Entertainers And Athletes Who Have Been Robbed By Financial Advisers And Managers And How To Avoid The Same

 

Manny Pacquiao

Many entertainers and athletes have been robbed by their financial advisors and managers. This has occurred for various reasons. Sometimes navigating the waters of fame and fortune for the inexperienced, proves too much, so they rely on others, who sometimes turn out to be untrustworthy and unethical. Entertainers and athletes need to be aware of the pitfalls when choosing representation regarding their finances. There are many sharks in the industry who will take advantage of you if they can.

Beloved Filipino boxer, Manny Pacquiao was ripped off by his accountant/financial advisor. Money was stolen and the boxing star’s taxes not paid, putting him in a difficult predicament. The truth came out when his accountant died of a stroke and all the paperwork he hid from Pacquiao revealed the discrepancies in how the star's finances were improperly handled. Pacquiao has since earned millions more from recent fights.

 

Billy Joel

Superstar singer and gifted musician, Billy Joel, responsible for some of the biggest pop hits of the past 30-years, was robbed by his brother-in-law, who acted as a financial manager. Joel’s brother-in-law stole $15,000,000 the star has not recovered to this day. In speaking about the incident during an interview, one can sense the hurt Joel feels that someone close to him betraying him in this manner. 

Steve Harvey

Well-know comedian and talk show host, Steve Harvey, lost millions of dollars when his financial advisor ripped him off and left him owing a massive amount of money in back taxes to the U.S. Internal Revenue Service. His adviser failed to submit tax payments for years and pilfered Harvey's funds as well. Harvey had to greatly increase his workload for a significant period of time to pay the back taxes owed to the government, in a debt that has now been settled.

Jerry Supiran

Former child star, Jerry Supiran, 40, made many appearances on hit shows in the 1980s and early 1990s. He is most famous for his role as Jamie on the 1980s hit sitcom “Small Wonder.” However, a Supiran states a former advisor and a stripper he dated ripped him off, stealing $500,000 of his money. This sent Supiran’s finances into disarray. He tried to find work and was employed as a waiter before the restaurant closed down. In 2012, Supiran ended up homeless. The Judiciary Report has repeatedly warned against dating/marrying promiscuous people and gold diggers. They have bankrupted many people.

 

Gary Coleman

Former child star and actor, the late Gary Coleman, made millions starring on the 1980’s sitcom “Different Strokes” and via related deals. The hit show led to many financial opportunities. However, Coleman’s adoptive parents, as well as a gay Michael Jackson impersonator he began living with, stole his millions. Coleman ended up bankrupt and very bitter. He went from being a top star on television to a security guard in a discount store, where a lady harassed him, resulting in a physical altercation and arrest.

Grace Jones

Legendary model/singer/actress, Grace Jones, ended up bankrupt after her accountant made off with millions of dollars she’d earned in her career. The money was not recovered. Jones began working again, earning more money from various projects. Jones later married a wealthy Englishman and now lives in Britain.

Many entertainers and athletes do not have degrees but there are a few basics that can help keep you on the road to financial freedom and economic stability: 

 

Do not give anyone power of attorney over your finances, as this will grant them the right to spend and move your money around as they see fit. Power of attorney grants them the right to take out small or large, in your name. Power of attorney grants them the right to purchase homes and cars in your name, as well as take out lines of credit and credit cards. 

Be in control of your finances. Sign your own checks to pay bills and to cover other expenses.

Do not give others credit cards/debit cards on your major bank accounts. It is one thing to have a small household account with money in it to pay utility bills, buy groceries, pay the gardener ect. Assigning a debit/bank card on a small account such as this to a parent or spouse to pay household bills is fine (with a limited overdraft). However, the bulk of your money should be in secured, government backed bank accounts that are not accessible to others. 

Buy a house, even a small one, when the financial opportunity presents itself. Buying is better than renting, as that's putting money back into your pocket via home ownership. You can rent a room in the property to someone you know or apply with the local government to add a one bedroom/one bathroom flat/efficiency/in-law quarters in the backyard or onto the home and rent it each month. The rent from a decent flat/efficiency/in-law quarters can pay your mortgage every month over cover 50-70% of it.

Do not overspend. You do not need a million cars and a million pieces of jewelry. You do not need to try to keep up with the Jones or give off a public appearance of great wealth when your bank account reflects otherwise. Live within your means.

Do not overextend yourself. Buying houses, cars and jewelry beyond your financial means and not factoring in additional costs such as real estate taxes, property maintenance and insurance costs can result in foreclosure and property repossession.

