Learn from Celebrities Who’ve Lost It All

One has always wondered, how come celebrities who earn so much money through movies, TV series or music and own millions or even billions of dollars end up in bankruptcy? It usually happens due to poor management of their money, but how badly they administer and manage their money to lose that much in just a few years is surprising. If it’s so easy for them to lose it all, then it’s even easier for the average job that has much less earning potential. So, learn from their mistakes so you can keep your bank account safer.

First of all, one mistake that could lead you down that path is leaving someone else to take care of your taxes. You’ll be the one on the hook and paying big time if they are too busy and forget to do what you might even have paid them for, as it was the case of Nicolas Cage back in 2009, Chris Tucker in 2011, Wesley Snipes and many others.

Spending your money wisely is a must!

Also, buying unnecessary things such as expensive jewelry, massive houses and exotic animals won’t do you any good, just like it didn’t to Mike Tyson who spent millions on them.

Others spent their fortune due to succumbing to stress and trying to release it using drugs and alcohol. It’s sad to see that after so much work, they end up back to where they started or worse, like Sly Stone who ended up living in his van.

Bottom line, if you want to keep your hard earned money, don’t lose track of what you need to do, paying taxes, keeping yourself healthy and not surrendering yourself to bad habits, and investing instead of spending your money will lead you to a much nicer economic situation.

Sometimes it’s not about how much is earned, but how much is spent.