You probably have heard people say stuff like…
“You couldn’t pay me a million bucks to do that!”
“Yeah, if I had a million dollars.”
A million dollars seems to be like that magic number – you would do something if you had that much and you would do just about anything to get that much.
But, think about all those famous people who have far more than that…
They must be set for life, right? You are probably thinking about the $50,000 salary you live off of each year, while still managing to contribute to your 401K.
And, you think, if you had a million dollars you could not work again for years, maybe forever depending on your cost of living now and how old you are.
But, the reality of it is, most people see that kind of money and go nuts. The spending starts and it just doesn’t stop.
Most commonly, this is seen among famous people. They become celebs, buy nice things – and far too many of them – then they lose their zing one day and find themselves more broke than they were to begin with.
And, some of these you might not even realize because they have continued to find ways to live well beyond their means.
So, have you ever wondered which celebrities you know are actually in over their head? Well, I’m about to open up the flood gates:
- 50 Cent
That’s right, the iconic rapper whose name is money itself – 50 cent ain’t got more than 50 cents. In July 2015, court documents were filed for bankruptcy protection.
The money man’s assets and liabilities were in the range of $10 million to $50 million.
- Willie Nelson
The iconic country star with the long, grey braids was raided by the IRS in 1990.
And the reason, you might be wondering? Well, he owed $16.7 million in penalties, back taxes, and interest.
Hmmm…maybe country music is a dying breed, after all?
But, he finally made a financially sound decision and paid off his debt by selling his memorabilia and more possessions.
- Mike Tyson
Okay, this one just really makes me scratch my head…
I mean, doesn’t the big guy make like tens of thousands per second or something insane like that?
Yeah, but if you spend it that fast, it doesn’t make a difference.
When he filed for bankruptcy, he had $27 million in debt and that included $13.4 million he owed the IRS.
I think I am going to go hire a financial advisor now…