Discipline yourself to check the balance on your bank accounts on a regular basis. You can check your balances every few days or weekly. It is your money and financial future. You can take some time out of your day to check what is transpiring with your bank accounts to ensure no identity theft, theft or overpayments have occurred. You'd be surprised how many entertainers and athletes don't know how much money they have and are surprised to find out they are either being robbed, overcharged or taken advantage of.

Go into the bank and talk to them about your finances if there is anything you are unsure of regarding what your accountant and financial advisers are doing in your name.

Learn to save money in government insured savings accounts. You do not have to spend everything you earn every time you get a paycheck. It is inadvisable. Learn to put something aside in a savings account(s).

Put aside money from your paychecks for taxes as well. Speak to a qualified accountant and the government tax collection bureau of your country to find out the tax bracket you fall in regarding the percentage of your income you owe in taxes. Don't hide it from them, as they'll find out anyway. Double check with the government what percent of your income you owe, to verify your accountant is paying the correct amount to the government and not skimming/stealing any of the money, claiming the entire figure went to taxes.

Which brings me to my next point - pay your taxes. World governments will take your possessions and assign penalties in financial fines and interest if you do not remit the money owed. Anyone telling you that you do not have to pay taxes or proposing a tax avoidance scheme to you is sorely misinformed or straight out lying. The government will find out and it will cost you more in financial penalties than you originally owed for trying to dodge paying your taxes in whole or part.   

Avoid risky investments. There are risky financial investments that claim you will become rich overnight, but it is often not so. If it was that easy everyone would do it. Think about that. Do your research before you invest. As the phrase goes, if it sounds too good to be true, it probably is.

Watch out for opportunistic people, both men and women, only after you for your fame and burgeoning bank account. You don't have to be mean to them, just make a mental note of what they are truly like and protect your finances and name, not to mention your heart. Some people have been badly betrayed by people they thought they could trust. At the end of the day, you have to shake it off and move on, realizing some people will tell you (and others) anything you want to hear to get money out of you or use you as a stepping stone to fame and fortune. Learn to be a good judge of character. People who truly care about you won’t want anything from you other than your time.

It's not the best idea to let people know exactly how much money you have to your name. Some, not all people, will become envious and start scheming on ways to get it. Some people will even plan robberies or try to blackmail you. Some women will entrap you with pregnancies in trying to ensure a paycheck until the child is an adult. Others will try to borrow large sums of money and take the position that you funds and they don’t need to repay you when promised or at all. You have nothing to prove to anyone in telling the world exactly how much money you have, as in the past it has proven a risk for many people. 

Try to start a small business. A good business can support you for the rest of your life, beyond your career in entertainment and sports. Do not spend too much money on this endeavor, especially if it will place you in a financially precarious situation regarding your other financial obligations. Do your research. Seek sound legal and business advice. Compare prices for goods and services that are quoted to you, via online searches and asking around.

When signing contracts, make sure you understand what you are signing. Do not sign your financial life away on any document. If you do not understand something that is written in the contract, do not be afraid to ask, even voicing your question in writing to create a paper trail. So if anyone tries anything in the future or tries to claim something other than what you agreed to, you can present the written statements requesting clarification, necessitating the other party to respond in writing and save their answer for future reference. 

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Fighting Fear In Sports

In Sports Focus Can Make The Difference Between Winning And Losing (Tips)

In sports it is important to focus. Some athletes are easily distracted and it negatively impacts their play. It varies case by case, due to how each person’s brain works. It’s not negative, but each person's brain functions different in that their are slight to drastic variations on thought, thought process, memory, recollection and electrical activity.

If you are easily distracted it can lead to a loss while you’re out performing in play. You could lose the ball if 

you’re a basketball player or get knocked out if you’re a boxer, due to distractions. I’ve seen athletes get distracted at key moments during their sporting performance and it led to them making mistakes. There are ways to keep that to a minimum and even eliminate such thinking errors altogether. Distractions come from a number of sources.

Much of it falls under sports psychology. Training the brain to react correctly and to keep your nerves calm. When the adrenalin is pumping and you’re in the zone, don’t start thinking about things going on in your business or personal life. If you catch yourself doing that while in play, snap out of it immediately and focus on the task at hand. Focus on one thing, winning.

Learn to tune out everything and everyone else except your opponent and your goal of scoring a victory. Keep the issues in your personal life to a minimum and under control. A pro-athlete has a lawyer, accountant, manager, agent and publicist for a reason. Supervise them and have the final say in everything regarding your career, but at the same time, let them handle your business to free up your time and mind to focus on winning. A clear, calm mind is a great asset in winning.

