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.