The True Story behind Aaron Carter’s I.R.S. Bankruptcy

Spike TV’s new reality series, “Life or Debt,” gives us a little insight on how Aaron Carter went from child star to broke in just a few short years.

Spike TV gave me a screener to the premier episode of their new reality series, Life or Debt which airs this upcoming Sunday, May 15th at 10 PM.

The show details a very informative explanation of how MTV Cribs’ Aaron Carter, little brother to Backstreet Boys Nick Carter, went from being a 1.5 millionaire to $227, 976 in debt while bringing in $34,094 a month in income.

Now I know what you are thinking, rich poor is different from poor poor. Shit, if I had that money I live like I was poor and put all that money in the bank, but please take into account that at the time Aaron was an adolescent and his parents were managing his money and probably thought the cash flow would keep coming in. Then when he turned 18 he got hit with taxes and fees his guardianship should have paid but unfortunately didn’t and to keep them from going to prison, he filed for Chapter 7 bankruptcy.

I applaud him for telling his story on national TV for some love to judge, but I took the show as an educational lesson.

Aaron Carter goes into account on future episodes on how he turned to the drug Xanax for support when he didn’t have all that money to give him the high life.

Financial Consultant Victor Antonio prepares him on how to manage his life like a successful business with such tasks ranging from visual demonstrations, on hand training by managing other’s budget plans, and personal prep talks.

After watching the show I implemented the great advice Victor Antonio gave Aaron.

Take responsibility for your finances, live within your means, save your money, budget your cash and find new affordable ways to market yourself as a product. Because the saying, “Here today, gone today” is something everyone, no matter what your economic standing is, can relate too.

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