By  Mon May 13, 2013

More Money, More Problems: 10 Stars With Enormous Debt

brokecelebs-slideshow

Fameflynet

Whether the blame goes to their financial advisers, business managers, or themselves, these ten celebs have all lost a large chunk of their fortune. While some have lost more than others, these famous faces have dealt with an enormous amount of debt and many of them have evaded taxes. Some of these stars also face serious jail time.

So what do celebs do when they have so much debt to deal with? Some file for bankruptcy. Others sell their properties and assets to pay the money they owe.

What can we learn from their mistakes? For one, money management is incredibly important. While it’s tempting to blow through a paycheck (probably especially one worth millions of dollars), it’s a better idea to save and invest for the future. Whether you’re dealing with thousands or millions, all it takes is one stroke of bad luck to change your circumstances. The three biggest favors you could do for yourself are paying your taxes, careful credit card management, and saving at least ten percent of your paycheck every month.

Even high-profile stars are human. Mistakes can be viewed as a good thing if they can teach us something, right? Ranging from singers and actors to businessmen and artists, our bunch is a varied group. So get ready to learn from these ten examples of celebrities who face a massive pile of debt.

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Add Your 2 Cents

  • Paul J

    It should be titled “less money, more problems”. The likely reason they’re in debt, is that they spent it all.

  • Percy Kemet

    use my money making hustles http://www.youtube.com/watch?v=LR35nCqIL6k

  • dianrib

    Live the high life -spend – waste ? GO broke NO pity for them

  • IRI33T

    I don’t criticize folks who are ignorant about their wealth when they were handed vast sums of money whilet hey were young, without a single clue as to how to manage it or who to trust to manage it.
    The learning curve is HUGE.

  • Penny Atkinson

    It’s amazing how many celebs are bankrupt though – I found this list too – http://www.helpwithdebtconsolidation.co.uk/big-names-whove-gone-bust.php Can’t believe that Elton John used to spend $450,000 on flowers a month.. well I might do the same if I had the money!