How to waste money like a movie star
Who needs a $276,000 dinosaur skull? Apparently, budget-impaired Nicolas Cage did.
The actor, whose films have grossed more than $3.9 billion worldwide, is in financial ruin. He owes $6 million in back taxes, is suing his former money manager for $20 million, his mansions are in foreclosure and many of his belongings are on the auction block (anyone want to buy a shrunken head?).
lessons can be gleaned from Cage's free-spending ways? How about:
- Live within your means. Even multimillionaires need to budget and set spending limits.
- Choose a financial adviser carefully. Cage says his led him down a path of "financial ruin."
- Bidding wars often end in Pyrrhic victories. Sure, you won a $276,000 dinosaur skull, now where do you store it?
- Don't buy more car than you can afford. Or for that matter more cars -- who really needs 50? At least he bought that $495,000 Lamborghini used.
- The Tax Man will get you in the end. The more you make, the bigger the target.
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When it comes to dealing with debt and clearing your credit, what you don't know really can hurt you.