There is an anxious fantasy that roams through people’s minds from time to time where they imagine their lives as millionaires and they bask in the freedom that a large sum of money would grant them. This fantasy usually happens when they’re between paychecks, late on payments or deep in debt. The solution seems easy. With more money our problems would go away, right?
To mismanage money you have to have money to begin with. The more money you have, the more chances you have to really screw it up.
To help remind us that the “financial grass” isn’t always greener on the other side, Mvelopes presents for you viewing pleasure: The Top 4 Celebrity Money-Mishaps.
1. Nicolas Cage.
Nick Cage is the epitome of not living within your means. According to Forbes, he earned $40 million in 2009 but blew it on “investments” that didn’t return as he expected. These “investments” include vintage cars, homes, foreign getaways, private islands, and two European castles. Oh, and if you think you’re worried about taxes this year, Cage owes nearly $7 million to the IRS. Yikes!
2. MC Hammer.
The winner of 3 Grammy awards, this hip-hop singer proved he was “too legit to quit” – quit spending that is. In the mid 90s Hammer’s record sales began to plummet but his lavish lifestyle did not. In his prime, Hammer was worth more than $33 million but failing to live within his means caused the rapper to file for bankruptcy in 1996 and lost it all.
3. Stephen Baldwin.
Despite being the son of the famous Alec Baldwin, Stephen couldn’t stay away from credit cards. In fact, Baldwin filed for Bankruptcy in 2009 with more than 2 Million dollars of debt and unpaid credit card charges to the tune of $70,000.
4. Paul McCartney.
Former mop-top and member of the fab foursome from Britain isn’t bankrupt – far from it in fact – but that doesn’t make Sir Paul immune to poor financial decisions. When Paul divorced from Heather Mills, he was forced to pay a settlement cost of $50 million due to not signing a prenuptial agreement.
Remember that a larger income or winning the lottery isn’t necessarily the answer to financial freedom. With a little dedication and sacrifice, you truly can afford anything – not everything – but anything you want.
Its not how you make your money that is important; it’s how you spend it. Just ask our list of celebrities.
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