Celebs who lost big financially

Famous people don't necessarily invest more wisely than the average Joe. Here are 10 who blew it.

By TheStreet

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VIDEO ON MSN MONEY

71Comments
May 15, 2011 7:40AM
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I can't feel sorry for these folks ! They've made more money than most people would see in 4 lifetimes and they, in most cases, squandered it away ! I don't get why someone needs 20 cars, a home with 10 bedrooms and 5 baths, tennis court, swimming pool, guest houses, wine cellars etc etc etc ! That's a bit much for me to consume ! A nice comfy house and a nice car is all I need !
May 15, 2011 7:53AM
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The truly one sad thing that happened to America and Americans after WW2 was the fact that millions of people were suddenly thrust into "middle class" and with that came an over-excess of material things ! People suddenly felt entitled to  homes, multiple vehicles, swimming pools, weber grills etc etc etc ! And all of this stuff was financed on long term deals because most of us cannot afford to buy big ticket items out right !

If we have to spend 25-30 years paying a home off, we couldn't afford it to begin with ! Financing has made most Americans think they can afford things when in reality most can't and as a result, we end up biting off more than we can chew !

It's not wrong to want nice things or to have money but we all have to be practical in how we handle it !
May 15, 2011 11:23AM
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Why compare tough financial breaks of the little guy to celebrities who lost a lot of money.

I lost my job due to outsourcing, after 15 years. I lost my home due to foreclosure, after 27 years. My wife and I filed bankruptcy. No one would rent us an apartment because of the bankruptcy. You think this would be discrimination. We would have been forced to live on the streets if FAMILY had not been there for us. My wife soon lost her job. Our bankruptcy case was dismissed for non-payment. That does not stop IRS from seeking their payments of back taxes. Just because the little guy cannot pay, the tab keeps running. So, excuse me if I do not have sympathy for Donald Trump, and others who can afford a few disappointments in life.

May 15, 2011 10:13AM
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There is a consequence for greed.  The self-centered spending of millions of dollars?.  Why is it such a shock that public figures, who so often show a lack of wisdom by being outspoken with issues in which they have no experience, can invest money wisely.  Stupidity knows no discrimination.
May 15, 2011 8:59AM
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Whatever happened to living within your means? What a joke that these "stars" are whining about losing millions of their billions! They have NO CLUE what it's like to REALLY struggle. I bet they don't spend any sleepless nights worrying about how to feed their children or pay their mortgage payment!
May 15, 2011 1:45PM
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The biggest problem with everyone is, debt!!  We all need to learn to live within our means.  My grandparents taught me a philosophy that I never forgot, if you can't pay cash for it ,you don't need it!!!

Its ok to borrow money, but not to much.  Unfortunately, that is  why our country is in the shape its in now, the politicians got too complacent with our money.

May 15, 2011 10:13AM
May 15, 2011 5:05AM
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Only read the title and all i can say is "who cares?" Outside the celebrity and the people their fame and/or notoriety support, who really cares? Celebs are good at what they do or just plain lucky, but they get paid ridiculous amounts of money for very little in return. They distract the masses from the real problems the country faces, but why turn off the t.v.and learn what's really going on and try effect the way the country is run when I can see who Britney Spears is hooking up with this week, or how much money M.C. Hammer lost so i can feel better about my own losses. Unless we start doing something about the way the countries run on both sides of the ticket, were all going to have a minimum wage job with no benefits. When that happens, we'll have fewer celebs anyways cause we won't be able to afford the 20 dollar ticket to see mostly crappy movies or the 200 dollar tickets for shows and games. The Roman's had the Coliseum and the games and we have Hollywood and our games!
May 15, 2011 7:06AM
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We all make mistakes, but I will bet these people could still feed their children.
May 15, 2011 9:18AM
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We Americans all thought it would never end. It did for all of us. These high profile examples are just a few of 200 million people that thought this is the American way. It was ... Now all of American middle class people are still middle class. The problem is that the middle class isn't making six figures anymore. Better get used to scratching for 80K a year with the entire household pitching in. Remember the movie and later TV show I remember mama???

