Financial advice for rock stars and other Southern Californians

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In case you missed it, U.S. News & World Report’s ‘How to Go Broke Like a Rock Star’ last week used the housing-related financial troubles of celebrities as an opportunity to explore sound financial strategies.

Among the tips from experts for those with sometimes large and fluctuating incomes, like Southern Californians working in the entertainment industry, is advice that could apply to just about anyone:

--Make your money last and have some for that proverbial ‘rainy day’ by spending more modestly than your last paycheck allows.

--Have a plan in place in case of disaster, such as job loss or illness.

--If you have an unpredictable income, pay off debt as soon as you can afford to do so. Or better yet, pay cash and avoid a mortgage altogether.

--Save at least 8% of income for retirement.

In light of current financial uncertainties, those would all seem to be bare minimums.

--Lauren Beale

Thoughts? Comments?