From Having Huge Paychecks To Having Unpaid Bills: The Riches To Rags Story Of Several Celebrities
Celebrities earn a lot of money during their lifetime, but this does not mean they are rich forever. If they are not too careful about the way they spend their money, they could end up spending it all, and before the celebrities even realize it, they have lost every single cent they have worked hard for. What if they have creditors waiting for them or child support is waving at them? Our favorite actors and actresses can actually seek court protection through Chapter 11 bankruptcy. This is to allow them to restructure their finances and eventually regain their financial footing with the help of a financial advisor.
Among the list, however, as a few who had used this method as a legal strategy, instead of a declaration of their actual monetary status? Is that even allowed? Well, there are ways to do it, but for many of us, we could consider it immoral. Many of the people on the list went downhill because of wrong decisions. Of course, a good majority of them were able to bounce back after they learned their lessons and they got all the help they needed.
James Curtis Jackson III, better known as 50 Cent, began his rapping career in a friend’s basement, using borrowed turntables to record. His friend eventually introduced him to Jam Master Jay, who was then establishing his own records label. Jay was responsible for many of the things 50 Cent learned early in his career. The budding rapper then went on to become famous after he released a single that was somewhat controversial.
Right from there, we can glean that 50 Cent has entrepreneurial skills. More than earning from music, he also made investments in several ventures, including Vitaminwater. At one point, however, he got bankrupt and had to file for Chapter 11 protection due to him owing around $32 million from creditors. A few years later, in 2017, the rapper emerged from being broke and paid off $22 million in debt. The court happily gave him a standard discharge, declaring him bankruptcy-free.