Long before his death, we heard more about Michael Jackson's financial troubles than his incredible music. The singer was reportedly $400 million in debt.

Even at the end, he appeared to be living above his means, which is astounding considering he was bringing in millions every year in royalties despite not having a musical hit in years.

There's a lesson to be learned from Jackson's economic plight. During Jackson's 2005 trial on child molestation charges, a forensic accountant said the King of Pop, despite having extraordinary assets — the rights to his own music and more than 200 songs by the Beatles — was spending more money than he earned: between $20 million and $30 million a year more.

In 2006, California authorities ordered Jackson's Neverland ranch closed and fined him for failing to pay his employees and for letting his workers' compensation coverage lapse. The singer came close to losing the sprawling estate to foreclosure until an investment company bought the $24 million loan on the property.

You know things were bad when it was announced Jackson was auctioning off 2,000 items from Neverland. That auction was later cancelled.

In one of his lesser-known songs, "Money" from his "HIStory" CD, Jackson asks, "Are you infected with the same disease of lust, gluttony and greed?"

Although the lyrics express anger at people who will do anything for money, it was perhaps Jackson's own excessive indulgence that contributed in part to his fiscal difficulties. That's not unlike many other people. We are in a recession because of overspending by our governments, corporations and citizens. Why then should we be surprised that our icons succumb to such wretched excess as well?

A large part of the reason Jackson was slated to make a 50-show concert comeback tour was to generate more income. This world superstar may not have been technically bankrupt but he continued to be cash-strapped.

In the same week that Jackson was pronounced dead at UCLA Medical Center after collapsing at his rented mansion in an upscale Los Angeles suburb, Ed McMahon, the longtime pitchman and Johnny Carson sidekick, died at 86. Like Jackson, McMahon had earned millions during his lifetime yet fell into financial trouble because of his overspending.

In an interview on CNN's "Larry King Live," McMahon acknowledged his poor handling of his money.

"Well, if you spend more money than you make, you know what happens. And it can happen," McMahon said.

But what leads so many people to a financial fantasyland?

It's often connected to entitlement issues. One of the most difficult things I have to contend with when working with people in financial distress is their sense of entitlement. They think they deserve so much despite their monetary limitations.

Jackson had some mammoth entitlement issues. In interviews, he often lamented his lack of a childhood. I recall watching the 2003 Martin Bashir documentary, "Living with Michael Jackson", in which the pop star talks about missing out on playing with other children because of his studio practice sessions. At one point, Jackson covers his face after revealing the physical punishments he said he received from his father.

It seems Jackson spent his entire adulthood trying to make up for what he lost. He tried to buy back his childhood starting with the aptly dubbed Neverland. The property had a zoo, Ferris wheel, bumper cars and other amusement-park rides that reportedly cost $4 million a year in upkeep.

During the documentary, which I viewed again on YouTube, Jackson takes Bashir to a Las Vegas store where he shows the British journalist all the stuff he had purchased, including a chess set for $89,000 and two royal blue supersized vases priced at $275,000 each.

Jackson walks around pointing at what he had purchased.

"I bought so much stuff here," he says as he guides Bashir through the store. "I bought these. I bought this one. This one."

"I bought this one, right?" Jackson asks a store employee.

Jackson points out additional things he wants — without ever asking the price for anything.

"Wow," Bashir says as he looks at the price tags.

I've always asked people this one question when they think that winning the lottery or picking the right stock or even earning a bigger paycheque will solve their problems.

"How do you go broke on $200 million?"

Answer: You spend $201 million.

On my Facebook page, someone chastised me for commenting on Jackson's financial legacy. "I think we should all grieve and leave the comments about his personal life to a minimum," the poster noted.

Yes, we should celebrate the good that Jackson brought into this world through his music. But we should also look at his life and let it be an example that talent, fame and fortune can be wasted if you have a wanton sense of entitlement.

Readers can write to Michelle Singletary c/o The Washington Post, 1150 15th St., N.W., Washington, D.C. 20071. Her e-mail address is singletarym@washpost.com. Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.