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Just because they’re famous doesn’t mean they’re smart with their money. Here are 10 celebs who went broke.
Willie Nelson owed the IRS $16.7 million in 1990. In order to get on the road again, he released the album The IRS Tapes: Who’ll Buy My Memories. All proceeds went to paying off his debt to the government.
Tyson had earned over $300 million during his career as a boxer but jewelry, mansions, cars, limousines, cellphones, parties, clothing, motorcycles and Siberian tigers eventually caught up to him. In 2003 he had to file for bankruptcy, thanks to a colorful variety of debts including $13.4 million to the IRS and a $9 million divorce settlement to his ex-wife, Monica Turner. From 1995 to 1997, he spent $9 million in legal fees, $230,000 on pagers and cellphones, and $410,000 on a birthday party. In June 2002, he owed $8,100 to care for his tigers and $65,000 for limos.
Basinger was one of Hollywood’s highest earners in the late ’80s, so she decided to buy the entire town of Braselton, Georgia, for $20 million. Braselton didn’t turn out to be the fruitful tourist attraction she had been hoping for and in 1993 she made yet another foolish move and was sued for backing out of a film she had agreed to star in just four weeks before shooting. She was forced to sell Braselton for just $1 million. Kim was forced to declare herself bankrupt in order to settle the $8 million claim. A costly divorce from first husband, make-up artist Ron Britton, didn’t help matters much either.
Besieged by tax problems and drug addictions, the Let’s Get It On singer filed for bankruptcy in 1979 and moved to Hawaii, where he lived in a bread van and began working on his album In Our Lifetime.
Jerry Lee Lewis
In 1975 the IRS took most the Rock n’ Roll legend’s personal property for back taxes. In 1988 he filed for bankruptcy with three million dollars of debts and no assets.
Reynolds declared bankruptcy in 1996 with $6.6 million in assets and $11.2 million in debts. He owned mansions, a helicopter, and a lavish Florida ranch. Bad investments in two restaurant chains in the late ’80s and ’90s, as well as a falling-off in his box-office clout, were major factors attributing to the Bandit’s financial bust.
It seems the Hammer did have to pray just to make it today after amassing debts of $13 million and filing for bankruptcy in 1996. Some of his expenses included his modest California home — complete with two pools, cinema, tennis courts and 17-car garage. He also bought a helicopter, several racehorses, and a sound system that required 22 miles of wiring. Not to mention the solid gold chains for his four pet Rottweilers.
The once-beloved, highest paid TV child actor from Diff’rent Strokes filed bankruptcy in 1999 citing $72,000 in personal debts. In order to dig himself out of his financial hole, he became the beneficiary of an Internet charity that auctioned off items such as his spatula, sofa, purple bowling ball, size 4 1/2 bowling shoes and his self-described yellow pinstriped “pimp suit”. He even held a contest in which the grand prize was a Christmas shopping spree — with Coleman serving as the winner’s “shopping elf.”
A combination of tax debts and the demise of The Judy Garland Show left the singer struggling financially. She died of an accidental drug overdose in 1969 at the age of 47.
On his death in June, it was reported that Michael Jackson was in debt for $400 million. A Neverland Ranch to maintain, the singer spent $35 million improving the property, which featured two railway lines, two helicopter pads, its own fire department, a zoo and a plethora of amusement park-style rides. Seventy-five cars and lavish gifts such as the $637,000 necklace he bought Elizabeth Taylor made for some of his outrageous expenses. He was also reported as having spent $25,600 a month on ‘medical needs’.
I have had the privilige of watching my wife, week after week, save bundles of money grocey shopping. I have compiled a list of things that she does and thought I’d share with you. Maybe you have some ideas that can be added to this list. Although she will cut coupons, most of the time it’s just preparing without the need for coupons.
Here’s hoping you have a pleasant shopping experience this week!
Here are five ways to cut your food bill by at least 25% without using even one coupon.
1) Shop the Grocery Circulars. Everything on the front page is half off. It’s true. Buy one, get one free deals are big too. You probably won’t see prices as low for two or three months, so stock up. If you don’t get the newspaper (the circulars are often in the Food section), Cherry-pick the best deals at a couple of stores.
2) Make a Shopping List. Study after study has shown that shoppers are less likely to make impulse buys and purchase items already lining their pantry if they shop from a list. It can be as simple as a piece of notebook paper. Or, try out a free online service like ZipList.
3) Keep Your Loyalty Card Current. Most of us use store loyalty cards to take advantage of weekly specials. Just make sure the grocery stores you shop have your current mailing and email address on file, or you may find yourself missing out on even better specials promoted to members only, like free product deals. At some stores, you’ll need to take the extra step of registering your card online for the most exclusive weekly deals.
4) Befriend the Butcher. Find out what time of day and which day of the week the must-go priced meats are set out for purchase. These can be a fantastic bargain. My wife has learned the day of the week that meat is clearanced!
5) Shop Alone. Two reasons: One, you reduce the temptation to cave to little voices asking for fruit snacks and cookies. Two, you’re more aware of the prices ringing at the register.
