Life Lessons from Failed Celebrities

Personal Finance

Most people think celebrities like top movie stars, sportsmen, and pop stars don’t have to worry about money or frugality like the common people as they would have earned tons of money when they were at the peak of their careers. But is it true? Are you sure if all those famous and yesteryear celebrities are still leading a lavish lifestyle even today? Why do you no longer hear any news from them? Or why do you hear the shocking news of some famous celebrities now gone bankrupt, or in depression, drugs, or even commit suicide? For example, look at the rise and fall of some famous celebrities whose names you may have now forgotten,

Michael Jackson was a famous pop star but was supposed $400 million in debt when he died unexpectedly in 2009. He also had to foreclosure on his famous Neverland home. He could not even pay a salary for his employees. Reckless spending made him take loans, many of which he never paid back. MJ’s money problems got worse once he got involved in numerous expensive lawsuits.

Nicolas Cage was one of Hollywood’s biggest stars, earning $40 million at the peak, but also one of its biggest spenders. He purchased many houses, automobiles, and rare artifacts. The tax department fined him more than $6 million for failing to pay his 2007 tax bill. Cage’s risky financial situation made him sell many of his personal belongings, including a treasured comic book.

Mike Tyson was a heavyweight champion and earned $300 million when he was at the peak of his career but ended with a $23 million debt. He declared bankruptcy, had to go to jail and went through rehab before he again reached financial stability. By 2003, he owed tons of money to the IRS, British tax authorities, lawyers, personal trainers, financial managers, music producers, and several others.