When we think of celebrities, a lot of things come into our heads about them and their lives. But first and foremost, we often think about how it must be to be as rich and famous as them. And while most celebrities are indeed rich and famous, sometimes we may overestimate their wealth. In fact, there are actually a lot of celebrities out there who are either struggling financially or are dealing with some big time financial problems in their lives. We went out and found 15 celebrities that had big problems that cost them big money. Number 10 is especially surprising…
#15 Tiger Woods
In his prime, Woods was one of the richest and most famous athletes on the planet. But when it was leaked that he had cheated on his wife, it all came crumbling down for Woods. He stopped playing well, and then his earnings were cut in half. While he was still making over 50 Million a year, that was a MASSIVE drop from the over 100 Million he was making before the scandal.
Throughout history, there have been few musical acts that have been as famous or as legendary as Madonna. But while she was known for her success as a singer, she was also known for being quite controversial. In fact, she once lost an endorsement deal with Pepsi that was likely worth millions, because she was burning religious imagery and crosses in a music video. Number 11 is also another musical artist whose conduct got them in some trouble.
#13 Nicolas Cage
A lot of celebrities have been stupid with their money, especially Nicolas Cage. While he is a big star who has made millions, his spending is still quite outrageous. He has spent $300,000 on a single car, $276,000 on a dinosaur skull and a whopping $3 Million for an island in the Bahamas. As a result of these purchases (and more), he has dealt with a lot of real estate and tax problems in his life.
#12 Paula Deen
Celebrities don’t often think before they speak, and this can land them into a ton of hot water. Take, for example, Paula Deen. Deen got in some real big trouble when she used racial slurs hat damaged her rep beyond repair. She lost endorsement deals from the likes of Walmart, Target, Sears, Home Depot and more.
#11 Wyclef Jean
A lot of celebrities mismanage their money and have been caught with millions in Ponzi schemes. Celebs also have their own foundations and charities, in which they are the primary handler of the cash. In 2010, Wyclef Jean was caught for misusing funds from his Yele Haiti charity which was not a good look for him.
#10 Anthony Weiner
Despite having managers that tell them how to run their social media and what they should and shouldn’t be posting, they still have gotten into trouble with social media. Few have lost as much credibility as congressman Anthony Weiner because of a tweet. Weiner got in trouble for accidently tweeting a photo of his “bulge”, which was obviously meant to be a DM.
#9 Uma Thurman
With celebs making so much money, they often have people who manage their money for them to save them the trouble. However, not everyone has the best intentions so this isn’t always a good idea. Take Uma Thurman, for example. Thurman lost a million dollars to her financial advisor, Kenneth Starr.
#8 Marc Anthony
Taxes are something that we are responsible for paying, even celebrities. But for some reason, a ton of celebrities have decided to not pay these taxes for one reason or another. Celebrities, including Marc Anthony, have had to pay millions and millions of dollars in back taxes or penalties for evading taxes.
#7 Nadya Suleman
One expense that a ton of famous people take on when they don’t need to is when they buy an extravagant and amazing home. Dozens of celebrities have spent too much on housing, including the Octomom, Nadya Suleman. She moved into a 5,000 square foot home despite not having the funds that people should have when moving into a home like that.
#6 Heath Ledger
While this example didn’t really affect Ledger obviously, it definitely affected his family. When Ledger died, he obviously had millions of dollars to be allocated to others in his will. Unfortunately, he forgot to update his will after his daughter was born, as a result, she was not included in the will and didn’t get anything.
#5 Paul McCartney
It should almost be a requirement for a celebrity to have a prenuptial agreement in place when they get married. But the famous rock star Paul McCartney didn’t have one, and it cost him. When his ex-wife, Heather Mills, divorced him, he was responsible for paying her $50 Million, which is among the biggest divorce settlements ever.
#4 Kristen Bell
Living within their means is something that a lot of celebs have a problem with. Take Kristen Bell for example. She decided to purchase a 2.5-acre lot and eventually, that land went into foreclosure and when it was sold, she took a huge loss. While she has likely recovered financially, this will be a black mark on her credit report for years.
#3 Deidre Hall
When you become rich and famous, people around you often change. One of the biggest ways is that they often come to you for money. That is what happened with Deidre Hall, and she is probably wishing she never lent cash in the first place. She lent $800,000 to her family and a wardrobe consultant and they didn’t pay it back. It is best to consider a loan as a gift that you may never get back.
#2 Toni Braxton
Celebrities often overestimate how much they will make and as a result, get themselves in some hefty debts that they feel they will be able to pay back later. This can often lead them to declare bankruptcy, which Grammy winner Toni Braxton has done twice in the last few decades.
#1 Britney Spears
Overspending in any way is probably the biggest culprit for the money problems that celebrities face. These people make so much and often spend even more. Britney Spears is a prime example of how overspending can be bad. During her custody battle, her monthly income was almost $750k, and she was saving almost none of it.
So as you can see, even these 15 celebrities who are humungous names, have actually dealt with their fair share of financial issues. While most are still doing better than 99% of the population, that doesn’t make these huge losses and problems they experienced any easier to deal with. This just goes to show you that even those who have it all, can often still find ways to mess up and almost lose it all. And these are only 15 examples of celebs who have gone through some massive money problems, in reality, there are dozens of others as well.