Being a celebrity means being famous, glamorous, and, it
would seem, having more money than one person could possibly spend in a
lifetime. Somehow, though, there are always a few celebrities who manage to
blow through all their dough or commit other grave financial errors. Some have
even ended up bankrupt. Here, we’ll recap some of the biggest celebrity
blunders...and discuss how you can avoid making the same mistakes.
Marlee Matlin
Marlee Matlin may be an Academy Award winning actress, but
she’s also pretty forgetful. She
As a bonus, we also have to mention Wesley Snipes, another
oh-so-forgetful actor. His tax evasion crimes were so serious that he spent
three years in prison for his so-called memory lapse.
Obviously, the takeaway is to always pay your taxes- you
just can’t cheat Uncle Sam. Even if you can for a while, it will eventually
catch up to you. If you don’t think you can manage your taxes and the
ever-changing tax laws on your own, hire a professional to do it for you.
M.C. Hammer
A famous musician filing for bankruptcy isn’t something that
happens every day. That’s probably why it made headlines back in the 90s. The
famed musician reportedly blew through more than $33 million in a year. He
bought a huge staff to tend to his every need, a literal mansion, a stable
(yes, a stable), and then faced a bunch of lawsuits for copyright infringement.
The moral of this story- other than being original with your
songs- is not to be a big spender. Just because you’re making more than you
ever have before or you get a nice nest egg doesn’t mean you should spend it
all. Save, invest, and find a trustworthy financial advisor to help you make
smart choices.
Teresa Giudice
Our final “financial failure” is Teresa Giudice, who rose to
fame on the reality show The Real Housewives of New Jersey. Giudice
ended up going to prison for false loan applications for mortgages that she
signed.
If she’s to be believed, she had no clue what she was signing.
She simply trusted her husband’s judgment and signed what he handed her without
reading it. The rule is to always read and understand what you’re signing; for
best results, have a financial advisor and/or an attorney look over any legal
documents. And always be careful about whom you trust when it comes to your
finances and your good name.
