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.