Most of us look at the rich and famous and wish we could live their lives. We see multi-million dollar mansions, driveways full of Porches, Maseratis, Jaguars, and Bentleys, exotic vacations on magnificent yachts and private islands, and private planes. Who wouldn’t want to live that lifestyle? But, there is a deep, dark secret – many of these high flyers can’t sustain the income to fund these lifestyles and like many mere mortals, go bankrupt. Famous celebrity bankruptcies happen too. Here are some of the more rich and famous bankrupts:
| Samuel Clemens – “Mark Twain” | Michael Jackson |
| Abraham Lincoln | Dorothy Hamill – Gold Medal Skater |
| Johnny Unitas – Football Hall of Fame | Milton Hershey – Founder Hershey’s |
| H.J. Heinz – Founder Heinz | Marvin Gaye |
| Mick Fleetwood – Fleetwood Mac | Walt Disney |
| Larry King | Burt Reynolds |
| PT Barnum | Tom Petty |
| David Crosby | Dionne Warwick |
| Ed McMahon | Henry Ford |
| M.C. Hammer | Larry King |
| Toni Braxton | Natalie Cole |
| Robin Williams |
- 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce within two years of retirement.
- The National Endowment for Financial Education says that 70% of all people who suddenly receive large amounts of money will lose it within a few years.
We believe that if someone earns a lot of money, that makes them wealthy; but that is far from the truth. If these high earners are spending as much as they make or more, they are on a path to disaster. Many people that you consider to be wealthy are living from month to month. The truth is that high earners and low earners alike can be irresponsible about money. Managing money wisely, living within your means, saving, and budgeting are the necessary elements to living a debt free life.
Bankruptcy is not a shame; it’s a fact of life and everyone can be touched and affected by it. It’s never too late to live a financially healthy life. If you’re experiencing serious financial problems, contact Ira Smith Trustee & Receiver. We are here to help put you on a path to debt free living.