The American Cancer Society is teaming up with legendary American rock band Chicago to create the ultimate fan experience that will also save lives from breast cancer. For all US concerts open to the public in 2010, fans can bid on a VIP package that includes the opportunity to sing the hit song “If You Leave Me Now” onstage with the band during the concert, 2 front row or premium tickets, and a backstage meet-and-greet with Chicago.
Click the picture to read more about it and bid!
From Sally, here’s the email she sent with her “Pet Pic” attached. Hope your having a wonderful week. – Justin
I caught my two tom cats having a “moment”. Ben decided Barney needed a bath apparently. We live on acreage in the boonies so have a lot of cats dropped off along our road. These two were both abandoned feral kittens about 7 yrs. ago. Naturally I take them in, get them fixed and their shots ~ they in turn keep the mice and critters at bay around the property. These two came to us about 8 mos apart but bonded immediately. Barney & Ben are quite the pair, and were lucky to avoid the animal shelter. Or should I say we’re the lucky ones?
One short funny story about lil’ Ben, a couple years ago one of my neighbors was widowed, so I offered Ben to her for a companion. She took him away in a carrier, in the back of her car, about a mile away. Next morning he was back home at the kibble bowl in the barn. She came and got him again, locked him in her house for several days, next time I looked out here was Ben back. We call him our “Lassie come home kitty”. I don’t know how he found his way, but apparently the bond he has with Barney is pretty strong. We gave up and my neighbor went to the shelter and adopted her own cat. I’ll never try to split these two up again.
Happy St. Patrick’s Day friends. Be safe and have fun reading the “myths” of St. Patrick’s Day. Just click on the clover to go to blog. Here’s some of the myths that are discussed:
Okay, we lost that hour of sleep over the weekend so it’s time to lighten the mood.
“Some people talk in their sleep. Lecturers talk while other people sleep.”
* Albert Camus
“People who say they sleep like a baby usually don’t have one.”
* Leo J. Burke
“Everyone should have kids. They are the greatest joy in the world. But they are also terrorists. You’ll realize this as soon as they are born and they start using sleep deprivation to break you.”
* Ray Romano in Everything and a Kite
“Laugh and the world laughs with you, snore and you sleep alone.”
* Anthony Burgess
“Some national parks have long waiting lists for camping reservations. When you have to wait a year to sleep next to a tree, something is wrong.”
* George Carlin
“I think sleeping was my problem in school. If school had started at four in the afternoon, I’d be a college graduate today.”
* George Foreman
While we’re well aware of the cons to drinking coffee, we’ve learned that the positive benefits can sometimes outweigh the negative effects. So why have older studies given coffee such a bad rep? The reason is quite simple — studies that had previously linked coffee consumption to cancer were inadvertently studying coffee drinkers who were also smokers. A 2006 issue of Harvard Women’s Health Watch claims that moderate coffee consumption, defined as 3 to 4 cups per day, is actually beneficial to your health. Here are some reasons to stay hooked on the stuff.
1. Coffee is the #1 source of antioxidants in the American diet
While fruits and veggies are still the richest sources of antioxidants, it turns out that for Americans, coffee is the main basis of antioxidant consumption (according to the Institute of Coffee Studies at Vanderbilt University). Black tea and bananas came in second and third place, respectively. Surprisingly, both caffeinated and decaffeinated coffee provide similar amounts of antioxidants.
2. Coffee increases your metabolism
Studies also show that coffee is very beneficial in terms of weight loss. It is a common misconception that coffee is an appetite suppressant, however, your morning cup can significantly speed up metabolism by about 10 percent. The National Research Council on Diet and Health found that metabolic rates will be highest during the first three hours following consumption. Just make sure to skip the added sugars, syrups, and whipped toppings found in many store-bought coffee drinks.
3. Coffee can improve short-term memory
According to studies published in The Journal of the American Medical Association, caffeine is a cognitive stimulant that actually boosts brain functioning. Furthermore, coffee reduces levels of beta amyloid, a protein in the brain that is responsible for Alzheimer’s disease.
4. Coffee lowers the rates of some cancers
According to WebMD, coffee drinkers are 50 percent less likely to get liver cancer. By drinking 2 cups per day, you’re also slashing your risk of getting colon cancer by 25 percent. Some studies have also found ties to lower rates of breast and skin cancers as well.
5. Coffee can reduce risk for Type 2 diabetes
WebMD also asserts that coffee contains chemicals that lower blood sugar, making heavy coffee drinkers half as likely to get diabetes as light to non-coffee drinkers. 1-3 cups per day can reduce the risk for diabetes by single digits, but people who drink 6 cups or more per day can slash their chances by up to 54 percent.
6. Coffee is actually good for your teeth
We all know that one of the biggest cons of drinking coffee is a stained smile, but the beverage can also have a positive effect on teeth. According to a 2009 article published in the Wall Street Journal, people who drink coffee are less likely to have cavities. Roasted coffee beans have antibacterial effects against microorganisms like Streptococcus, which play a hand in causing tooth decay.
7. Coffee can help prevent/stop headaches
Have you ever wondered why caffeine is one of the main ingredients in migraine medication like Excedrin Migraine? WebMD explains that blood vessels increase in size during a migraine– caffeine works to decrease the size of blood vessels before they can affect nerves in the brain. So, drinking coffee in the early stages of a headache can help minimize the severity later on.