Coincidence that majority of celeb bankruptcies are musicians??

Source:http://www.muzu.tv

We all have seen that many celebrities go bankrupt during some point in their lifetime, but we all wonder, is there a specific type of celebrity that has a bigger chance of going bankrupt? According to an article in TIME online labeled “13 Celebrities Who Went Bankrupt”, the majority of the most famous celebs that have gone through high profiled bankruptcies are in fact musicians.

Some of the biggest musicians known to the world have gone bankrupt: 50 cent (who is the most recent musician to file), Toni Braxton, MC Hammer, and Marvin Gaye. These musicians filed for bankruptcy for a variety of different reasons: Cyndi Lauper supposedly filed due to her “first group flop”, and Mick Fleetwood filed due to his “debts of $3,697,163”. There are a variety of different reasons why they claimed to have filed and their only alternative was to file, but they all have one thing in common:all these people are musicians.

While this may seem like a direct correlation of type of celebs to bankruptcies, I believe that this is merely just a coincidence. I don’t think musicians have a more likely chance of filing for bankruptcy during their career; every celebrity has an equal chance of this. It all depends on how wisely they spend their money and how much money they actually save/put away for future use. The bottom line is that there isn’t a specific type of person that has a greater chance that goes bankrupt. It truly depends on what a celebrity does with the wealth that they are given and how well they manage it.

In my next post, I am going to research more about exactly what celebrities do to make sure that they do not have to file for bankruptcy. How do they manage their money? Do they have savings? What makes them able to prosper for such a significant time period? Hopefully, this will all be learned in my text blog post.