Today I Learn… I make a point of learning something new everyday. This is what I learn each day

1, Oct 23, 2011

When Fool Set Afoot, Wealth Steps Out

Filed under: Money — admin @ 12:57 am

On 9/23/2011, I read online something like “Stars who went broke.” To be sure, I am not surprised when wealth parts company with the unwise. But still, it was a bit shock to see how fast people have gone from being millionaire to utter poverty. Here are the incomplete list of those yesterday’s millionaires.

Nicolas Cage–The Oscar winner, once earned $20 million, was forced to put some of his properties on the market after failing to pay $14 million taxes for several years.

Mike Tyson–The former heavyweight champion, who made $300 million over his career, once spent $2 million on a bathroom fixture, filed for bankruptcy in 2003 after accumulating $27 millions in debt.

Randy Quaid–The “Independence Day” star and conspiracy theorist, once made nearly $817 million, filed for bankruptcy in 2000 after his aptly named film bombed at the box office.

MC Hammer– The “U Can’t Touch This” rapper earned $33 million in 1991, filed for bankruptcy in 1996, told the United States Bankruptcy Court Central District of California that he was $13.7 million in debt.

Kim Basinger–The Oscar-winning actress filed for bankruptcy after an ill-fated attempt to own an entire town (find it on a map). She earned a $5 million paycheck for the movie “I Dreamed of Africa.”

Willie Nelson–The “Red-Headed Stranger,” who found himself in hot water with the IRS in 1990, released a hilariously titled album to help pay off the debt.

Scottie Pippen–The NBA Hall of Famer, who lost $120 million in bad investments and big purchases, left the courthouse in tears after winning $2 million in a 2010 lawsuit.

Teresa Giudice of New Jersey” star and her husband filed for bankruptcy in 2009 after accumulating $9 millions in debt.

Also see stories on Chris McAlister, Burt Reynolds, Heidi Montag, Toni Braxton, etc.

I am sure readers would appreciate the expensive lessons these insolvent stars have to offer through their real life experience. Now we are supposed to be wiser than them.

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