Some people think they’ll be financially set if they made X more number of dollars. Being broke or having debt is never their fault; it’s just because they don’t make enough money. If they get that better job or a big raise, they’ll be set.
I don’t think so. If that was true why would people that make millions, yes millions, of dollars have money woes (and so publicly)? I can think of three celebrities who recently displayed their lack of monetary savvy.
1. Last week Nicolas Cage lost two New Orleans homes to foreclosure auctions. Other homes in California and Las Vegas have already been foreclosed and are awaiting the auction block according to the CNN article. Cage says it’s his former business manager’s fault, but I think he’s on the hook for at least not having better oversight and probably overspending (remember Superman and Elvis Presley obsessions?).
2. If you are being sued by five construction firms for unpaid bills would you deny struggling financially? Apparently Pamela Anderson thinks she’s fine because she owns real estate in Canada. Oh, that makes sense. NOT.
3. The most shocking example of being a celebrity financial dummy was the late Ed McMahon. I can’t imagine how much money he earned during his long successful career. It was only last year that McMahon faced foreclosure on his Beverly Hills home.
Donald Trump offered to buy the home and rent it back to the McMahon’s so they wouldn’t be out on the streets. I don’t know how it ended up, but it was very sad to see the tale unfold on Larry King.
Most celebrities, like most folks, are able to manage their finances well enough to at least keep out of the news. Some have great business smarts. 50 Cent has even cut back and sells his older jewelry before buying more diamonds. He has even offered to advise President Obama on the economy. Even though that’s good strategy on jewelry purchases 50 Cent; thanks but no thanks on the national economy.
Now you know it doesn’t matter how much money you have or make. Either way you can be a financial brain or dummy. Which one are you?
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