Each of us has lots of negative feelings, associated with money. It is only necessary to get inside your memory a little bit – and you will remember that awkward moment, when you couldn’t buy that beautiful dress, which you had seen in the shop window and fell in love with it; or how you had to cancel a trip to the city of your dream, because tickets cost too much. And it is even possible that at some point of your life, you had to refuse from dinner, because you were lack of money. And then who of us didn’t envy rich and beautiful celebs? They certainly always have enough money for their favorite clothes and trips and never lend a couple of dollars from their friends “till payday”.
But it’s not as simple as you are thinking it to be. Celebrities really get multi-million salary, but even they can know the “B”-word – bankruptcy. So, take your coffee and read about these 10 most famous losers in the world.
1) Donald Trump
You may like Donald Trump or not, but that’s impossible to deny the fact, that he is a person, who makes history. The billionaire, ex-TV host and incredibly talented businessman, Trump is known by his bad temper, discourtesy and discrimination of national minorities. Many celebrities criticized Donald Trump behavior (read Meryl Streep and Norman Lear words about him). But Donald Trump has at least one thing he can be respected for – his career.
The life story of Trump is the story of his rise from New York’s real estate business to the upper echelons of society. Do you think this way was free of obstacles and pitfalls? In fact, Donald knows what poverty is. He went bust 4 times in his life and each time he found enough strength for come back.
In his interview to Howard Stern Trump told that lowest financial point in his life was in 1990, when he divorced with his first wife Ivana, the “real pain in the ass” as Stern described her. Then Trump lost everything – his wife and his money. That moment, when Donald was in a big financial trouble, he still collected $25 million of divorce money to pay Ivana.
In general Donald Trump filed for bankruptcy 4 times – in 1991, 1992, 2004 and 2009. Pay attention to the fact that Trump filed for corporate bankruptcy – not for personal. That means, that his companies – hotels and casinos – were ranked as unprofitable, but his personal accounts were not empty.
In any case, Trump was close to leave business and start earning like an ordinary supermarket worker. But he managed to cope with it and become a renowned person in America and worldwide.
2) Mike Tyson
That man is crowned as one of the most popular boxers in the world. The person, who made an incredibly successful career, knows everything about financial troubles.
In fact, Mike Tyson’s life started in ghetto. He was not one of those happy children, whose whims were immediately satisfied by loving parents. Mike was very young, when he started to fight – and he did it really ferociously, because he knew, what he was fighting for.
When Tyson just turned 20, he had already become the youngest heavyweight champion in the world. Thus he immediately became rich, but lost everything in 1992, when he was jailed for a rape.
Three years later Tyson came back, and he made the world crazy. His scandalous nature, cruel fighting style and numerous ring victories made him the idol for millions of people worldwide.
In late 1990s Mike Tyson enjoyed unbelievably huge level of income. His net worth was estimated at $400 million. He earned like a machine, but spent cash even faster. Soon the whims of the black-skinned athlete were discussed all over the world. He paid millions of dollars for cars, mansions, prostitutes and even … for Bengal tigers, who lived in his house.
He continued spending millions even after his retirement. Thus he squandered his wealth. In 2003 Mike Tyson filed for bankruptcy. He had more than $20 million in debts. In addition, the ex-boxer had problems with drugs.
After a series of rehabs, Tyson gradually returned the part of his wealth. Currently he leads a calm modest lifestyle, makes some cash from acting and gets passive income from selling of his book.
3) Nicolas Cage
What is your favorite Nicolas Cage film? “Lord of War”, “Face Off”, “National Treasure”? Surely, each person on the planet has at least one favorite movie with Nicolas Cage.
An incredibly talented, versatile and expressive Cage was ranked once as the highest-paid actor in Hollywood. His net worth was close to $150 million and he got used to fat paychecks.
But Nicolas Cage had another secret talent – he liked to squander money. The movie star bought everything he could see, starting from huge mansions all over the world, several European castles, an island, jewelry and a dinosaur skull. Thus Nic’s expanses reached much higher level than his income, that’s why he filed for bankruptcy. In addition, Cage blamed his financial manager Samuel Levin in fraud. Nic started a lawsuit against Levin, whom the star blamed in his money troubles. Nic hoped to get $20 million from his ex-manager.
Currently the superstar’s net worth is estimated to $18 million, which is a nuisance for a celebrity of his stature. He gets plenty of new roles in order to improve his financial situation.
