An ability to earn money is important throughout life. But having a positive relationship with money is even more so, which is why financial education in our schools is increasingly needed to ensure students and young adults are equipped with a necessary life skill; money management.
Following are some high-profile names where fortunes have been earned and lost as a result of a mix of factors, including poor luck and poor money management skills:
Martine McCutcheon – The “Love Actually” star filed for bankruptcy following a struggle to settle a tax bill.
Willie Nelson – In 1990, the IRS went after country music singer-songwriter for back taxes and seized most of his assets to help pay the charges.
Toni Braxton – The “Unbreak My Heart” singer filed for business and personal bankruptcy in 2010.
Mike Tyson – Despite making about $400 million over the course of 20 years, the former heavyweight champion managed to spend it all. He filed for bankruptcy in 2003.
M.C. Hammer – He filed for Chapter 11 protection in 1996.
Marvin Gaye– The “Mercy, Mercy Me” singer filed for bankruptcy after his divorce.
Kim Basinger – Filed for bankruptcy in 1993 after losing an $8.1 million lawsuit to Main Line Pictures for backing out of the film “Boxing Helena”.
Burt Reynolds – The “Smokey and the Bandit” star declared bankruptcy after his high-profile divorce from Loni Anderson
Nicolas Cage – In 2009, the IRS alleged that Cage had failed to pay more than $6.2 million in federal income tax for the year 2007.
Michael Jackson – His money woes are well documented. His financial affairs were in such disarray, he was reported to hundreds of millions of dollars in debt when he died.
Brett Butler – Though she starred in the ABC hit show “Grace Under Fire”, Butler recently revealed she is living in homeless shelter.
Evander Holyfield…lost his home to foreclosure in 2012. He blames a messy divorce.
