Former Duchess of York Sarah Ferguson (nicknamed "Fergie") has squandered away millions upon millions of pounds by living extravagantly. Her financial situation became so dire recently, that a newspaper reported that she resorted to selling personal access to her former husband Prince Andrew, for cash.
Like many people in todays consumer society, she spent money with little regard for saving or investing carefully. As a result, even though more money has passed through her hands than many people could ever imagine, she has nothing to show for it. Thisismoney.co.uk showed why she is facing financial ruin.
The BBC website has a good article on how Fergie lived the high life, rather than budgetting carefully. People may laugh and sneer at a lifetime of living frugally but as Fergie shows, a lifetime of living extravagantly if you don't have a plan to preserve wealth, produces desperation, humiliation and poverty later on.
Many people, including myself, will be far better off financially by living within our means. This means budgetting and living frugally. Don't just spend it all, like Fergie did.
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