Money Bite-Size Read:
- Britney Spears had been in a conservatorship since 2008.
- This arrangement controlled her financial decisions and assets.
- Here’s 5 things the Britney Spears conservatorship teaches us about money.
The MoneyBites Take:
It’s time to talk about the Britney Spears conservatorship financial setup.
It’s been a long time since I’ve owned my money. It’s my wish for this to end.
That’s what Britney Spears said about her experience of being in a conservatorship. It has controlled her financial decisions since 2008, including her spending choices and personal life.
That’s why we need to talk about the Britney Spears conservatorship financial setup.
Whether you are a diehard free Britney follower or prefer Britney speaks for herself, we need to talk about this issue. So many people are still living under similar arrangements that affect their lives and the choices they can fund. We owe it to them to discuss the Britney Spears case and what we can learn from it about money.
Here’s 5 things the Britney Spears conservatorship teaches us about money:
1. Conservatorships are set up to protect people and their assets
In sunny California where Britney Spears lives, a court puts this arrangement in place when someone cannot care for themselves or manage their finances. A temporary conservatorship was established in Britney’s case out of concern for her mental welfare and was aimed at protecting her.
2. They can help people avoid financial abuse
When the conservatorship was signed, there were allegedly concerns that people were encouraging Britney to make impulsive choices that could lead to serious debt. Conservatorships can protect people who are at risk of financial abuse when used in the right way.
3. Financial control should always be checked
One of the major issues Britney raised when asking the court to remove the conservatorship was the fact she wanted to take back control of her life. Britney shared that her family had lived off her conservatorship for 13 years. The arrangement gave them salaries, as well as other bonuses such as a portion of ticket sales from her concerts. Britney reportedly felt that she had no choice but to undertake money-making performances, which is why the person under the financial control of a conservatorship should be able to check the choices being made and funded with their money.
4. We need to balance earning money with mental health
We know that mental health and money are linked, which is why self-care is important. While Britney’s conservatorship was meant to protect her mental health and wellbeing, it certainly didn’t stop her working. She worked non-stop, releasing new music albums, going on tour and taking on a years-long residency in Las Vegas. While earning money is important, this needs to balanced with looking after someone’s mental health.
5. Above all, we need to ask someone in a conservatorship what they want
Even though someone may be going through a difficult time, that doesn’t mean their voice should be taken away. Britney identified that people interfered with her life by controlling her ability to make and fund her choices across her work and personal life. With the conservatorship recently ended, Britney now has a voice in deciding to spend her money.
Britney Spears finally has control over her life and how to fund it.
The Britney Spears conservatorship financial setup needs to be discussed because money funds or restricts choices. Now free, Britney can spend her money to fund the life choices she wants to make and use her voice to talk about them.
Conservatorships and even emergency conservatorships can sound like the same protection as a Power of Attorney. However, the critical difference between a Power of Attorney and Conservatorship is how you create them.