Many musicians made millions and lost it all. In today’s article, we are going to talk about the seven musicians that went from having all the money in the world to being bankrupt. When you find yourself in financial difficulty it’s always worth looking around to try and solve your problems nowloan provide a free comparison service that can help take the stress off. Not only will this article show you how musicians lost their money, but it will also show you how anyone can lose their wealth if they don’t take care of their finances.
1. 50 cent
50 Cent was one of the most famous rappers in the era of the 2000s; however, in 2015, he filed for bankruptcy. 50 Cent had $36 million of debt but only had $20 million in assets. He mainly filed for bankruptcy because he released an inappropriate tape of someone else’s without their permission. 50 cent is slowly starting to make a comeback and lives a more financially intelligent life.
2. Willie Nelson
Willie Nelson was one of the best singers; however, in the year 1990, he was required to pay one of the most significant tax bills. A federal investigation revealed that he owed around $17 million in taxes, although he and his lawyer were able to reduce those tax numbers close to $6 million he still couldn’t afford to pay it all. The businessman Willie Nelson is decided to make a deal with IRS that he will dedicate his next album towards paying off his debt. After doing tours, and selling his album, he managed to pay off his debt in 1993 and kept making music.
3. Marvin Gaye
Marvin Gaye was a very known singer back in the 60s, even though with all his success he was not smart with his money. When Gaye filed for bankruptcy, it was because of a divorce settlement. The judge had ordered him to pay his ex-wife $600,000 from his album. Unfortunately, the album performed poorly, he was put in jail in 1980 but made a comeback shortly after.
4. Michael Jackson
Michael Jackson is perhaps the most renowned artist all around the world. Unfortunately, Michael Jackson was not smart with his finances. Michael Jackson had close to 400 million dollars of debt, his house neverland ranch was almost shut down, as he was not able to pay. Unfortunately, Michael Jackson passed away in 2009.
5. Cyndi Lauper
Cindy Lauper is doing very well now. However, she didn’t start with a big success. When she was singing for the music group Blue Angel, the album was not doing good, and she had to file for bankruptcy. Luckily after a couple of years, she launched her first album and now is doing good.
6. MC Hammer
MC Hammer was one of the most famous artists in the early 90s. However, he was not smart with his money. MC Hammer only had around $1 million in assets but close to $10 million in debt and had to file for bankruptcy.
7. Toni Braxton
Toni Braxton filed for bankruptcy twice, the first time she filed for bankruptcy was because of unfair payment structure. Even though her album did multiple millions, she only got $2,000 for the work. Toni also filed for bankruptcy in 2010, and now is in a financial management course.
These are the seven famous musicians that went bankrupt, make sure to be smart with your money as it doesn’t matter how much money you have you can go bankrupt.