5 Hollywood Celebrities Who Bounced Back After Debt
When we think about Hollywood celebrities, we cannot help but imagine their lifestyles. These people are some of the richest in the world. However, before all that success, some of them had to wrestle with financial difficulties, including being buried in debt. Here are some inspirational celebrities who faced their financial battles head on and won the fight.
Nicolas Cage earned $40 million in 2009, making him one of Hollywood’s highest paid actors. Sadly, he had some spending issues back then and some issues with his financial advisor. Soon enough, Cage was buried waist deep in debt and he faced several foreclosures on his properties. The IRS even slapped him with a $6.2 million tax lien. Cage sued his financing manager and claimed negligence and fraud.
Cage’s manager says that he had blown through millions of dollars with his knack for vintage cars, four luxury yachts and several huge homes across the world, including two European castles. While those lawsuits have been adjudged, Cage still appears to be struggling with his finances. Latest news say that the actor has been trying to unload several properties.
[su_quote cite=”Frank A. Clark” class=”cust-pagination”]“Many folks think they aren’t good at earning money, when what they don’t know is how to use it.”[/su_quote]
With her contribution to the music industry which forever changed the way we look at pop, Madonna is surely one of music’s greatest pillars. She is one of the wealthiest musicians alive and is reportedly worth $800 million. However, things were not always easy for her.
Madonna encountered several financial difficulties when she started out. Before she could get a boost in the entertainment industry, she was broke and was trying to make ends meet in New York City where she took a job ad Dunkin Donuts. She would later end up in other food chains including Burger King. She even modeled with no clothes on for an art school. Despite these hardships, Madonna never gave up and got her big break in 1979.
Willie Nelson had recorded 68 studio albums, 30 of which achieved gold or platinum status. Definitely, he is one of the most popular artists in the history of American country music. However, things were not always easy for this legend. Earlier, he ran into some tax problems and owed $32 million to the IRS after it came out that his accountants were not handling his finances properly.
Fortunately, he did bounce back. He recorded an album and did commercials that were made fun of but were extremely popular. While he went the extra mile, he did manage to pay off his huge debts. His career would reach greater heights when he would continue recording and touring.
You may know him know to be an ultra rich king of hip hop and Mr. Beyonce Knowles. However, before all the glitz and glam was a fight that he had to conquer before he emerged as the successful man that he is now. Jay-Z reportedly sold drugs as a teenager.
But he has cleaned up since then and his hard work would eventually turn him into one of the richest rappers in the world. Forbes estimates him to be worth $500 million, which he dismisses to be a guess. He even says that he is not motivated by money.
If you grew up in any part of the 80s, you must have lived under a rock if you have not heard of Cyndi Lauper. Before there was “Girls Just Wanna Have Fun” and “Time After Time,” she was part of a band called Blue Angel, which had very little success that she had to file for bankruptcy.
Being the strong-willed woman that she is, Lauper worked hard, recorded songs and became something of an icon. In 2013, she won a Tony for the score that she wrote for “Kinky Boots.”
These celebrities show that despite having to have to go through a financial rut, you should never give up. What do you think of this list? Do you know any other celebrities who struggled with debt but still ended up successful? Share it with us in the comments below.
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