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He does get residual income from all of his films and TV shows but it is probably not enough to support his lifestyle. Bad investments and advice did him in like so many other celebrities that have absolutely no business sense or at least the ability to choose some reputable firm to take care of them.

That is possible, not probable, but possible.
I can't BELIEVE that he was so stupid as to not consult an attorney or CPA. They DO have some brains.
Perhaps he was too arrogant to listen to good advice. Who knows? We know all about actors except their REAL character, personality and values.

I wish him well, however.