Lifestyles of the Dumb and Famou$ – Infamous Celeb Bankruptcies

December 12, 2011 ‐ By jaebi

We’ve all seen the lifestyles of the rich and famous–celebrities spending more money in a day than most people see in a year. Same old story–they’re rich, you’re not. Got it.

"money madness by bottomley"

That is, until news of a bankruptcy breaks and it looks like Mrs. Rich and Mr. Famous were spending money faster than a crackhead with an IRS refund check. Most people have horrid financial sense to begin with, and celebrities are no different. Especially those ones who go from rags to riches.

There’s a pitch for a new reality show if I’ve ever heard one: What happens when the famous stop being rich, and start being bankrupt. I would revel in guilt while taking pleasure watching Lindsay Lohan’s car repoed.

Plus it’s a win-win. Cash-strapped celebrities get a few more paychecks and viewers at home, learn some hard lessons at someone else’s expense. Public education. You too can learn financial success while being entertained by fiscal failures.

Granted, claiming bankrupt is a smart fiscal strategy to keep money-grubbing hands out your pocket. But at the end of the day, making millions only to end up losing it all like you’ve been betting big in Vegas, is one thing, and one thing only: dumb. Oh yeah, and entertaining.

Here’s a look at some of our favorite, and financially dumb, super stars:

MadameNoire Video

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  • jennyharisson14

    If you are thinking of bankruptcy there is one very important concept you must be aware of, and that is that the quicker you act the more options you will have. Fix and don’t wait become worst.

  • jennyharisson14

    Bankruptcy is not easy to handle ,then ask the experts for advices .

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  • reese

    What about Donald Trump he has filed for bankruptcy more than Toni Braxton.  But he is still considered smart enough to be a contender for presidentcy.

  • Ms T

    I’ve known people in the industry who would spend $2000 on an outfit and $500 buying a couple bottles at the club before they’d make sure the mortgage/rent was paid because they felt they had to look a certain way and project a certain image–even if it meant trickin’ their last.  Some of our entertainers need to be easy and learn to be comfortable living within their means and stop frontin’.  Every time I see a marginally talented rapper driving a Maybach I feel pity knowing it won’t be long til he’s a) hustling again, b) filing for bankruptcy, or c) both.

  • Since when has protecting your assets become a bad thing when the super rich do it all the time?

  • Lagois32

    Where’s Master P at on the list?