How to keep from filing bankruptcy

I was going to do a 12 months, 12 issues but I'm going to do a money matters. I recently interviewed a millionaire who stated that if you're spending all your money on bills, you are living beyond your means. I agree with that. With the increase of former millionaires filing for bankruptcy,I feel like I need to address all you future millionaires.

1. pay your taxes- I know you're a millionaire and you don't want to give your money to uncle sam but it's better to give your money willingly before uncle sam takes it from you. One thing the IRS is notorious for is putting people in jail or taking all their property from unpaid taxes. Just pay your taxes.

2. limit your support system- I'm going to let you in on a little secret, it's called a support system because you're supporting it. It's good to help your family out but limit how much you help. Look at Fantasia, who supports six people on her own, and realize that's not who you want to be. Buy your parents homes and cars but leave it at that.

3. live within your means- it irritates me to see rappers with 100,00 chains who end up filing for bankruptcy years later. Yes, I'm talking about Young Buck. Chains are nice, but do you really need a house on your neck. Live within your means. You don't need 10 cars or 13 houses. If you're struggling to pay your bills, there's a problem.

4. pay yourself- put 10% of your money in a savings account. This will garner interest and you'll always have money.

5. invest- the best income is residual income. If you have extra income, invest in something. Invest in the stock market, real estate, invest in something that pays.

6. know how much money you have- this is a big one. I used to avoid looking at my account balance out of fear but I realize that this helps. This will keep you from embarrassment of being denied at a store. Or a check bouncing. Stay on top of your finances.

7. stay away from people paid on commission- I used to be a sales person and I know the lies they will tell to get their commission. Stay away from people who get paid on commission. Point blank. You will save a lot of money.