TIPS

In your spare time, do brain training exercises. There are fun books for grown ups with puzzles and memory exercises to complete using a pen or pencil. It may seem trivial, but it trains the brain to focus and it also helps with memory/recollection. A sharp memory improves focus. Improving your memory and recollection abilities is also useful while in competitive play, as it aides in recalling what you learned in training.

Don't lose focus. When you find your mind drifting off in a daydream or worrying about your problems during training and in actual competitive play regarding your sport, immediately snap out of it. Do not let your mind wander. Do not start thinking about your finances, problems in your personal life or anything else other than defeating your opponent in front of you. Tune out all the distractions. 

Train your brain to visualize the win. When you can see something in your mind clearly, it becomes that much easier to achieve the goal. It gives you motivation in something to strive for. In your mind, see your opponent as defeated and make it happen.

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Rihanna Sued By Bodyguard For Defamation

Rihanna

Rihanna has been sued in Ireland by her former bodyguard, Geoffrey Keating, who was head of security for the drug addled, alcoholic star between 2012-2013. He filed suit against Rihanna for defamation of character, in defaming him to his family, friends and business associates via, email and via telephone. He contends it has damaged his reputation. 

Rihanna was recently slammed in court documents for defaming accounting firm Berdon LLP, falsely accusing them of giving her bad advice in stating buy a home, as she contends she couldn’t afford it. However, the bank is the entity that makes that determination and clearly they deemed her financially fit enough to purchase the home, based on her income and debt ratio. 

Rihanna damaged the firm’s name with her highly publicized claims, much like she is being accused in legal documents of ruining the name of her former bodyguard, who is seeking legal redress. Rihanna, the self-professed “bad gal” is going to be the “broke gal” if she keeps it up.

In Boxing The Right Team Can Make All The Difference In The World

Success And Longevity

 

Mike Tyson is one of the greatest boxers in history, but he was terribly taken advantage of and exploited by those around him

Having the right team in boxing is crucial to success. Boxers can’t rely on their talent alone. A great promoter, manager, trainer and sparring partners compliment, support and get the best out of a boxer’s talent and hard work. The business side is very important as well. It’s not that you’re greedy or an avarice, but you have to support yourself and think about your financial future. Great boxers such as Mike Tyson and Manny Pacquiao were financially exploited by unscrupulous people in deeds that were very unfair. You’d be surprised at what some people think they can get away with because an athlete is unassuming.

A competent lawyer, an astute financial adviser and an honest accountant, working in tandem with a good manager, who thinks big, can make lucrative deals inside and outside the ring to a boxer’s benefit. Remember to check out the people you seek to work with (for complaints or lawsuits against them with regulatory agencies) and remember, you should have the final say on everything in your career, because it’s your name and body on the line. Boxers train hours per day with their bodies taking a battering, as they risk their lives in the ring. They need to be properly financially compensated to have something to show for all their hard work. Therefore, a good team is vital.

Be careful who you let into your circle. Don’t let people fill your head with mumbo jumbo, unproven tactics, silly schemes, scams, superstitions and shortcuts. There are no shortcuts to success. Scientifically proven training methods, hard work, skill and a sound, clear mind are the path to success. Go with what is proven that works.

On a psychological level, don’t let people mess with your head. That’s someone trying to control and exploit you. God gave you a mind. Use it. If something doesn’t sound or seem right, it probably isn’t. If someone is telling you something that is not factual and it is causing you mental distress, let it go. Stop listening to them. Learn to let go of and walk away from the things that cause you stress. It’s not worth the anxiety and distress. Be happy and hopeful regarding the present and the future. Use your conscience to decide what is best and do what is right. You have to do what is best for you in life and your career.

Let your first loyalty be to God and yourself. Don’t sacrifice your dreams for others, who at the end of the day, may not even be loyal to you. There’s a phrase that goes, “Hard times reveals true friends.” It goes for all relationships. Do not make your decisions based on what others want. Stay true to yourself first and foremost. If someone truly loves and cares about you as a friend or love, they will support your dreams and help you achieve them, without asking for anything in return or wanting you to compromise yourself and all you’ve worked for.

Don’t listen to the naysayers, hanger-ons, groupies, gold-diggers, leeches and conmen. Some will tell you what you want to hear to get what they want out of you. That’s burned quite a few boxers (and athletes and entertainers in general). People love to circle and exploit boxers, like it’s easy money they‘ve made, not taking to consideration the intense physical work and risk it took them to earn their money. It’s happened to many boxers.

