You may have read recently that Jamie Oliver’s restaurant empire has gone into administration. The talented TV chef had rapidly built up a chain of around 50 restaurants over the last few years. Like his new restaurant branches, Jamie seemed to be popping up everywhere on television, in the newspapers and on the Sunday Times Rich list.
We don’t know exactly why his restaurant business went wrong. Some say that his prices were a little too high for basic Italian food, but I think it also has a lot to do with the expensive city centre locations and overexpansion.
He apparently put in £30 million of his own money when the company was on the rocks over a year ago. Evidently, he could not let it go and try to rescue a sinking ship.
What this proves is that it is far easier to make money, or start a successful business venture, than it is to keep it.
In my book, Yes, Money Can Buy You Happiness, there is a section on the celebrities who lost it all. There are countless stories of sports and media celebrities with quickly made and lost fortunes through mismanagement of their money and for advice. I’ve personally assisted form of popstars, I used to see performing on Top of the Pops, who could not obtain a mortgage due to a poor credit history and being behind with their current mortgage. Some had lost their marriages and families. It was sad to meet once wealthy and famous people end up broke.
Check out my book, Yes, Money Can Buy You Happiness, on Amazon - http://bit.ly/2MoneyBook