The Real Johny Debt : Celebrities with Massive debt problems-Infographic
Hollywood is filled with individuals who work hard day in and day out to make the entertainment industry what it is. Producers, writers, actors, singers, and even sports stars – you name a role and you'll find dozens of people spending hours in the public spotlight. And while we might not all agree with the large salaries some of them earn, most of us will agree we sort of wish we were earning that type of money.
That is, of course, until we turn on the television and see some tabloid show exploiting how much debt some of our favorite celebrities have. That's usually when things get real.
Let's take a look at Mike Tyson, for example. He was a boxing champ until he turned into a convicted criminal and at the highest point of his career he had a net worth of $300 million. He now has $27 million in debt. And for what? Legal fees we might understand. Mansions and jewelry? It might be time to sell. Bengal tigers? Is this guy for real?
Then there are guys like Gary Busey. You might remember him from Lethal Weapon. He filed for bankruptcy with a debt of $1 million. At the time he filed, his net worth was only $50,000. Most of his money was owed to the IRS and to creditors. But how does someone with such a small net worth even accrue that much debt to begin with?
Don't forget about NBA All-Star Allen Iverson. Over the course of his career in the NBA he earned over $160 million. His debt level currently sits at $860,000. Why? He likes to buy his mom jewelry. That's sort of sweet. He also likes to spend generously to keep his entourage, which usually totals around 50 people, entertained. That's just dumb.
There are, of course, dozens of other celebrities who owe ridiculous sums of money. Just take a look. While I sometimes feel a little bad about not having all of the money I'd like, I'm glad that I at least had a few money management lessons in my life. Perhaps some of these celebs could have benefited from a class or two.