Celebrities aren’t exactly known for being good with money. Maybe because at the height of their career, it’s so easy to make money.
Easy come easy, go. And you don’t even want to know where the money goes because some people seem to throw it way on crazy things.
Here are ten celebrities who managed to go bankrupt because of their stupid spending behavior.
10 M.C. Hammer
Back in the early 1990s, M.C. Hammer was worth a cool $30 million and more. By 1996 he filed for bankruptcy, with some $13 million in debt. How did that happen?
While he did spend some part of his fortune buying houses and cars, the rapper says he went bankrupt because he wanted to help too many people.
He gave jobs to hundreds of mostly black people, and his monthly payroll was millions of dollars at times. He still allows people to this day, but he managed to put an order in his finances and is now in the black.
9 Gary Busey
The famous actor is not known for living beyond his means. His story is about bad luck and bad life choices.
At one point, Busey found himself $500,000 in debt; much of the money owed is medical bills, following a near-fatal motorcycle crash in 1988 and a cocaine overdose seven years later. He had to file for bankruptcy to deal with his vast debt.
8 Charlie Sheen
Charlie Sheen is known for his many problems with substance abuse and his loud mouth. His financial problems are even worse.
Sheen hit rock bottom after he was fired from the hit series Two and a Half Men. While on the show, he made $610,000 a month, and then he was forced to live on less than $90,000 a month.
A fortune for most of us, but not for Sheen, who had had mortgages and credit card bills to pay. Maybe he should have kept his mouth shut!
7 Toni Braxton
A celebrity going bankrupt? That’s hardly news in showbiz, but filing for bankruptcy twice is unheard of. That’s the case with Toni Braxton, a viral singer with millions of albums sold worldwide. She had to, as she owed money pretty much everywhere.
The IRS was on her heels, credit card companies were writing her about her debt, and she even got evicted from her London apartment as she was way behind with rent. Well, maybe she didn’t need a flat in London, an incredibly overpriced city!