Avoiding the Pitfalls of Money

Posted on 06/01/2010

Oprah just sat down with the Duchess of York, Sarah Ferguson, in her first interview since the release of a secretly recorded video. Fergie is accused of taking money in exchange for access to her high-powered ex-husband, Prince Andrew. The Duchess told Oprah massive debt pushed her to take money from an undercover reporter. It’s no secret that finances can lead to frustrations and bad decisions. Here’s some advice from the former princess for avoiding the pitfalls of money.

Steer Away from Quick Fixes - Sarah Ferguson told Oprah it was years of looking for “quick fixes” that added to her mounting debt. For the average person those quick fixes could be payday loans or credit cards. Instead of looking for an easy solution to money problems, find the root of the problem and get help from a financial professional if necessary.

Know Who You Can Trust - Sarah Ferguson says her instincts told her not to trust the stranger that was offering her money for access to the royal family. But she did anyway. When it comes to spending, earning, borrowing and giving money make sure you know who you can trust.

Face Your Demons - The Duchess told Oprah she had faced her addiction to food, but obviously there are other demons she hasn’t faced yet. If your spending is out of control, find out what’s behind it. Unresolved issues are likely partly to blame.

Don’t Live Beyond Your Means - The Duchess says she got into debt trying to maintain her lifestyle as the duchess. But you don’t have to be royalty to get into the same downward spiral. Beware of tendencies to spend money just to keep up with friends, family or even strangers.

The Show Goes On - Several times Sarah Ferguson told Oprah that she lives by a phrase her father often said: the show goes on. Even when life, money or relationships get you down it’s important to keep moving forward. Sarah also says she’s learned when you feel bad about yourself, it’s important to give to others.

By Alison Storm

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