the good that Jackson brought into this world through his music. But we should also look at his life and let it be an example that talent, fame and fortune can be wasted if you have a wanton sense of entitlement.