What Broke Celebs Can Teach Us

Don't make the same mistakes as Nicolas Cage and Annie Leibovitz
Posted Nov 6, 2009 9:38 AM CST
What Broke Celebs Can Teach Us
Miami Heat forward Antoine Walker looks up at the scoreboard in the fourth quarter during a preseason basketball game against the Atlanta Hawks in Miami Wednesday, Oct. 10, 2007.   (AP Photo/Lynne Sladky)

Celebrities really are just like us: During these financially stressful times, they’re suffering, too. On Huffington Post, Manisha Thakor points out the takeaway from four high-profile meltdowns.

  • NBA Player Antoine Walker: Squandered away his $110 million fortune by age 33. The lesson? If you have a variable income, don’t spend based on peak earnings—spend based on average earnings.

  • Writer Patricia Cornwell: Suing her money management firm after losses of around $40 million. The lesson? Don’t hand over 100% of the control of your money to anyone—stay involved.
  • Photographer Annie Leibovitz: Facing $24 million in debt and fighting to keep her home. The lesson? Don’t borrow against your home equity—or at all—if you can’t pay it back.
  • Actor Nicolas Cage: Owes $6 million in back taxes. The lesson? Self-employed people should always remember to set aside money for taxes as soon as income is earned.

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