Celebrities. Love them or hate them, there’s just something irresistible about them. I think that one of the major things that is so appealing about celebrities is that the details of their daily lives are often made available to the public. When we read stories about celebrities, we realize that even though they may seem larger than life when they are on-screen at the movies or on stage at a rock concert, they are only human just like we are.
Having fame and the fortune that often accompanies it is not a one-way ticket to financial bliss. In fact, sometimes the money messes that celebrities get themselves into are even larger and more complicated than those that us ordinary folk find ourselves dealing with. One reason that this happens is that they have more money to make mistakes with, so when they make mistakes they tend to involve larger dollar amounts than if you or I made similar mistakes. Today, I learned about some common money mistakes that celebrities make.
Celebrity marriages fare no better than ordinary marriages, and in fact they often fare worse. The pressures of being in the limelight can stress even the happiest union, and celebrity divorces are very common. Even with this knowledge, many celebrities continue to wed without prenuptial agreements. This places their substantial assets at enormous risk of loss in the event of a divorce. I know, prenups are so unromantic, but losing half of everything that you own isn’t exactly a bed of roses either.
Some celebrities die unexpectedly. The financial fallout happens if they have not updated their will recently. Marriages come and go, and children are born, but some celebrities are just too busy to be bothered with the details of ensuring that their wills are up to date. Their fortunes may not end up in the hands of those that they most wanted to provide for, and this is a lesson that we ordinary folk should definitely learn from. These are just a couple of examples of celebrity money blunders. It just goes to show that all of the money in the world can’t help you if you do not develop good financial habits.