Celebrities are known to spend their great fortunes on a variety of things - new cars, lavish trips, and even multiple homes across the world. When some celebrities have learned how to properly manage and budget their income, there are plenty of celebrities who have taken their spending habits a bit too far.
Here is a list of seven celebrities who never cap their spending limits and what you can learn from their unique decision-making.
1. 50 Cent: Also known as Curtis Jackson, has had his fair share of cash issues. In 2016, the rapper filed for bankruptcy following a rough path of paying off countless lawsuits and child support payments. At his lowest, it is reported that he was $32.5 million in debt. He has since turned it around - currently sitting as the executive producer on the crime drama show Power.
2. Lindsay Lohan: Child stars seem to have the reputation for quick fame and loss, and Lohan follows that train steadily. Known for her early 2000’s flicks like Parent Trap, Lohan was thrown into fame at the young age of 11. Through the years, she has not put a moderation to her spending habits, purchasing items like luxury handbags, designer clothes, and beautiful cars. Not only did she have poor spending habits, but reckless driving decisions as well. She also has been arrested multiple times for reckless driving and DUI’s. In 2018, It had come to a somewhat halt, when her net worth was once millions of dollars, only came out to be sitting at $800 thousand.
3. Britney Spears: One of the most popular superstars in the last several decades, Spears has grown a great reputation for controversial choices and events. One of the biggest following her very public mental breakdown in 2007, when Spears was put on a court- approved conservatorship in 2008. This conservatorship allows only her father and lawyer to be in full control of her financial assets, personal assets, and estate. Spear’s current net worth sits at $59 million, which she uses on daily trips to Target and TJ Maxx, real estate, and clothes - all purchases which have to be approved by her father.
4. Phil Mickelson: American pro-golfer Mickelson has made millions in his career, from winning famous tournaments like the Masters and the PGA Championship. His love of the game has also led him to another love, gambling. In 2017, it was reported Mickelson paid off $1.9 million in debt to a Las Vegas bettor. The lesson to be learned when gambling with bets, always to make sure you have the money in your wallet beforehand.
5. Nicholas Cage: The actor, who has been in countless classic films like the National Treasure series, has made a large fortune from his career. Cage has also made large money decisions, and in turn, lost the majority of his fortune. According to reports, Cage spent $150 million of his fortune from the year 1996 to 2011 on countless items, like two Bahamian islands and even dinosaur bones.
6. Beyonce and Jay-Z: This music couple really knows how to spend their billions- spending upwards of $40 million on a private jet plane for Jay-Z’s birthday one year. Collectively, the couple has a net worth of $1.4 billion. However, the couple does share a lot of their wealth towards charities. Jay-Z has his own charity, the Shawn Carter Foundation, which he started in 2003 to help those who are struggling to pay for their higher education.
7. Justin Bieber: Bieber is another music mogul that fell into a rough patch with money. From renting countless private jet charters to paying thousands of fines to bring in an illegal pet monkey. Bieber even rented out the Staples Center in Los Angeles, California for half a million dollars to watch the movie Titanic with a long-time fling, Selena Gomez. His 2018 South Carolina wedding with Hailey Bieber reportedly cost upwards of $1.3 million. Just like Beyonce and Jay-Z, Bieber has also given thousands of dollars to almost thirty charities, from the ALS Association to Comic Relief.
8. Kanye and Kim Kardashian West: One of the most influential couples of the last decade, the West’s have spent their fortunes in many lavish ways. Kim reportedly spends almost $200 grand every month to get her makeup and hair done by a glam team daily, while Kanye spent $4 million on Kim’s engagement ring in 2016. From continuously remodeling their home in Hidden Hills, California to buying 10 European branches of Burger King for Kim’s birthday, there seems to be no limit to what the couple spends their net worth towards.
Things to learn:
● Budget, budget, budget! If you have something in mind that will take a bit of saving, maybe a Bahamian island or two, take some time to analyze your financial situation and put money in a savings account that is just for your special purchases. From there, you can figure out how much you are willing to save every month and the timeline of payments. If you plan to purchase a home or a new car, installment loans can also help you get there quicker.
● If you have extra, send it to charity! If you find you have a little extra in the bank and want to put it to good use, look at local charities or groups that are in need of funding. Not only can this benefit others during a time of need, but gives you a bit of serotonin and gratification.
Check out these eight tips from financially savvy celebrities for more inspiration:
Infographic by: possiblefinance