That was the middle class in 1900. If you kids haven't seen that movie it plays on TMC occasionally. The TV show was in the early 1950's when this(post WW2) middle class began. We just came full circle. I started out tossing news papers when I was 11. Might be doing something like it in 2020 when i'm 75 . Going to College doesn't mean a free pass to wealth health and fame. It does help. Better figure on hard work and being frugal to get by in the next 50 years. The post war middle class died in 1989, it just didn't know it till now.

May 15, 2011 9:02AM
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There was a comment made in this blog about michel vick "give him a break" this man tortured animals to me this is not human. Im not the kind of guy that calls the cops, but if i see any kind of animal abuse id report it fast. Why did pete rose never get a break, all he did was gamble.

 

May 15, 2011 4:48AM
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All of these guys have one thing in common.   They are from the middle class.  They invested like the middle class.   They bought trinkets like the middle class.  They let people handle their money without getting schooled in their investments just like the middle class.  But the absolute fatal mistake that all of them have in common is believing that their success in one field translates into success in another.  Earning money and investing money are on the opposite sides of wealth preservation.  
May 15, 2011 10:10AM
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It goes to show exactly that these people need to learn how to live on a little again. They have been living way outside their means and they had a lot of means. They spoiled themselves getting so far out of touch with who they were and what was important. Obviously a huge hole in their lives they tried to fill by spending money. It's so sad they could have done so much more with it instead of helping bankers! They could of helped me! Smile
May 15, 2011 9:29AM
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I don’t know why anyone would be surprised that entertainers and sports stars don’t know anything about financial management. Making money and managing money are two very different things, and managing money is clearly not their primary forte. Have you ever seen an accountant try to act or throw a football? If you’re looking for someone to fault for these massive financial failures, I say their lousy financial advisors are the first place to start.

May 15, 2011 10:32AM
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a foreign born individual CANNOT become the president of The United States of America
 
May 15, 2011 7:01AM
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To those who call the wealthy "slobs" or anything else are the worst case scenario themselves. Nick Cage for one works for his money, he picked the right career for himself and gets paid well for doing it! Why call him along with other movie stars, financial wizards etc...names and other derogatory labels for being educated??? Just because they have money doesn't make them evil or bad, they "EARN" their money through years of hard work! Don't be jealous of them, they donate quite a bit of their cash to people in need and charities that help those individuals that have been dealt a bad hand in life. I think movie stars are for the most part good people, you have to remember, they are human just like you and I, they make mistakes just like you and I too! Don't belittle them because they made a successful choice in life, praise them for the way they help others, they can be role models too! All those who judge others will also be judged one day....when that day comes you might want to sing a different tune, so don't worry about others, worry about yourselves!

Amen

May 15, 2011 10:08AM
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The comment about the poor people becoming a raging mob in the near future is going to happen in the United States.  When people start getting laid off and get no unemployment checks it is going to tick a  lot of people off.   They just had a program on MSNBC about the ratio of filthy rich to poor people is inching upward.  It is nearing the ratio that was in Egypt and look what happened there.   To me the government uses welfare payments to satisfy the poor enough so they keep quiet.  But when there is no longer any money to give the poor,  watch out.  And this is going to happen soon..........
May 15, 2011 1:43PM
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to all these clebs wining about there losses. I will still trade bank accounts any day LMFAO
May 15, 2011 9:10AM
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Seems like these people are really bad with self-control; I guess the key requirement for fame and fortune is arrogance.

 

On the other hand, none of these people hurt anyone but themselves. The banksters, their cronies in the executive suites and their lobbyists have destroyed America FOR EVERYONE.

 

But, don't worry, I am sure that a majority of the celebs here have still many more millions that they can live on or have the celeb status to continue to make more. This is America after all - the land of the few, the rich.

 

May 15, 2011 12:15PM
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When you are jealous and envious and hate people because they happen to have money you stop the flow of money to yourself. When you speak spread love not hate also never hate someone because they are poor. What you send out to the world is what you will receive from the world. 
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