Jessica Simpson’s credit card incident has been lining the headlines. But wait, isn’t she rich and famous? How could Jessica Simpson have credit card issues?
Jessica recently attempted to pay for a meal at Taco Bell and her credit card was declined.
“I am on a budget!”
Jessica laughed it off.
But being on a budget and having your credit card declined for a minor amount at a fast food joint are two different things. When asked about the incident Jessica Simpson also revealed that in addition to being on a budget, she has no working credit cards, leading to the question: then why was she trying to use a credit card to buy Taco Bell?
Is Jessica Simpson broke?
According to Jessica, her money has been invested in her fashion brand – the Jessica Simpson Collection. After topping the charts in the late 90s to early 2000s Jessica became one of the first celebrities to break a billion dollars in sales. She subsequently sold her majority stake to a company called Sequential Brands. Sequential filed for bankruptcy last year and would have taken down the Jessica Simpson collection with them, had Jess not taken action to save her brand. Jessica spent $65 million to buy back her stake in the company, funding the purchase herself as well as using two additional lenders.
“I drained everything to buy it back”.
From the sounds of it Jessica got herself deep into debt in a risky move to rescue the Jessica Simpson Collection. It would explain why Jessica is on a budget and why she is promoting brands like Flonase on her Instagram.
Followers cringed as she awkwardly read her lines without having memorized them in a since deleted video. It appears that Jessica might be a bit out of touch with marketing and in need of a refresher before returning to her own brand and avoiding further credit card incidents.
“I’m my best investment to myself. I believe in big things. I don’t think anything is impossible.”Jessica Simpson
Smart investors always warn that it is important to diversify and not have all of your eggs in one basket. However, Jessica Simpson didn’t achieve her level of success by thinking like everyone else. Big risks equal big rewards and Jessica believes that her brand will reign once again now that she has full control of her business.
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