Nobody is immune to financial problems. That includes superstars of stage and screen, legendary pro athletes and business icons. And it includes you.
In a recent piece from BusinessInsider.com, we are reminded that many celebrities from across different fields, including film, pop music, sports, politics, and literature, have had serious problems with debt, just like millions of Americans do right now. Even stars who have earned 10 figures during their careers may end up in trouble and need help.
Notable examples of problem debt
These examples are not meant to shame or insult famous people; they are meant to illustrate that we are all susceptible to financial problems and that professional advice can make a difference. According to the Business Insider article:
- The “King of Pop,” Michael Jackson, was reportedly $400 million in debt when he died, despite massive earnings over the course of his 40-year career. Lavish spending and lawsuits helped drain his fortune.
- Floyd Mayweather, Jr., one of the most dominant boxers of all time, was at one point $22 million in debt to the IRS despite having earned, according to Forbes, a reported $250 million for one fight against Manny Pacquiao. (That’s a quarter of a billion dollars in one day.)
- Ulysses Grant, the 18th President of the United States, was cheated by a business partner and died without much money.
- Burt Reynolds, one of Hollywood’s biggest-earning stars during his heyday in the 1970s, went through financial turmoil. He reportedly bought 150 horses, lost significant money in a divorce, and declared bankruptcy in 1996.
- At one point, country music great Willie Nelson owed the IRS $16.7 million and ended up losing almost everything.
What this has to do with you
If you feel stuck in debt because of a job loss, a divorce, medical problems, or another serious life event, you are not alone — far from it. A bankruptcy attorney may be able to recommend legal methods of debt relief that can change your life for the better.