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Why Toni Braxton Went Bankrupt Again

by Minority Fortune

Toni Braxton has done it again and filed for Chapter 7 bankruptcy for the 2nd time in a decade. She has amassed a massive amount of debt somewhere in the range of $10-50 million according to TMZ. As a result of the bankruptcy filing, she will have to divide her assets that lie somewhere between $1-$10 million in assets with various creditors. Thus, it’s safe to say for every dollar Toni made, she was spending between 2.5 to 5 times the amount.

No surprises here. When one has to file for bankruptcy, it indicates financial irresponsibility. While there are exceptions, it’s rarely excusable. Toni blamed her first bankruptcy on her record label. When you start solely blaming your money issues on someone that isn’t yourself, you’re shifting the responsibility of something that is your priority to monitor. It is no one’s job but Toni Braxton’s to take care of her money. Since she failed to take the responsibility, she repeated the same mistake.

A broke system doesn’t fix itself. As long as it’s broken, you’ll continue to get broken results. Toni Braxton has an excessive spending habit on luxury goods. The partial list of creditors reveals it all:

– AT&T
– The Four Seasons Hotels
– Cedars-Sinai Medical Center
– Various medical bills
– DirecTV
– Neiman Marcus
– The William Morris Agency
– Tiffany & Co.
– Orkin Pest Control
– The Internal Revenue Service
– BMW Financial Services
– ADT Security
– American Express
– Flamingo Las Vegas
– Mesa Air Conditioning
– Nevada Power Company
– Screen Actors Guild
– The Westin
– Wells Fargo Bank

With a range of creditors from staple services to luxury retailers, it’s evident Toni gave no thought to keeping a budget. Opting to buy jewelry over keeping your phone, hospital, and power bills paid shows that your money problems have nothing to do with others and more to do with yourself.

Let this be a wakeup call. Toni, let’s see what happens in another ten years.

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