A number of celebrities in the music, film and sports industries suffer from poor financial planning. It has been happening for decades. When they get their first checks, they indulge buying everything they ever wanted and many end up broke. Stars often don't pace themselves and as a result end up making poor financial choices, pardon the pun. This is why proper financial guidance and planning are important, a topic the Judiciary Report has repeatedly covered over the years.
Chief Keef (right) in the rented mansion he faced eviction over in 2013
Troubled teenage rapper Chief Keef, 18, has been evicted from the luxury apartment he was renting in Chicago, Illinois, for non-payment of rent. Keef owes four months in rent totaling $11,000. This marks the second time he has faced eviction in the past two years. Keef also rented a mansion on the outskirts of Chicago and stopped submitting rent, forcing legal proceedings (Chief Keef Arrest Warrant Cancelled New Court Date Set).
Three of Chief Keef's cars
This should not have happened. Keef was given a record deal worth $6,000,000 with a multi-million dollar advance, to be recouped against future earnings. He also did many shows, pulling in over $1,000,000. He had an estimated $3,000,000 in cash on hand, but his money has been mismanaged. Excessive spending by the rapper, who purchased $1,000,000 in cars, rather than a home, was an imprudent financial decision. Cars depreciate, whereas homes usually appreciate in value.