The late great David Bowie wasn’t just a standout dresser and phenomenal singer/songwriter. He was equally innovative in how he managed his money. Back in the late 90’s he was the first musician to sell “Bowie Bonds,” promising investors a share in future royalties from his music in exchange for upfront cash. How much cash? To the tune of $55 million.

Bowie also knew exactly what he was going to do with the cash. He needed the funds to buy back sole ownership of his music. He also used part of the funds to diversify his investments into real estate and other non-musical assets. The Thin White Duke was a man with a plan.

[Related: Money Management: Traditions, Fads, and Fashions]

He died at age 69, but with his family well provided for and his financial affairs in order.

Can you say that today?

You may not have an estate worth $100 million like Bowie, but do you know if you and/or your loved ones would be financially secure if something devastating were to suddenly happen? On the other hand, where will you be at age 69? Happy and comfortable in your lifestyle, or not sure if you’ll be able to live out your golden years with sufficient income to cover your costs?

Having a thought-through plan for how much money you need to accomplish your goals and how to take action to protect you and your loved ones from possible tragedies is the first step to making better, smarter money decisions.

You don’t need fancy software or a professional advisor (though both can help). You just need to sit down with some paper and pencil and ask yourself some honest questions about what you want your money to do for you.

As Bowie himself once sang:

I should live my life on bended knee / If I can’t control my destiny / You’ve gotta have a scheme/ You’ve gotta have a plan.

So listen to Bowie: You’ve gotta have a plan.

Written by: Grace Mae, Co-Founder & Producer at Isabella Forum, @isabellaforum

Source: Ellevate Network