Some of the Celebs that Made Wrong Financial Decisions
1. Lady Gaga
"It's honestly true that money doesn't matter anything to me," Gaga admitted after declaring herself bankrupt in 2009. She never pretended to be a financial expert, and she isn't bothered by it. She became bankrupt because she put everything she had into her artistic endeavors. She spent practically all of her net worth on the Monster Ball tour, which she didn't even realize she was doing until after the fact.
"Diamonds" singer Rihanna famously sued her former accountant, alleging that he advised her to spend lavishly while mismanaging her funds, filing her taxes incorrectly, and keeping an unfair percentage of profits — decisions that she claims caused her expenses to double. Her net worth plummeted by more than $9 million in a single year.
It is claimed in court documents that Rihanna was left "essentially insolvent" because her lawyer, Peter Gounis of Berdon LLP, failed to inform her that she was losing money on her 2010 "Last Girl on Earth" concert tour.
Even though Rihanna never issued a formal remark on the case (the two reached an out-of-court settlement for approximately $10 million), her "B—— Better Have My Money" music video is often seen as a public dream of revenge against the rapper. It is expressly stated in the video, which was released a year after Rihanna's lawsuit was settled, that "The Accountant" is Rihanna's adversary.
When a rock star is named the Worst Investor In America, it reveals something about their personality and values. Although Bono possesses an array of abilities, this does not imply that he is equipped to manage financial investments.
The company he invested in, Elevation Partners (named after a U2 song), was founded with the goal of "assist[ing] media and entertainment firms in the development and marketing of extraordinary content," which is how he got his start.
As a result of their poor decision-making, they found themselves in a terrible situation, the most noteworthy of which was their investment in PALM. It was impossible for this failed smartphone firm to compete with the other well-established names in the industry.
4. Meryl Streep
According to Streep, when she was given remuneration for her legendary performance in "The Devil Wears Prada," she thought it might have been "insulting." However, she accepted the offer because it was the best she could get. She decided to walk away, and they increased their offer to match hers. On the other hand, Streep wasn't always certain of her worth.
Despite having established a long-standing reputation as one of the best performers alive, she realized that she had been accepting much too little for far too long.
"I was 55 at the time, and I had recently learned how to negotiate on my behalf, which was a very late learning curve," Streep told Vanity Fair.
5. Nicolas Cage
Best known for his role as Nicolas Cage in The Bourne Supremacy. Nicolas Cage is widely considered to have made some of the most expensive acquisitions in the entertainment industry, which eventually landed him in financial difficulty. Aside from purchasing a plethora of pricey houses throughout the world, he also splurged on some of the most bizarre goods.
Among the items he purchased were a nine-foot-tall burial chamber, an octopus, shrunken pygmy heads, a $150,000 Superman comic, and a dinosaur skull that was 70 million years old. He had to return the latter because it was discovered to have been stolen.
6. Melissa McCarthy
McCarthy previously confessed that she struggled to pay her bills when she first started pursuing a career in stand-up comedy.
"When I moved to New York at the age of 20, I wish I had known that you could easily get credit cards," McCarthy said in an interview with Glamour.
"I couldn't go about in New York with inexpensive shoes," the 47-year-old actress claimed, adding that she received advice from a friend who advised her to shop at Bergdorf Goodman rather than a discount shoe store.
McCarthy explained that we were buying amazing things since we couldn't afford anything in there. "They would just give you a store card, and so we were buying wonderful stuff," McCarthy said. "I was like, 'I put in a lot of effort. 'I'll pay it off in installments,' you say. No, you will not."
7. Courtney Love
When Kurt Cobain passed away in 1994, Courtney Love inherited a substantial sum of money from his estate. However, because Courtney is a rock star in her own right, fiscal responsibility is not something she excels at. She acknowledged that she had lost approximately $27 million of the "Nirvana money."
Her explanation: "I realize that's a lot of money for most people, but I'm a big girl." "That money was Nirvana money, and I had to let it go because it was rock 'n roll money. I make enough money to support myself and my family, and I'm not in financial trouble, so I concentrate on what I'm earning."
8. Billy Joel
In an interview with the Washington Post, Joel confessed that he avoided the situation because he believed it would undermine his 'artistry.'
"Having been accused of being a hitmaker-meister who was only in it for the money for a long period, I was understandably sensitive to the charge. So I demonstrated that I wasn't doing it for the money by not knowing anything about my money - and in doing so, I have shown that I possessed 'purity.'"
Joel eventually came to lament his ignorance. 'Piano Man' singer's manager (and former brother-in-law), Frank Weber, is accused of siphoning $90 million from the artist and using the money to make investments clearly in his own best interest rather than the singer's, according to authorities.
