Thursday, November 12, 2009

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.


By: Kelsey Hoffman


  1. This is really shocking and kind of disappointing. It's one thing to think that not everyone had a great understanding of finances, but its completely irresponisble to be spending $500,000 a month on tigers! It is outragous that people live on the streets while other people spend money they don't even have on stuff like this!
    Posted By, Meredith Anderson

  2. Things are never as they seem to the outside world. No one should try to live up to the fake persona that many celebrities and wealthy people show.
    Posted By: Sara Sindelar