Financial Lovemaking: What Happens to Michael's Kids?

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A few days ago, I gave some financial advice to Michael Jackson's kids. My argument was very clear: The children should not emulate the father's behavior when it comes to financial responsibility (or lack thereof). There are also broader issues and deep emotional wounds that must be dealt with as well.

While many of us mourned for Michael Jackson, Americans were equally concerned about the kids. Their mothers have given up legal rights, and they've been raised in a world that is far different from our own. How will they survive and who will take care of them? Are the complications of their father's financial dealings going to haunt them for the rest of their lives?

In this episode of Financial Lovemaking with Dr Boyce, we discuss the Jackson kids and their plans for the future. With my co-host, S. Tia Brown, we break down the situation with the Jackson children and share thoughts on how the Jackson family can prepare the children for the long road ahead.

10 Questions To Ask Before Planning A Wedding

    How do I set a wedding budget?
    The very first thing you and your fiancé need to do is figure out how much money you will realistically have to spend on your nuptials and the celebration that follows. Keep in mind, the bride's family is no longer expected to be the primary wedding sponsor; it's common now for both families to offer assistance. But the reality is, most couples pay for their own wedding. Once you've established a dollar amount (remember a gorgeous wedding can happen at any budget), there are a number of popular websites like theknot.com and marthastewartweddings.com that you can use to complete a thorough and organized budget.

    Tetra/Getty Images

    Should you have "My Big _____ Wedding?
    In our community , weddings are often huge, oversized events. But one of the biggest ways to impact your budget is by limiting the size of your guest list. There are some tough questions that have to be answered when it comes to guest list .For example, will children be allowed at the reception? Long before you decide to host a 400-person extravaganza/family reunion, you and your fiancé should each create lists of potential guests and organize them into: "People you wouldn't get married without; " "People it would be really nice to have ," and "People you can take or leave ." If or when you have to trim your list, it'll be easier to know where to start.

    Large wedding party: to have or to...?"
    HOLD. The days of really large bridal parties are fading. Of course, your bridal party should represent your idea of perfect, but smaller bridal parties of two to three attendants will save you a significant amount of money in transportation and flowers, and on bridal party gifts. One solution for the people that you MUST include in the wedding that aren't your BEST friends, is to consider asking them to be hostesses/ushers or to read a significant poem or scripture during your ceremony. You might be surprised how happy "the un-chosen ones" are that they can actually be a guest at the wedding without a long list of responsibilities and financial obligations.

    What is my wedding style, and do I need a theme?
    Your wedding style sets the tone for your entire event , and your theme is the way you'll showcase it throughout. To figure out your wedding style, ask yourself if you are traditional, unconventional or somewhere in between. If you're traditional, you may want a church wedding with a formal dinner reception. Your theme might be a "Winter Wonderland" in a gorgeous hall draped with crystals and viburnum. It's up to you! If you do opt for a wedding theme (they aren't mandatory), this is where you and your fiancé can really express yourselves as a couple by transforming your shared experiences into one theme.

    When and where?
    Once you have your wedding style and theme in place , you have to find a complimentary venue. If you're opting for a church wedding and you have a specific church in mind, their availability will determine your wedding date. Flexibility is key if you would like a wide range of venue choices. Some sites will give you a reduced rate for booking your event on a Friday evening, Saturday morning (or early afternoon) or Sunday. You can also save 20 to 30 percent by booking your reception during the off-peak months of January-April. Look for venues that include parking, vendor discounts and other perks.

    Which decor elements really make a difference?
    Expensive and plentiful floral arrangements may be synonymous with beautiful weddings , but if you have a limited décor budget you have to decide where your priorities lie. Lighting can make a huge difference and doesn't have to cost a lot. Check with your DJ or venue about inexpensive lighting packages. Candle light counts! You can find candle wholesalers all over the web. Also, explore your theme -- maybe you can use a minimal amount of flowers and display some beautiful items found at thrift stores as your centerpiece. Be sure to display your wedding cake as a piece of décor.

    What should we serve?
    Your food and beverage costs can account for 60 or more of your total budget. This is one area where research and negotiation is extremely important. Selecting menu items that are in season will have a favorable impact on the final cost of your meal-and the taste. Although it's commonly believed that buffet meals are less expensive, that's not always the case. A plated meal with a duet of entrees may end up being more economical and pleasing. Stations are fun and can provide a welcomed variety for your guests. However, the costs can add up once you factor in the quantity of food you'll need to satisfy guests and the cost of chefs and service staff.

    What to wear?
    Have you already found the dress of your dreams? Many brides begin tearing out pictures of dresses they love the day after their engagement (or secretly sooner). That's not a bad idea, as time is of the essence. Regardless of where you end up buying your gown, if it's new, you should allow at least 12 weeks delivery time to be safe. If you plan accordingly, you can snag a great deal by finding your designer dream dress at local bridal sample sales, trunk shows or events like Filene's infamous Running of the Brides. Another option is a shop like RK Bridal, a New York-based store that ships around the world and guarantees a low price.

    What is the top wedding trend right now?
    Going Green is one of the biggest wedding trends right now! Weddings of any budget can go entirely green or have environmentally sound ideas incorporated into any facet of the planning. There are green venues that serve only local, organic or sustainable food, invitations printed on recycled paper with natural inks, organic gowns and suits, locally grown flowers, soy candles, etc. There's really no reason why you can't share some love with planet!

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    We're spending a lot of money. How do we insure that everything goes as planned?
    Hire a wedding consultant to execute your wedding day plans. Can you and your cousin do it? Maybe, but do you really want to? You, your family and close friends should all be able to cherish the moment, relax, eat drink and be merry. Most "day of" wedding consultant/planners will confirm and manage vendors, create schedules, run your rehearsal and your wedding day. You'll convey all the details to them and they'll make sure everything is done to your specifications. When looking for a consultant, start with referrals from friends and family. Next, organizations like the International Special Event Society are a great resource.

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The truth is that Michael Jackson's death is going to fuel a lifetime of made for TV movies, public appearances, embarrassing revelations and financial peculiarities. This is going to take an emotional toll on the children and we should all be sympathetic to that. Being the child of an icon is never easy, and Michael Jackson was the icon of all icons.

Click below to listen!

Dr Boyce Watkins is a Finance Professor at Syracuse University and author of "Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good." For more information, please visit www.DrBoyceMoney.com. To have Dr Boyce commentary delivered to your email, please click here.

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