Celebrities Who’ve Gone Broke
Going broke is tough enough for everyone who is used to saving their money, but when a celebrity crashes, they crash really hard.
Being a celebrity usually comes with having a lot of money. And when we say a lot, we mean millions upon millions of dollars, and when you are that rich, you probably start believing that you will always have that amount of money. However, these crashes are more common than expected, with divorces and bad investments leading the way to lose all of your money.
Now, we will definitely not point out every single celebrity that lost more money than they had, but we will try to showcase the most interesting ones.
Check out the list of these 5 celebs who simply could not hold on to their cash.
Curtis James Jackson III – 50 Cent
50 Cent is arguably one of the most successful rappers of all time, however, that did not protect him from bad investments and even worse life choices.
Specifically, he was sued by a woman who claimed that he posted an explicit tape of her online without her permission, for which, he was ordered by the court to pay 5 million dollars in damages. After the ruling of the court, Curtis filed for financial bankruptcy to get his finances in line so that he can pay all of his creditors. It took him a while, but he came back in 2016 with a five-year plan to repay over 23 million dollars.
The President of the United States is not one of the people that you could ever see as going bankrupt. We mean, he did get the small loan of 1 million dollars from his father and he is definitely charismatic enough to rule the free world, but, while he never declared personal bankruptcy, he did use the laws to his advantage by having his companies declare it SIX times.
Now, we all know how Marvin Gaye used to “get it on” and move the crowd. In fact, he had over 60 different songs that ranked in top 40, and with that type of success, millions of dollars are sure to follow. Unfortunately for Gaye, it was still not enough to satisfy his spending appetites. And, unlike many others on this list, when he went broke it hit him hard. It turned out he was completely unable of climbing out of debt ad back into normal life, in fact, he had to spend over five years of his life couch surfing and living in the back of vans.
Nicolas Cage is already notorious for taking almost any role offered to him and has appeared in around 90 different movies. And dear Nic Cage was definitely aware of his wealth. He was spending like there was not tomorrow — multiple mansions, jets and vehicles. And not like he was buying them cheaply, mansions were worth millions of dollars each and he had tens of incredibly expensive cars.
With that kind of spending, nobody should expect it to last, and for Nic, it did not. He had to file for bankruptcy with a debt of 14 million dollars. Because of these debts, he had to sell off most of his luxuries, but it doesn’t seem like it will slow his career at all, as he still keeps appearing in a staggering number of new flicks.
The King of Pop he might have been, but the King of Finance he was definitely not. Now, we are not trying to take away from his success or talent, but that man loved his spending. If you are born on this planet, chances are that you have heard of a specific property he built. The Neverland Ranch.
Michael’s own amusement park, but, there is a reason amusement parks charge a fee and try to get as many people as possible to visit them and spend money. The Neverland Ranch took out a lot of money from Michael’s pocket each year. The maintenance cost came at over 10 million dollars annually. Now, because of that Michael had to take out a loan to keep it running and it became difficult to follow the payments. However, it wasn’t until 2009 and after his passing that the estate went bankrupt due to the spending. Luckily for the estate now, and his kids, Jackson’s name still makes a lot of money (billions) and his kids are well-taken care off.
More in Bank Stories
How To Look and Feel Rich Without Breaking the Bank
This generation is totally different from the previous ones. The Millennials, or the people who are currently teenagers and the people who...June 29, 2017
6 Amazing Travel Hack You Wish You Knew
Traveling is such a fun way to unwind, especially if you got nothing to worry about. However, it can be pretty...June 29, 2017
Why Living A Simple Life Is So Much Better
It is a fact that life is short and unpredictable at the same time. No one knows the perfect recipe for...June 29, 2017
How To Improve Personal Finances
A lot of people think that managing your own finances are too difficult especially if their salary is not enough for...June 29, 2017
Banking Sector Neglecting A Valuable Customer Segment
The number of people over the age of 50 are presently more valuable than the previous or the future generation. Financial...June 29, 2017
7 Simple Ways To Get Rid Of Stress
Are you sometimes too stressed out to even think clearly and have no time for a therapy or to relax properly?...June 29, 2017
The Types Of Insurance You Might Not Know Existed
The business of insurance is huge and covers various subjects starting from life, property, valuable assets, health insurance and even different...June 29, 2017
Creative Methods To Save Money When Shopping
Shopping for products can be exciting but it can also be a hassle you would rather be without. The introduction of...June 29, 2017
Hollywood Celebrities With Successful Tech Ventures
The tech industry has grown from a niche market to one of the biggest players in the business field. Because it...June 29, 2017