Celebrity bankruptcies are as common as celebrity divorces, and they’re a lot more mystifying. How can professional athletes and silver screen megastars go broke when they’re hauling in millions each year?
For one thing, celebrity salaries aren’t as reliable as an ordinary professional salary. Lebron James may have pulled in $53 million last year, but injury or age will eventually force this star player into retirement. Only time will tell if the 27 year old has built a strong and smart financial plan to take care of himself and his family decades after he’s left the game.
Check out our latest video demonstrating that multi-millionaires go broke for the same reasons the rest of us do: careless spending, unwise investing and family expenses. It’s easier to lose a lot of money when you have a lot of money coming in.