Some of the most successful people make the worst financial decisions. Being good at singing, acting, or making music and movies does not always mean a person knows how to handle the things that come with success. To be fair, sometimes well thought out investments just do not pan out. Keep reading to find out just how bad things can get when celebrities blow all of their money.
Some estimate that the King of Pop died with over $500 million in debt. During his amazing career, he sold more than 100 million albums. He signed a recording contract with Sony worth around $64 million in the early 90’s. Unfortunately, his spending habits were extraordinary. He spent over $14 million to build the Neverland ranch which included such money pits as a zoo and carnival rides. He settled a law suit with the parents of a young boy who accused Jackson of inappropriate behavior with a minor. The settlement cost Jackson $22 million. One of Jackson’s accountants once reported that the singer was spending $20 – $30 million per year more than he earned.
Being one of the most successful authors of the 19th century was not enough for Mark Twain. A self-described “risk taker”, Twain made plenty of bad investments such as:
- A publishing house – Twain’s publishing house operated so terribly that when he closed it, he owed book making companies, authors, and investors $2 million (in today’s money). One of the publishing house’s more egregious flops was The Art of Sketching by Pope Leo XIII.
- Protein powder – Mr. Twain invested $30,000 ($910,980.72 in today’s money) in a protein powder company which made a product called Plasmon. The product never took off and he lost his investment.
A month before declaring bankruptcy, Twain transferred all of his assets to his wife. When he declared, he was more than $80,000 ($2,145,004 in today’s money) in debt.
Mr. Cage’s financial exploits are well known, but it is always fun to do a quick recap:
- IRS tax lien – at one point, Nicholas owed the IRS $6 million in unpaid taxes.
- Property investments – Mr. Cage owned 15 residences at one time. He has owned two castles, a haunted house, and a deserted island in the Bahamas.
- A dinosaur skull – enough said.
His net worth was once $150 million and now it is $25 million (still not bad).
If you have made some poor financial decisions, you may need help. Bankruptcy can be a great tool if you use it properly. If you are considering bankruptcy, contact Elias Dsouza at Dsouza legal group. Elias has been guiding people through this complex process for over 15 years.