Wednesday, May 17, 2017
Top Money Mistakes Made By Celebrities
We tend to think of celebrities as people who have all they need, and don’t have to worry about day to day things. Maybe it’s because their lives are splashed across magazine covers, or onscreen, but whatever the reason most of us find a star we feel we identify with and then follow their actions. But when those actions include making mistakes with money, Hollywood is not the place to look for guidance.
Top money mistakes made by celebrities include:
• Wayne Newton was at one time one of the highest paid entertainers on the scene. But after having made several poor investments, his fortune disappeared and he was left with around $20 million in debt. If you are going to try and build your wealth by making investment decisions, remember that even with a professional’s help, you are putting your money at risk.
• We all hate the time of year that requires us to pay our taxes, and celebrities are no exception. Dionne Warwick racked up around $10 million in unpaid taxes, leading to a personal financial deficit. If you owe Uncle Sam the best thing you can do is to pay the tax debt or make arrangements for payment.
• Rap star MC Hammer lived so extravagantly that he accumulated more debt than he had money. Buying things we can’t afford is the first step towards getting in debt, and if you do it repeatedly the debt will only grow.
We understand it can be hard to come up with a budget and stick to it, especially if your funds are limited. And, we know that there are instances in life that are unexpected and you can be thrown a financial curveball from a natural disaster or a serious illness. We all have debt, so we all need to find ways to manage our debt. If your debt is more than you can handle, we can help. Bankruptcy can also help. Bankruptcy is a very real way to take back control of your money and get a fresh start with your finances. Our team of bankruptcy and debt management attorneys knows what it takes to have a successful bankruptcy case, and can give you the guidance you need.
If you have more questions about money management and debt, contact our office. We can be reached by phone, or online at www.law-ri.com.