Bankrupt Celebreties
Behind all the glitz and glamour and what may seem like unusual bankrupt celebreties are the ones who get bankrupt quite often, though it’s also the case that they come out of it quite often as well.
Probably that’s the reason behind Clarissa Dickson Wright getting bankrupt not once but thrice! And saying that the first time was due to the champagne bill at her mother’s funeral!
The list of bankrupt celebreties is quite long however and consists of celebreties from all walks of life from senators to TV stars to football players and movie stars. Very often the reason for these bankruptcies is that money made is very fast and when the cheques come in it doesn’t seem like they will ever stop. It just seems like a dream and celebreties don’t know how to deal with it and end up in excesses that they can’t afford.
Take for instance Kim Basinger who of all things bought an entire town! Kim Basinger bought the entire town of Braselton, Georgia for 20 million dollars and after being sued for a breach of contract not only had to sell Braselton but file for bankruptcy also.
While in her case it was one major expense that led to it in cases of most celebreties it is a series of excesses and regular expenses that they are not able to afford once their good times end and the cheques stop rolling in as they used to. Mike Tyson for instance at some point needed $400,000 a month to maintain his life style but after filing bankruptcy now lives on a modest rented house in Phoenix.
Although it might seem unusual the reason why most of the celebreties go on this spending spree is that they genuinely think that it is never going to end. Think of it this way; you are making money and getting a certain amount of salary and would think that this is an end less stream of money that you will continue to generate through out life.
In your case in normal circumstances it will be true because as you gain experience and advance in your career your salary will only increase. However, think of it from the point of view of a celebrity for they also think along the same lines, they also think that what they are making will be an endless stream which will not end. However, what they do not realize is that unlike a normal salaried person, their golden period will end and what they are making at this time is probably highly skewed and they can’t keep on making it for the rest of their life. This is true for actors as well as athletes. They can’t really expect a 10% raise on what they are making till the end of their life. However when money comes and comes in fast its difficult for celebreties to think that it will ever stop. To such an extent that they even start ignoring the bad news. For instance an actress might ignore a bad review of her movie when she should probably take stock of it and see if something is wrong and take care of it.
The problem of bankrupt celebreties is so acute that it has sprung up an industry of its own with professionals who advise these celebreties to manage their wealth and to basically keep a check on their excesses. These financial tamers watch over the back of their clients and prevent them from buying things which can spin out of control like Late comedian Rod Hull who bought an Elizabethan Mansion in 1987 for 387,000 pounds and spent another 500,000 pounds in restoring it, but the house was soon repossessed as he faced massive tax arrears and was experiencing a problem that he couldn’t quite control.
While celebreties may even add a little glitz to what is indeed a dark problem, one must keep in mind that there are lessons to be learnt from them and like them we also feel the need to indulge in excesses a lot many times. While indulgence is not bad and may even be necessary some times, be sure that you don’t end up in something that becomes disease like and moreover be careful that you don’t spend on something that requires monthly pay cheques what was probably a 20 million dollars town to Kim Basinger could well be a 100,000 dollars sports car for you!
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