Hollywood is full of surprises, sometimes films that seem like a total dud turn out to be a summer blockbuster and sometimes the public doesn’t agree with the Academy’s choice for an Oscar award. These surprises aside, there should not really be much about Tinseltown that causes too much shock and awe, because celebrities are always reinventing themselves, changing spouses, and making bold political statements. That said, it still does come as a huge shock to the movie going public when a major star suffers a financial set back. This may be because the average paycheck in Hollywood is enormously larger than the average worker’s take home pay and not being able to hang on to such a large paycheck is a hard concept to grasp. But, it does happen.
Four shocking celebrity money problems include:
● Bankruptcy: the list of celebrities that have filed for bankruptcy is nearly a mile long. Stars from Kim Basinger to 50 Cent have filed for bankruptcy protection, as has talk show host Larry King. Bankruptcy is not necessarily a shocking money problem, but it often does come as a surprise when a superstar needs to file a case.
● Working odd jobs: when times get tough most of us take on extra work or do an odd job or two to make extra cash. But this is not something we often think about a celebrity having to do, although it has happened. A good example is George Foreman, who turned in his boxing gloves for an apron and turned his financial situation around by promoting the George Foreman grill.
● Going back to work: we all dream of retiring one day, and waking up naturally instead of relying on an alarm clock. But when funds fall short, even the best of us have to go back to work. Again, George Foreman is a good example, because he returned to the ring when other ventures stopped paying what he needed.
● Living well outside your means: we are all tempted from time to time to splurge, but know that doing so can put a pinch on monthly finances. No one knows this better than the stars and musicians. Think Michael Jackson, and the outrageous cost of maintaining Neverland, which left the King of Pop’s estate in less than perfect financial straits.
We can all fall prey to making a financial misstep, but there are solutions. Bankruptcy will eliminate or reduce debt. Mortgage modifications can lower interest rate on your mortgage and give you a lower monthly payment, and other options like refinance and consolidation are at your disposal. Stop searching for answers, and let us guide you towards the right method of debt management for you.
For help with your questions about finances and how to get out of debt, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that help get you back on your feet.