You may have heard about Honey Boo Boo. You may even enjoy watching the show “Here Comes Honey Boo Boo” on TLC. You get a kick out of their crazy antics, and marvel at how dumb some people can be. But when it comes to finances, there is a good chance that Mama June is smarter than you.
Personally I have not watched a full episode of the show. From what I have seen and read about the show it follows a redneck family that lives in back-woods Georgia. June Shannon (Mama June) puts her daughter Alana (Honey Boo Boo) in beauty pageants. The show’s goal is to draw in viewers who will watch and say, “I’m so glad I’m not that stupid.” However stupid they may appear, the family still gets paid between $15,000 and $20,000 per episode.
Mike Thompson (Sugarbear) is the patriarch of the group. Working as a contractor, he still brings in a livable wage. Judging from the antics shown on TV one would be inclined to think that Mama June (and the rest of the family) splurges their earnings from the show on new four-wheelers, fast food, and everything else a redneck family might want. In actuality, the amount that is splurged on “stuff” is exactly: $0.00. In fact, the family does not even see the money. Mama June tells TMZ that
“TLC puts the money into the girls’ trust accounts for me and then I get an email telling me how much everyone gets.”
That’s right, nobody sees a dime until the girls (there are 5 of them) turn 21 (or use the money for college education or a medical emergency).
You have most likely read about earning more money on the side. Did you earn anything extra in 2012? If you did, where did the money go? Were you disciplined enough to save all of it? Some of it? The truth is, when money is coming in, most people increase their standard of living to match the new income. In the end they are just as broke as they were when making less money, but now broke at a higher level.
You may not think that the family on “Here Comes Honey Boo Boo” is the smartest in the world. You may chuckle at their appearance, and gawk at their girth. But Mama June has either some very good financial sense, or has followed some terrific advice. For your own financial health, make two commitments for this year. Make the commitment to start earning more on the side. Use your skills and capitalize on them. Then, with the extra money you make, strive to save 100% of it. It may be hard to do so now, but when it comes time to retire, and you have way more than you need, you will be happy you were disciplined enough to save what you earned.