In 1989, Joel filed a lawsuit against Weber seeking $90 million in damages for "breach of fiduciary responsibility." Joel was awarded a summary judgment and $2 million in first damages. What's the worst part? Before filing bankruptcy in 1990, Weber paid $250,000 to the IRS. "I should have paid more attention to the money," Joel admitted to the Washington Post.
9. Issa Rae
According to Issa Rae, the creator, and star of the HBO sitcom “Insecure, " her goal throughout her career is to negotiate her compensation Issa Rae, the creator and star of the HBO sitcom "Insecure."
It was difficult for her to determine her price points as a freelance filmmaker and editor in the beginning since she didn't know how much she was worth, she admitted to The Root in October 2015. Rae stated that she was so desperate to find a job that she was willing to accept virtually any wage offer she received.
'As I gained more confidence in my work, I increased my charging prices,' she explained. "Sometimes I would encounter opposition, and other times I would be denied the position entirely. It was common for me to persuade them that I was worth the money."
10. Jennifer Lawrence
After releasing the 2013 film "American Hustle," for which Lawrence was nominated for an Oscar, leaked Sony Pictures emails revealed that Lawrence was paid less than her male co-stars, Bradley Cooper, Christian Bale, and Jeremy Renner. Lawrence was nominated for an Oscar for the film.
As a result of her performance in "Silver Linings Playbook," Lawrence became one of the youngest Academy Award winners.
As she said in Lenny's Letter in October 2015, "When the Sony hack happened, and I discovered how much less I was being paid than the lucky folks with dicks, I didn't feel angry at Sony." "I became enraged with myself. I failed miserably when it came to negotiating because I gave up too soon."
Lawrence stated in the story that he didn't push for more salary. He didn't want to risk losing his job because he wanted to be liked.
"I didn't want to come across as 'difficult' or spoiled,'" she explained. "That seemed like a good idea until I looked at the payroll on the internet and realized that every male I was working with didn't seem to care about being 'difficult' or spoiled.'
Jeremy Renner, Christian Bale, and Bradley Cooper have all fought for and successfully obtained lucrative contracts for themselves. On the contrary, I'm confident they were praised for their tenacity and strategic thinking. At the same time, I was preoccupied with concerns about coming across as a brat and not receiving my fair share."
11. Betty Gilpin
She has been in shows such as Showtime's "Nurse Jackie" and Netflix's comedy series "GLOW," but she got her start in the industry with a shampoo commercial when she was 20 years old. She was urged to put aside the money when she received her paycheck.
"I didn't listen to the advice and spent the entire amount on marijuana and cab rides in New York," she admitted to Glamour. "I could have spent the money for many other things instead."
12. Bryce Dallas Howard
Even though Howard is well aware of her "rich" upbringing, some of her male co-stars were taken aback when they discovered that she does not have "a million bucks in the bank.
Her low savings account balance is attributed to the significant disparity in pay between male and female actors in Hollywood and her feeling intimidated during wage talks, according to the "Jurassic World: Fallen Kingdom" star.
"In the past, I've been a bit [wimpy] about it. I didn't want people to believe I wasn't appreciative of the possibilities that came my way. "Glamour magazine published an interview with her recently. "During a negotiation, I am easily intimidated by any threats made. I'll say something like, 'We'll just have to find someone else,' and they'll back off. That's not something you can accomplish."
13. Kanye West
In 2016, West disclosed on Twitter that he had been indebted to the tune of millions of dollars due to launching his apparel line, Yeezy, with his funds. The tweets have since been removed from the internet.
West told BET that he went into debt for $16 million to get his fashion line off the ground for its first "season" because he insisted on creative freedom and the curation of grandiose fashion shows.
He has also rapped about donating money to friends and relatives, although his frugal wife, Kim Kardashian West, has advised him not to do so.
"My wife said, I can't say no to nobody, and at this rate, we're both going to die broke / Got buddies who approach me for money knowing I'm in debt, and as my wife said, I still didn't say no," West raps in the 2016 song "Saint Pablo" on his inability to say no to anyone.
14. Heidi Montag
For the Mayan apocalypse of 2012, the "star" of the reality TV show The Hills is said to have spent $10 million of her own money. As part of their pre-apocalyptic shopping spree, Heidi allegedly handed out thousands of dollars to pals.
She gave individuals $200 tips to open doors, which seems like a legitimate method of preparing for the world's end. They were forced to return to Pratt's parents' house when their savings ran out after the asteroid missed Earth on December 21, 2012.
15. Johnny Depp
When Amber Heard and Johnny Weir split, Johnny's lavish lifestyle caught up with him, and he's now in financial straits because of the divorce settlement. Depp once spent $3 million to shoot Thompson's ashes out of a cannon as a tribute to the author.
As a result of these and other extravagant purchases, Pirates of the Caribbean star Johnny Depp is short on cash these days. However, his managers allege the actor is short on cash because he continued spending more than he was taking in and are suing him for their negligence.