Danielle Mowbray https://www.moneyguru.com 4m 990
The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Not So Good Celebrity Investors
Celebs. Living the high life. They have it all, right? Money, growing wealth, power. It certainly seems glamourous. Walking the red carpet to glittering events, fans following your every move, being “papped” and on the cover of the latest magazines. Celebrities are in the public eye more than ever before. The advent of social media has heightened this, creating stars itself and a new funding stream for many.
It’s hard to switch on the TV, or pick up your phone or a newspaper without money being a part of so many stories that you’re presented with. If it’s not the budget for the latest blockbuster it’s the yearly profit of that entrepreneur that seems to have appeared from nowhere.
Of course, not every celebrity is a natural with money. There have been so many who have added to their wealth by investing wisely, (although they usually have help in this endeavour.) But there have also been a great deal who have lost out. Some have even gone bankrupt.
For someone in the public eye however, there can be the added humiliation of that loss being played out in front of the world.
Find the most famous financial flops in Money Guru’s Top 10 of Terrible Celebrity Investors.
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Top 10 terrible celebrity investors
Money and celebrity go hand-in-hand.
Being a rich celebrity doesn’t mean you’re any savvier when it comes to finances, however, if celebrities aren’t making the news with their latest work or romance, they’re usually capturing headlines with how they’ve spent their money or lost it.
We may not all end up rich and famous, but we can certainly learn from those who do! Find the most famous Financial flops and our top 10 of terrible celebrity investors.
Financial frivolity Factor
1. Donald Trump
Profession: United States president and businessman
Quote: “Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.”
Current U.S. President Trump took a famous law loophole by allowing his companies to make investments, rather than making any Financial frivolities in his own name. This led to no less than six of Trump’s companies being declared bankrupt, leaving their owner to move on to financial pastures new, such as running for president.
2. Heidi Montag
Profession: television personality
Quote: “I should have known growing up and not having any money ever that I should have kept every dollar that I had.”
Heidi isn’t the first celebrity to go bankrupt, but she might be the first to have done so due to fears that she needs to spend her money before a massive asteroid hit the Earth. All $10 million of it.
3. Kim Basinger
Quote: “I just thank God I didn’t grow up with so much money or privilege because you had to create ways to make it happen.”
In the late 1980s, after Kim Basinger spent a cool 22 by the town of Braselton, Georgia, with the aim of turning it into a tourist attraction. Within five years, she sold the town for less than cool $1,000,000, oops.
4. Kim Kardashian
Profession: reality star
Quote: “I don’t talk about money.”
The Kardashian debit card-Kard for short-was seen to be the worst product on the market by many observers, lending and a very short lifespan. A series of fees, for monthly rental cost to withdraw money and even phone and customer support made Kim’s investment one of the most nonsensical in history.
5. Nicolas Cage
Quote: “I think it’s no secret that I’ve tried to take chances in my career and also my life, and I believe to not live in fear.”
The main cause for cages Financial downfall was the 2008 Global recession. Having purchased multiple properties worldwide at their highest price, the star was left in the state of negative equity and behind on his taxes. In 2009, he filed for bankruptcy 150 million dollars.
6. Mike Tyson
Quote: “I can inspire people and how to use money, how to get economically powerful.”
At the peak of his career, the youngest heavyweight champion of all timer and several hundred million dollars from boxing and endorsements. Expensive taste for the Finer Things in life including pet Bengal tigers and putting his trust in several untrustworthy individuals so I have several million dollars in debt.
7. Johnny Depp
Quote: “Money doesn’t buy you happiness, but it buys you a big enough yet to sail right up to it.”
Johnny Depp’s Financial woes were apparently caused by expensive taste for Life across the board. Although that blames his business managers, spending 3 million on the lakes of a cannon to fire the writer hunting as Thompson’s ashes as a hint that money is not the main priority in life.
Profession: musician and producer
Quote: “I’m not a businessman. I’m a business, man.”
Jay-Z is one celebrity with a few investment successes to his name, but he’s also no stranger to a stinker, losing 50 million dollars on a pair of Hotel projects in Manhattan.
9. Jeremy Clarkson
Profession: journalist and broadcaster
Quote: “I’m literally not the slightest bit interested in money. I just don’t pay attention to money, it’s rather vulgar.”
It’s well-known that Top Gear’s Clarkson has made more than a pretty penny through his television and journalism, but even he is no stranger to the odd Financial faux pas. Investing in the supposedly low-risk AIG enhanced fun led to a loss estimated at 25% of his Savings in 2008.
10. Zsa Zsa Gabor
Quote: “I want a man who’s kind and understanding. Is that too much to ask of a millionaire?”
This Hollywood screen Legend is in the steam company when it comes to bad Investments. Along with countless other celebrities, Zsa Zsa invested in the now Infamous Bernie Madoff Ponzi scheme, losing an eye watering 10 million dollars.