4) Kim Basinger
The beautiful blonde actress is known worldwide due to her magnetism and sexuality. The hottest star of 1990s, Kim continues participating in the most provocative movies in the world. Thus not long ago fans could see their favorite actress in “Fifty Shades Darker”. Currently Kim Basinger is worth $36 million, and she is sure in her financial future. But in early 1990s the star had to file 11 Chapter.
Then Kim’s wealth was estimated at $5, 4 million. At the same time the beauty Basinger had to pay $8, 1 million to the company “Main Line Pictures”. At first Kim agreed to play the main part in the company’s film “Boxing Helena”, but then she refused. Kim Basinger discussed the plot of the film with her agent, and they both decided, the it has no chance to become a hit.
According to Main Line Pictures, Kim’s decision caused the financial damage to the company. They started the court process against Kim and won it.
But Basinger filed for bankruptcy, and her fee was reduced to $3, 1 million.
5) Toni Braxton
Although Toni Braxton is an internationally popular star, her fate can’t be called enviable. The famous singer passed through numerous troubles, including health issues, complicated divorce process and money troubles.
Un-Break My Heart singer sold more than 40 million copies of her albums all over the world. Probably, that may seem fantastic to you, but not to Toni.
The musician filed for bankruptcy twice – the first time in 1998, when she signed an unprofitable deal with LaFace Records, and the second time in 2010, when she had to cancel her show in Las Vegas because of health problems – Tony Braxton was diagnosed with Lupus.
6) Pamela Anderson
Beauty is a great bonus for a girl. Those, who managed to be born with angel-like faces and model-like bodies, can be sure in their future – these girls marry the richest men, make careers in show business and get the most expensive presents.
But Baywatch star Pamela Anderson is the best evidence of the fact, that beautiful doesn’t always mean happy. Pam was known by her complicated relationships with the father of her boys and her ex-husband Tommy Lee. In addition her career was not as good as she expected – she couldn’t repeat the success of Baywatch.
Finally, in 2009 Pam Anderson got close to bankruptcy. She had $1 million debt to IRS. To pay it, the bombshell sold her Malibu mansion. After that Anderson made a public statement, when she tried to convince her fans, she was “financially secure”.
7) Lindsay Lohan
The worst role-model in the world is, probably, Lidsay Lohan. The woman, who got everything from birth, including beauty, acting talent and wealth, managed to lose everything before she turned 30.
Lindsay, who started career of an actress at the age of 11, owned a solid net worth till 2007, when her drug addiction and ill temper had become evident. That year the actress was involved into car accident. Lohan was on drugs that time, that’s why she was sent for rehab.
As a result, Lindsay Lohan lost most part of her film deals and moved to London to start a new life. There Lohan rented an incredibly expensive apartment. She had to move from there, when failed to pay the rent.
Currently the star tries to improve her financial situation. She has launched her own line of apparel.
8) Courtney Love
The other person of a sad unusual fate is in our top list. Courtney Love, whose net worth is still high, admitted in her interview, that she had lost $27 million of her wealth because of her glamorous lifestyle and expenses for drugs.
The singer and actress spent her early years in poverty. She started to make money by her own at the age of 16 – then Courtney began to work as a stripper.
Later she created her own band “Hole” which enjoyed great commercial success. In 1989 Love married a cult musician Kurt Cobain, the frontman of Nirvana and author of its songs. Kurt committed a suicide in 1994 and left the rights for his songs to Courtney. In fact, Love enjoyed $100 million wealth, which increased each year, as Nirvana songs enjoyed wide popularity.
Currently Love continues to spend her husband’s inheritance. In addition, she makes money as a singer and actress. Courtney Love authored a book too.
9) Leonard Cohen
The famous singer and songwriter, who passed away in November, 2016 lost the part of his wealth because of his managers’ fraud. Kelley Lynch was not just Leonard’s financial adviser, he was also his friend. Nevertheless he used Cohen’s account to pay his own credits and even spent Leonard’s retirement money.
Cohen started against Kelley a lawsuit and won it. Nevertheless Lynch ignored the court decision and didn’t pay Cohen the demanded $9 million.
The member of TCL band T-Boz, whose born name is Tionne Tenese Watkins, knows everything about bankruptcy. She filed Chapter 11 three times. But they say, the star just pretended to be poor like a church mouse – thus she managed to avoid loan payments.
Have we convinced you, that even owners of multi-million wealth can go bust? That’s why to manage your accounts in the right way is even more important, than to make lots of cash. So, study financial literacy!