People flat-out ask athletes for money and sometimes ridiculous sums. Others will ask athletes for loans/funds for personal use or to start businesses. Sometimes it’s a hustler, conman, groupie, gold digger or girlfriend asking for the money. When that business fails, guess whose money is going to be gone - that’s right - yours. The money would be better in the bank in a savings account or insured, interest bearing CD (certificate of deposit) in your name. Taking care of your financial future and your parents/family should be your first priority because they are your flesh and blood.

Rihanna’s Lawsuit Against Her Accountant Not Settled As Previously Reported In The Mainstream Press

Rihanna

Several weeks ago, a story was planted in the New York Post claiming Rihanna had settled a case she brought against her accountants. The article claimed she settled the lawsuit for $10,000,000. On February 19, 2014, the Judiciary Report called the story rubbish (The Rihanna 10000000 Accountant Settlement Story Isn’t Adding Up). As stated several weeks ago, I’ve signed settlements. Standard settlements contain non-disclosure clauses forbidding litigants from disclosing the sum they receive. To disclose it would mean the other party in the case could sue and take the money back and win financial damages on top of that. 

Today, TMZ reported Rihanna’s account has not settled the case and is legally requesting the court throw it out. Her accountant insinuated Rihanna is a foolish spendthrift (in TMZ's words a "moron") who went against his and the firm’s advice. As stated previously, the Judiciary Report agrees with the basic advice Rihanna was given by the accountant - buy a house. It is better to buy a house than rent. It is an investment.

However, Rihanna did not get a proper appraisal or inspection report done on the house and that’s not the accountant’s job. It was another of her mentor/manager, Jay-Z’s dirty business dealings. Jay-Z had his associate passed off the shoddily built, defective house to Rihanna at an inflated price, knowing of its serious flaws. That’s who she should have sued, Jay-Z and his associate. With friends like these, who needs enemies. Jay-Z has been sexually and financial exploiting Rihanna since she was a teenager.

The Judiciary Report has consistently written of Jay-Z’s dirty business practices. Several of the businesses he started by mimicking what others were doing, without actually knowing what he is doing himself, have gone under. He's also stolen businesses and run them into the ground via financial ruin. Sports leagues made rules attempting to keep him and his latest fraudulent, rip off company, Roc Nation Sports out, because they know of his poor legal standing and terrible, shady business practices. 

Jay-Z is incompetent, uneducated and unqualified to manage people's careers. He has no degree or real world knowledge of sports management. He's a superstitious charlatan with no real ideas of his own or understanding of sports management. Going to sporting events and watching sports channels does not a sports agent make. Furthermore, the numbers aren't making sense on the sports deals he is apart of, which indicates trouble is coming in another financial fiasco. If these athletes aren't careful, he is going to take their careers down with him. 

However, this is a man contacting athletes all over the world with terrible business advice, rooted in his own personal greed and self-interest, when his whole career has been based on illegal payola, copyright infringement, trademark infringement, financial fraud and strong arm tactics (i.e. stabbing a record executive, sending his bodyguards and goons to beat up business people ect). 

Besides, once Jay-Z believes he's done you a favor, he thinks he owns you for life, like you made a deal with the devil (and if there's one thing Jay-Z is, it's a devil). Once again, with friends like these, who needs enemies. Why Rihanna thought her fellow adulterer would not rip her off, when he has done so before in management contracts and associated deals, is a mystery. There is no honor among thieves. 

STORY SOURCE

Rihanna I Was Bankrupt Because of My Stupid Accountant

2/12/2014 1:00 AM PST BY TMZ STAFF - Rihanna says her accountant made so many boneheaded decisions that he blew her fortune and she was "effectively bankrupt" by the end of 2009. The singer claims in new legal docs she had $11 MILLION in cash at the beginning of 2009. Rihanna says the accountant was not on the ball and she was horrified to learn at the end of the year she had $2 million left. To make matters worse, her expenses doubled, which left her on a financial cliff. 

As for how Rihanna blew through $9 million in one year ... she says her accountant gave her the green light to buy a house priced between $7 and 7 1/2 million. So she took his advice. She ultimately sold the house for a $2 million LOSS. She also claims her 2009 tour -- Last Girl on Earth Tour -- was losing money but the accountant never gave her the heads up. The legal docs were filed in connection with a lawsuit Rihanna filed against her accountant, claiming gross mismanagement. BTW ... Rihanna has rebounded nicely. Her net worth is now estimated at $43 mil. 

http://www.tmz.com

Rihanna's Ex-Accountant A Fool And Her Money Are Soon Parted Which Makes You ... 

3/20/2014 1:35 PM PDT BY TMZ STAFF - The gloves are off in the fight between Rihanna and her ex-accountant -- the money man is now firing back in their legal battle over $9 million the singer claims she lost on his watch ... calling her a financially impaired moron. 

