Celebrities are in Debt Too

In our current economy, we all seem to focus on the common persons’ financial issues. Yet we should keep in mind that celebrities get hit just as hard, maybe even harder, than us. They are human too and have the same financial issues as others whether they are bogged down from the stock market decline or are obsessed with purchasing items that they know they can’t afford. Anyone can get wrapped up in a specific lifestyle and lose track of their budgets and overall financing. For example, Mike Tyson was commonly known to make outrageous purchases which put him into some major debt over the years. His most news worthy purchase was a set of tigers! Apparently he was paying about $500,000 per month to keep up his lavish lifestyle, even though he couldn’t afford it. He was a person who spent money on whatever he wanted. Another celebrity who was financially hurting a few years ago is Donald Trump. Even though this man owned multiple hotels, plazas and casinos his own personal liabilities came to $900 million alone. About a decade ago, Trump’s three casinos and Plaza Hotel were pushed into bankruptcy. He also lost his yacht and Trump shuttle, and lost his mansion and $14 million in his divorce. It goes to show that the common person is not the only one with financial issues.

References:
http://moneycentral.msn.com/content/SavingandDebt/P75072.asp
http://www.gotdebt.net/85-even-celebrities-sink-deep-in-debt.html
http://www.nationalpayday.com/education/news/19-celeb-loan.asp

By: Kelsey Hoffman