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TUESDAY, FEBRUARY 9, 2010
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 TIPS FOR THE MANSIONLESS 
13

What Broke Celebs Can Teach Us

Don't make the same mistakes as Nicolas Cage and Annie Leibovitz

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(Newser) – Celebrities really are just like us: During these financially stressful times, they’re suffering, too. On Huffington Post, Manisha Thakor points out the takeaway from four high-profile meltdowns.

  • NBA Player Antoine Walker: Squandered away his $110 million fortune by age 33. The lesson? If you have a variable income, don’t spend based on peak earnings—spend based on average earnings.

  • Writer Patricia Cornwell: Suing her money management firm after losses of around $40 million. The lesson? Don’t hand over 100% of the control of your money to anyone—stay involved.
  • Photographer Annie Leibovitz: Facing $24 million in debt and fighting to keep her home. The lesson? Don’t borrow against your home equity—or at all—if you can’t pay it back.
  • Actor Nicolas Cage: Owes $6 million in back taxes. The lesson? Self-employed people should always remember to set aside money for taxes as soon as income is earned.

Miami Heat forward Antoine Walker looks up at the scoreboard in the fourth quarter during a preseason basketball game against the Atlanta Hawks in Miami Wednesday, Oct. 10, 2007.
Miami Heat forward Antoine Walker looks up at the scoreboard in the fourth quarter during a preseason basketball game against the Atlanta Hawks in Miami Wednesday, Oct. 10, 2007.   (AP Photo/Lynne Sladky)
Author Patricia Cornwell talks to reporters during a visit on July 20, 2005, in Oak Ridge, Tenn.
Author Patricia Cornwell talks to reporters during a visit on July 20, 2005, in Oak Ridge, Tenn.   (AP Photo/Wade Payne)
Annie Leibovitz speaks about her career and life experiences at the Women's Conference on Tuesday, Oct. 27, 2009, in Long Beach, Calif.
Annie Leibovitz speaks about her career and life experiences at the Women's Conference on Tuesday, Oct. 27, 2009, in Long Beach, Calif.   (AP Photo/Katy Winn)
Actor Nicolas Cage poses for a portrait at the 34th Toronto International Film Festival in Toronto Tuesday, Sept. 15, 2009.
Actor Nicolas Cage poses for a portrait at the 34th Toronto International Film Festival in Toronto Tuesday, Sept. 15, 2009.   (AP Photo/Carlo Allegri)
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13 comments
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gabo
Nov 6, 09 9:46 AM CST
How about: Let's not be stupid. Seems logical enough. Reply
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+2
attaboy
Nov 6, 09 9:46 AM CST
In other news: The sun rose in the east this morning. Reply
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+1
IN RESPONSE:
dearlizzie
Nov 6, 09 2:10 PM CST
hilarious!
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0
paul123
Nov 6, 09 9:51 AM CST
Just like us? Who in the world squanders 110 million? It's a lace of prudence and financial planning that is putting people in these situations, not the economy. Give me just 1 million, and I guarantee I will never want for anything the rest of my life. Reply
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+2
IN RESPONSE:
paul123
Nov 6, 09 9:52 AM CST
lack, not lace of prudence. :-)
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