Aaron Black

Celebrity Bankruptcy – What are they spending thier money on?

Why do celebrities have to declare bankruptcy?

I ask myself “How on earth do these celebrities loose all of this money?” Over the years I have read many articles on celebrities and their financial habits. When I hear how much money these people make I can’t understand how they can possibly spend it all. I mean there are only so many things in this world that you can buy! What I have come to realize is celebrities see everything with a price tag on it.

Kim Basinger, really popular in the 80’s and 90’s, no one hears of her nowadays. But back in the day when she was more popular she fell in love with a little town called Braselton in Georgia. So she decided she would buy the town. Who knows what for, but she paid $20 million to have her name on it!  Later in her career she decided to walk away from the movie set of Boxing Helena and was sued for breach of contract. She lost all her money, declared bankruptcy and subsequently had to sell her town.

Toni Braxton bought too much makeup! First she broke her contract, then she was sued. She filed her bankruptcy and reported her living expenses to be $50,000 per month.  She indulged herself in $2.5 million of makeup, hair, clothing, and luxury. She declared bankruptcy owing more than $4.3 million dollars.

M.C. Hammer apparently needed an entorage and staff for everything. After buying a $33 million home. He lost all his money to his friends and staff. He ended up in debt for almost $15 million when he declared.

Debbie Reynolds bet on black but ended up in the red. She opened a casino and named it after herself. Unfortunately, it was unsuccesful and both the casino and Ms. Reynolds ended up in bankrupcy court.

Willie Nelson stood up to the man, but forgot to pay him. He had over $30 million in tax owed to the IRS.

Burt Reynolds went in debt $11 million dollars on jets, helicotpters, homes, vacations, and a restaurant chain.

The list goes on and on.

So I ask how does this happen? Well I could say that it takes a lot of money to be a celebrity.  They need to look perfect all the time. That means stylists for hair, make-up and clothes. They need body guards and assistants. Personal trainers, chefs, maids, nannies and chauffeurs. It’s a wonder any of us survive without all of these “neccessities.”

When a celebrity files for bankruptcy the have to show where they have spent all of their money. This is where the fun starts. You could almost feel bad for these people before. But when you find out that one spent millions on pet tigers, another spent millions on cars, and a ridiculous amount of money on clothes you start to get really mad.

Britney Spears gives to charity. Isn’t that sweet?  She donates $500 dollars to charity each month! In court papers released from her divorce trial we find out that Ms. Spears spends almost all of her monthly income on entertainment, gifts, clothes, eating out,and vacations. How much money does she put into a savings account or investments? A whopping zero dollars. And we wonder why celebrities are declaring bankruptcy.

People are struggling to find jobs in this economy and these celebrities are spending money on what?  Everything they don’t need.  Well I for one know what I am gonna do if I ever become famous.  I will save my money and invest wisely.  Oh and maybe an extensive shoe collection.  I mind as well fit in!

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR