It's sad but true: Elvis Presley was a better ruler over his finances dead than alive. The self-appointed and undisputed "King" of rock and roll released many hits in his lifetime, but he took some hits as well.
His manager, the controversial Colonel Tom Parker, took half of Elvis' take. In 1973, Parker sold Elvis' future song royalties for a pittance of what they would eventually be worth. Needless to say, despite all of his success, Elvis was not as wealthy as most believed when he died 25 years ago.
With no long-term investments and just a little more than $2 million stowed away in a savings and non-interest-bearing checking account, he died with far less than he accumulated -- to say nothing of how those sums could've appreciated under more vigilant care. Poor estate planning threatened to wipe out what little he had left in probate court.
Elvis lives on, fiscally speaking. In a recent Forbes list of afterlife earners, Presley is, in fact, the king. His list-topping estate earned $37 million over the past year alone. Graceland is a moneymaker. His estate's merchandising efforts couldn't be stronger.
You can learn from Elvis' mistakes. Plan ahead. Don't let your finances hound-dog you around. And while you're at it, whatever you do, don't let 'em step on your blue suede shoes.
