Click on the link and read the rest of the article.
“Depp recently told Rolling Stone his $650 million fortune is wiped out. A lawsuit filed by Depp’s management team — since settled — alleged that Depp spent $2 million per month on private planes, a yacht, a 24/7 staff of 40 people (including $150,000 per month on security), his private island, $4 million in total on a failed record label, $3 million to shoot the ashes of late friend Hunter S. Thompson out of a cannon, and $30,000 per month spent on wine.”
These stories are no different than the professional athletes(50% of NBA players, etc.) that go broke after making millions. I see it in a smaller scale in the business that I am in. Here, people make six figure incomes. Some go out and buy a Porsche, etc. They take fancy vacations. They buy big houses. Then they have a bad year and they are almost broke.
On the other hand there are people like Wayne Rogers who played “Trapper John” on the MASH television series. He was a very good investor. In his later years he was featured on Fox’s Bulls and Bears because of his investing expertise.
Just because you can sing, dance, act or play a sport does not mean you can handle money. It is no different than the person who makes $50K a year but has $35K in credit card debt.
Just because you can sing, dance, act or play a sport does not mean you can handle money. It is no different than the person who makes $50K a year but has $35K in credit card debt.
They have never learned to handle money, so they blow it.
You are right about Wayne Rogers being keen investor. In the 70s Peter Falk was talking to Johnny Carson on The Tonight Show. He said he considered Rogers a financial genius. At the time nobody was talking about Roger’s skill in investing and finance and it seemed a little strange, but Falk was pretty enthusiastic.
He said that himself and John Cassavetes had formed a partnership with Rogers and bought large tracts of land in California’s wine country on Rogers advice. I always think about that when I see anything about Rogers. I bet the price they paid for the land seemed like a bargain in just a few years, and they probably made a mint.
RE: These stories are no different than the professional athletes(50% of NBA players, etc.) that go broke after making millions
Actually, the stats are even more dire than that....
https://www.huffingtonpost.com/tyson-hartnett/why-athletes-go-broke-and_b_6812864.html
In 2009, Sports Illustrated did a study of former NFL and NBA players.
This is what the study showed:
After only 2 years of retirement, 78 percent of NFL players were either broke or struggling financially.
Within 5 years of retirement, 60 percent of NBA players are broke.
Wayne Rodgers acted only to make enough money to start investing.
Acting for him was a means to an end.
And he was very good at investing. Not a bad actor either.