8 Debt-Ridden Celebrities Who Miraculously Bounced Back
Money management skills are not only a ‘normies’ problem but also a celebrity problem. And the reason they go broke is the same reason the middle-class go broke. They recklessly spend more than they make or take miscalculated risks. The good news is most of them find their way back after these setbacks.
Here is a list of celebrities who bounced back after their finances hit rock bottom.
8 Will Smith
The Fresh Prince, Will Smith, tops the list.
Will Smith entered the music scene when he was 12 years old. He worked with DJ Jazzy Jeff, and together they realized their first LP as a duo, a big success.
An overnight rich kid, Smith used his money to get a mansion near Philadelphia. He bought a closet full of designer clothes, expensive cars and lived a lavish lifestyle with fair-weather friends. He also didn’t pay his taxes, and the International Revenue Service was on his neck for a $2.8 million debt. They took all his assets, and Smith was left broke. Will made a debut in acting with The Fresh Prince of Bel Air. The project was very successful, and he regained his financial status.
7 George Foreman
Foreman had a booming career in the boxing world while still a teenager. He became a champion in 1973 after knocking out Joe Frazier and winning the world heavyweight title. After several high-profile fights, he retired in 1977.
Foreman had a life-threatening experience when he suffered heatstroke. He later became a preacher and opened a youth boxing club but was out of funds to run it. He went back into boxing at 38 and had an initial success of two wins. He started getting commercial endorsements, and his finances were back in order. He also launched a cooking appliance, The George Foreman Grill, a bestselling kitchen appliance.
6 Lady Gaga
Lady Gaga made her debut in the music industry in 2008 with the album The Fame. The album was a huge success, and its single Just Dance got nominated for a Grammy Award in 2008. Her other single, Poker Face, was even more successful as it topped in almost every category in nearly every country.
In 2009, she went into a worldwide tour dabbed as The Monster Ball Tour that ran for 18 months. The 200 shows she held are estimated to have cost her almost $200 million. It left her with a $3 million debt that she was unaware of. The sheer quality and popularity of the work attracted a deal with Live Nation and a special HBO show that wrote her a $40 million cheque.
5 Michael Jordan
Michael Jordan became a public icon in 1984 when he signed with the Chicago Bulls. He was part of the two award-winning gold medalist Olympics teams, in 1984 and 1992, respectively.
The controversy surrounding his gambling habits is speculated to be the reason behind his early retirement from NBA in 1993. The previous year, Jordan had admitted that he had lost $5.7million in a gambling deal. He confirmed that he had made poor decisions that led him to pass ‘an envelope’.
He later returned to the NBA in 1995 and led his team to win the championship. Today, Jordan is considered the wealthiest former professional athlete, with a net worth of $1.6 billion.
4 Britney Spears
Britney Spears rose to fame as a singer at the young age of 16 in the late 1990s. Her first single was a worldwide hit and quickly climbed the charts to number one. She has nine studio albums, eight compilation albums and 47 singles. In 2002, She was estimated to have made $40 million.
After suffering a life breakdown in 2008, her father took over as her conservator. Britney was paying her father $16000 monthly, according to Forbes. Spears also spent large sums of money on her conservatorship case and her father’s lawyers, who were under her paycheck. Currently, She is estimated to be worth $60 million.
3 50 Cent
50 Cent filed for bankruptcy in 2015. He had been ordered to pay Rick Ross’s Ex-girlfriend, Lastonia Leviston, $5 million for releasing her sex tape online. During this period, his rap career wasn’t doing so well.
To pull himself out of bankruptcy, he sold his mansion. He bounced back through a $14.5 million paid in lawsuits and used $13.6 million to clear his debt. His existing marketing and promotional deals also cushioned him.
2 Travis Barker
Travis is a Blink-182 drummer who recently married one of the Kardashian sisters, Kourtney. Travis rose to stardom after he joined Blink-182 in1999 as their drummer.
In 2005, he faced a financial crisis after the band went on a hiatus. He later went through a divorce from his ex-wife Shanna Moakler and also survived a plane crash that claimed the lives of the two pilots, his security guard and his personnel assistant. Through several projects and the return of Blink 182, he managed to recover from the setback. He is currently worth $50 million.
1 Shane Filan
Shane Filan, a Member of the boy band Westlife, filed for bankruptcy in 2012. This came after the band took a hiatus break. The Daily Star revealed that Shane lost most of his wealth during the recession. He had invested his money in property with his brother, Finnbar.
Shane went back into music as a solo artist to help him clear his debt of $23million. He made a comeback with his solo album You and Me.
Sources: Forbes, NBA news, The Daily star.
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