How to make your money grow even after you die
MANILA, Philippines - Is it possible to keep earning money even after one's death?
Take a look at King of Pop Michael Jackson, who still earned serious money after his death.
According to Forbes magazine, Jackson earned $160 million from June 2012 to June 2013. He easily beat Madonna, who topped Forbes' Celebrity 100 list with her earnings of $125 million between June 2012 and June 2013.
"It’s the third time in the past five years that the top-earning celebrity in the world has come from the graveyard," Forbes said.
Second in the Forbes list of top-earning dead celebrities is Elvis Presley, who earned $55 million, followed by Peanuts creator Charles Schultz who earned $37 million and reggae singer Bob Marley with $18 million.
ANC On The Money's resident financial advisor Salve Duplito shared some unusual ways to grow one's income even beyond the grave:
1. Write a book
Authors, or at least their estate, earn even after they die. If you write a bestseller, you can still earn royalties even in the afterlife. Plus, if your book is turned into a film, the royalties will multiply.
Swedish writer Stieg Larsson, known for "The Girl with the Dragon Tattoo", (CHECK) died in 2004. He sold over 40 million copies and in 2010, he earned $18 million in royalties.
2. Invent something
The more you sell patents, the more you earn. Those earnings are still yours, even if you die. But make sure you go through the process of getting a patent for your product.
3. Create your own successful enterprise
By building your own enterprise, you not only create jobs but you build economic value beyond your lifetime.
Entrepreneurship is not just about money. It is like leaving a legacy that will keep on helping people even when you are no longer here.
4. Create a trust fund
Philantrophists like Washington Sycip, who have spent billions of pesos on advocacies on education, have planned their finances so well that their money will continue in perpetuity. This means the money they have set aside for their beneficiaries will continue to grow even when they are gone, so that more will benefit from their wealth.
5. Use technology to create new products after you die
Theodor Geisel, known as Dr. Seuss, died in 1991 but his characters are still available in Android and iOS apps and enjoyed by kids of all ages. This earned Geisel $11 million in 2010.
6. Make your name stand out
Albert Einstein's name was used for products like Baby Einstein and a Nintendo DS game. In 2010, he earned $10 million from products that used his name.