Now Broke Celebrities Who Made a Lot of Money but Squandered Their Fortunes

 

Money is power; it enables one to fulfill his desires, whether big or small. Money changes people; gives them a taste for the finer things in life. But that taste can sometimes become compulsive; it can get the better of one- with sad consequences.

Celebrities are normal people who have attained above normal amount of money and fame; and so there is nowhere better to for us to see the effects of money than to look at celebrities who have gone broke, despite making unreal amounts of money.

 The celebrities on this list could certainly teach us a few tricks about their various fields, but don’t let them tell you anything about managing money; they suck at it!

DMX

Earl Simmons, known by his stage name DMX was at one time the dominant voice in rap music. He still holds the record as the only rapper to produce 5 consecutive albums debuting at number one. He had his first taste of music success as far back as 1998, with his single ‘Get at Me Dog,’ and he later sold 5 million albums that same year. Throughout his career he sold over 70 million albums.

Despite his musical success, DMX died a broke man with a negative balance anywhere between $1 and $10 million. It was the women and drugs; he owed huge sums in tax, and child support to several women. He wasted so much money on at least 3 homes which he was unable to keep.

 

Nicholas Cage

Nicholas Cage, forever famous for his 1997 film Face Off in which he co starred with John Travolta went broke after he spent his fortune on houses, including two castles in Europe. He also bought himself an island in the Bahamas. Nicholas Cage also bought a dinosaur skull for about 250 thousand dollars. Well, at least he can recoup some of the money by selling some of the houses. Nicholas Cage is great actor; he is never short of work.

   

Lindsay Lohan

Lindsay Lohan practically grew up in front of a camera; she began modeling at age 3, and by 18 she was already an established Hollywood heavyweight. She is also an accomplished singer, with a few hits under her belt. But Lindsay Lohan lost her fortune to a drug habit, and a luxurious spending habit. She rented an exclusive flat in London for GBP78,000, until she couldn’t pay for it anymore.

 

Allen Iverson

Allen Iverson has to be one of greatest players to ever step onto a basketball court. His talent brought him money and fame; Iverson earned somewhere around $200 million over the course of his career. He spent the money on mansions, cars, and jewelry, and by 2012 he was skint broke. Allen Iverson ended up owing $859,000 to one jeweler, and that was not the only place he spent money.

 

MC Hammer

MC Hammer was once the biggest hip hop star; he was the biggest name in the game at one point during the early 1990’s. In fact, by 1991 he was worth about $33 million, but blew it up in just 5 years, even managing to end up $13 million in debt. He bought a luxury mansion, and filled it with goons who he called his personal staff. At one point he was spending $1 million a month just to maintain his status as the boss.

 

Stephen Baldwin

Stephen Baldwin, famous for his role in The Usual Suspects, among other films, has unfortunately found himself becoming the poster boy for celebrities who have squandered their fortunes. He became bankrupt as far back as 2009, after he made unwise real estate investments that ended up earning him a negative balance of over $1 million.

 

Johnny Depp

Johnny Depp is one of the most talented actors to grace our screens in this generation. He is also one of the most talented actors of any generation! Let us also mention that he has faced some personal troubles including a drug problem, and being married to a very evil woman. All these have affected his career.

Having said that, Johnny Depp has amassed quite a fortune, which he has blown in unbelievable fashion. He spent $30,000 monthly on wine, and $300,000 a month to maintain a 40 person personal staff. He also racked up a monthly $200,000 bill on private jets. With a lifestyle like that, there could only be one outcome: financial ruin.

Conclusion:

The number of celebrities who blew their fortunes and then proceed to live only on fame is long, and has the tendency to grow longer every day. It seems that once we taste the good life, we just cannot get enough. Besides, it would be foolish to put your trust in your managers; those people are only interested in what they can get from you.