Celebrities Are Just Like Us

Source:www.commencementbank.com

Throughout all of my research, I have focused really focused on celebrities and how exactly some of them have financial troubles. Why exactly are some celebrities prosperous and some fall into such deep financial trouble that they are forced to file for bankruptcy? As simple as it may seem, it all depends on what the specifically does with their money. If they take measures to ensure that at least some of their money is saved, they won’t go bankrupt. But, if they are careless with their money and don’t do anything to save it, they will end up bankrupt.

For the first part of my research, I decided to look into exactly what kind of celebrities go bankrupt and if there is a correlation between a certain profession in the “celebrity realm” and going bankrupt. Based on the article “13 Celebrities Who Went Bankrupt”, the majority of the celebrities that were profiled were in fact in the music industry. People such as MC Hammer, Toni Braxton, and Marvin Gaye had at one point gotten into extreme debt and had to file for bankruptcy. After reading this article, one might think that all celebrities have a greater chance at becoming bankrupt. But, after synthesizing all of my evidence, I believe that this is in fact just a coincidence. The profession that one is in does not determine if you will go bankrupt or not; it is based off how how one manages their money and saves.

In the second part of my research, I decided to look specifically at one individual and the events that occurred to make them lose so much money. In the article “Everything MC Hammer Blew His Fortune On”, it zeros in on MC Hammer and his rise (and fall) to fame. It describes Hammer spending millions of dollars on cars, houses, helicopter, entourages; pretty much anything that you can imagine, MC Hammer spent money on. The one thing I learned about this is that Hammer was just stupid with his money and didn’t save any of it. He was making of millions of dollars, so he thought he could just buy whatever he wanted and it wouldn’t matter because his income was so high. Even though one’s income can be extremely large, that doesn’t mean you just stop saving money. You need to make sure that you preserve at least some of your money so you can sustain a great life forever.

In the third portion of my research, I decided to look at the celebrities that actually save and the measures they take to ensure that their money will last them their entire lifetime. The article “Stars Who Save: What We Can Learn From These Modest Celebrities”, the reader learns that there are in fact numerous celebs that actually save their money in great ways. Countless celebrities do things such as save a majority of their income and put it in bank accounts, have their kids wear hand me downs, spend a conservative amount of money even though they make millions; some of them even cut coupons. Most would think that celebs would never do things such as this, but in actuality, they are just like us. Just because they make more money than Americans doesn’t mean that they are any different. A majority of celebs take drastic measures to ensure that their money is saved.

In the final section of my research, I decided to take a different direction and focus more on the high taxes celebs have to pay and how they then try to conceal their money from the government, getting them into even more trouble. In the article “5 Lessons From Celebrities Who Cheat on Their Taxes”, it describes celebrities such as Nicholas Cage who fell into deep trouble with the IRS because they did things such as concealing money, falsely filing for bankruptcies, and many other things. This article calls into question:is having more money more of a burden than people who don’t have as much money? There really is no way for celebrities to get out of paying such high taxes because they make so much money, but even with taxes they still have a greater amount of money than most people in the US. As long as they save and are honest, they will not fall into troubles such as issues with the IRS and bankruptcies.

Overall, I learned a lot about celebrities and why some go bankrupt and some do not. The key is for us all to remember that celebrities are just like us. They need to make good choices and save their money in order to ensure that they will have a prosperous life forever. The people that go bankrupt are also just like us; they due to the fact that they spent their money carelessly, they wound up in deep debt and had to file for bankruptcy. If everyone is the US saves money and uses their money wisely, we will not fall into such troubles.

I really enjoyed learning about this topic and I am positive that I will continue to research in the future because I truly find it interesting.