Saw an interview of Florence Henderson where she said the smartest thing she ever did was hire a business manager early in her career and listen to him.
If you buy stuff you’ll soon be broke no matter how much you make. If you buy stuff that generates income and holds value, you’ll never be broke again.
Entertainers seldom think to do the latter. They think the money will always be there, and then comes the day it isn’t, and the popular tastes have changed and moved on, and they no longer have anything the public wants to buy.
The richest people in Hollywood are often not the first tier performers, but lesser lights who have one wife, one family, and spend their money buying property.
Guess that FSU education didn’t serve Burt well.
They spend their money like liberals spend our money. Same mentality, same result.
It’s a low IQ thing
Because they spend more than they make? DUH!!!!!!!!
Must attack Seinfeld as he refuses to target Trump. As if was anything close to the utter reprobate Johnny Depp.
Because they spend all their money?
Acting is not rocket science.
When someone makes more in a year than 99% of us will make in a lifetime, I have a hard time feeling sorry for them when they go broke.
Because they spend like they’re always going to make that much. If they spent like this is their last check they’d be fine.
#1 - They tend to lead extravagant lifestyles and don’t realize their income will dry up sooner rather than later
#2 - They tend to hire scumbags for managers and accountants and give them too much leeway so they get ripped off very often.
I am sure substance abuse and weird cults play into it too.
Drug and alcohol abuse
I wonder if the rate of their spending has anything to do with the size of their egos. Maybe that’s too obvious. So I guess they’re just victims.
How not to go broke when you have millions:
1. Pay off your debts, buy one nice but modest priced home and own it outright.
2. Put the rest in the bank, invest in diversified interest bearing accounts.
3. Keep your yearly spending below what you earn from your investments, which is still in the hundreds of thousands per year, you can still enjoy a nice lifestyle.
You don’t need to be a financial genius to follow these basic steps.
It’s not just mega rich celebs that do this.
Any rich person is constantly approached by people looking for money. Invest in this, invest in that. I need your name on a restaurant, etc.
And they flock to these investments because they are mostly duped. Or just make bad investments.
Of course they spend it on stupid garbage too. But that’s only a part of the picture. The wealthy people that I know choose to drive very common cars and dress in kmart clothes not only because they fear abduction and crime, but they fear their neighbors as well. Or in my case, my town.
My county approaches me on things all the stinking time. And I’m not even rich. Far from it, actually. But I own a business and it operates in 3 states. They think I’m their piggy bank.
And we’re supposed to feel sorry for these coddled millionaires who had everything and lost it?
Puh-leaze!
I started working when I was 12 and I probably will never retire in style. It is what it is.
In their case, they had the lottery ticket and threw it away on stupid stuff.
Won’t be long before Leonardo DiCaprio’s name will be added!!!