From Riches To Rags
The lives of the opulent and fanciful often seem glamorous, however even the lion’s share of celebrities have issues with money. Despite many incalculable heartrending stories of celebrities who worked their way out of financial distress, the opposite also happens. For many stars, their career arcs turn from riches to rags.
At times, fame and wealth could result in a disastrous spending spree. Many celebrities have ended up declaring bankruptcy and many had trouble paying off loans and making child support payments as well.
Let’s take a loo at some of the people we look up to who lost all of their money. Some of them managed to recuperate, while others remain in financial contretemps.
The King of Pop, Michael Jackson, was presumably in a debt of around $400 million at the time of his unanticipated death in 2009. He was also close to being deprived of his famousNeverland home. Due to a spending addiction, Jackson was required to take out loans, many of which he never repaid. Jackson’s monetary dilemma got worse once he was involved in numerous extravagant lawsuits. In the vicinity of his death, Michael planned on getting out of debt by going on tour. His estate resolved the financial issues and he has been the top-earning dead celebrity ever since.
Nicholas Cage, one of Hollywood’s prominent entertainers who earned $40 million in 2009 alone, also happened to be a lavish spender, purchasing many homes, automobiles and rare artifacts. However he had more than $6 million for failing to pay his 2007 tax bills, leading the IRS placed tax liens on multiple properties that Cage owned. This precarious financial billet drove him to sell various personal belongings which included a treasured comic book, and take various film roles.
Floyd Mayweather Jr has never lost a match in the boxing ring, which earned him the nickname “ money “. Yet, there were claims against Money Mayweather that he owed the IRS money for over a decade. The boxer’s failure to pay taxes resulted in a $22.2 million debt to the IRS, even as he came out of retirement for a high grossing fight. There are various rumors that Mayweather will come out of retirement in order to settle his debts.
Let’s get a little local with our examples and see a few more cases.
Tagged as ‘Shehanshah’ of Bollywood, it is ironical to consider Amitabh Bachchan past dipping in the deep side of the pool of financial bankruptcy. In 2000, when entire world was celebrating the new century, all he could celebrate was his disastrous fortune. There were no films, no money and no company. Big B shared this statement on his personal blog. However, with the start of ‘KBC’, Bachchan came back with a bang.
This actress who has worked in monumental films like ‘Dil Se’ and ‘Kal Ho Naa Ho’ took the decision of going into production. Her film ‘Isshqq in Paris’ landed her in a financial fix. Bhaijaan of ‘Bollywood’, being a good friend offered Preiti Zinta financial help.
Mrs. Kundra used media as a catalyst to publicise her financial status. She admitted that she was running short of money and would not be able to make a video for her beloved IPL team of Rajasthan Royals, because she is “extremely poor”. In a report she also admitted “ paisa bachane ki koshish kar rahe hai hum”.
What does this show us? No matter how famous or rich people get, only a few realise their responsibility. Irrespective of what your income is, the ability and knowledge to manage money is what will lead to financial independence and financial freedom. Finin, launched as India’s first-ever-consumer neobank helps you with exactly that. With breathtaking features that will aid you manage, save and invest in a smarter and simpler way, you will now be able to take more informed financial decisions so you can avoid getting into financial mishaps. Download the Finin app now from the App Store or Play Store
Originally published at https://letsfinin.medium.com on April 28, 2021.