Accountant Peter Gounis filed the response to Rihanna's lawsuit, insisting he was hired to record and manage her financial accounts -- NOT give her rudimentary spending advice. Gounis claims Rihanna blew through millions of her own money by going on endless shopping sprees -- buying roomfuls of designer shoes, clothes, and jewelry -- and throwing extravagant parties for herself. He also claims she bailed on an expensive tour to shoot "Battleship," which turned out to be a massive failure. 

And despite Rihanna's accusations, Gounis insists he never directed Rihanna to buy a dilapidated house. But even ignoring all that, Gounis says, "Was it really necessary to tell her that if you spend money for things you will end up with the things, and not the money?" Gounis wants Rihanna's lawsuit thrown out.

 

http://www.tmz.com

The Rihanna $10,000,000 Accountant Settlement Story Isn’t Adding Up

Rihanna

A story is floating around the press regarding singer Rihanna being offered and accepting a $ 10,000,000 settlement from her former accountants. However, standard non-disclosure clauses forbid litigants from disclosing the settlement sum they received and most of the terms surrounding the legal agreement. Then a judge, who has the legal authority to sign off on or reject the settlement, approves the agreement. That’s how the legal system works. I’ve signed legal settlements and know others who have as well and you are not permitted to disclose the settlement figure. That’s the national standard. 

So how did the alleged $10,000,000 figure get into the papers. For Rihanna and her camp to have leaked it would mean defendant Berdon LLP could sue and get their money back, as the disclosure on her end would be a violation of the settlement terms. Furthermore, Berdon LLP would be sued by other clients for $10,000,000 believing they gave Rihanna a $10,000,000 over what was standard accounting advice. It would be an unwise and unorthodox legal move for Berdon LLP to publicize the terms of the settlement, as it would harm their company in several ways, leaving them open to liability lawsuits.

Actually, I heard the settlement offer Rihanna was given was in the mid six figures, not seven as her camp is claiming (typical Kabbalah Center member - like Madonna claiming Microsoft gave her $10,000,000 for an advertisement, which prompted Microsoft, to her shock and embarrassment, to come out and publicly state they didn’t give her anywhere near that figure). Rihanna is also the same individual who lied about her net worth during a Twitter fight with Teyana Taylor, claiming it was $90,000,000, when in actuality it is not even the $44,000,000 she is now claiming. The figure is based on approximates and over inflated tangible and intangible assets she claims she owns. 

Rihanna claims, Berdon LLP, misled her into buying a home, by stating it was a good investment. That was not bad advice. As a general rule, buying a home is a good investment. It’s better than paying rent. When you buy a home, money accumulates in equity in a property via monthly mortgage payments. However, Rihanna, who should have had the home inspected and appraised, as is the national standard, managed to buy a house with significant defects. That’s why people hire inspectors and appraisers.

Berdon LLP maintained that Rihanna and her managers overspent, dumping profits back into her career, which hit the skids after the Chris Brown domestic violence incident. Yes, Rihanna has had number one records since that time, but it was due to payola, which is alive and well. Rihanna’s music does not shift big numbers like Taylor Swift or Susan Boyle. Many dates of her arena tours were cancelled or suffered from poor ticket sales.

All Rihanna and those working with her have done from day one of her career is steal copyrights (she has lawsuits against her in court and others at pre-filing stage), after landing a record deal from having sex with Jay-Z as a 16-year-old minor (in a relationship that is ongoing and adulterous). There is no honor among thieves. So it’s no surprise, many of those same people robbed Rihanna, after she robbed others.

Rihanna’s Net Worth Is Not What She Bragged About During Twitter Fight With Teyana Taylor

Rihanna

During the 2013 Twitter fight with singer Teyana Taylor, Rihanna arrogantly bragged that her net worth is $95,000,000, claiming the former is broke. Rihanna also previously stated with scorn “I hate broke bi****s.” However, it has been revealed today that in 2009, Rihanna was broke. What a hypocrite. TMZ also stated Rihanna’s net worth is $44,000,000 (not $95,000,000). And knowing the industry, which is mostly smoke and mirror, Rihanna doesn’t even have $44,000,000. 

Rihanna’s ongoing lawsuit with her former accounts Berdon LLP reveals she went broke due to overspending and poor financial management. She bought a poorly constructed, defective house she could not afford with ill-gotten gains she ended up losing, when she had to sell the house at a $2,500,000 loss. That was her choice. She saw the house and wanted it. No one forced her to buy it.

However, Rihanna blames the firm for her woes in losing millions on the house, as well as many more in touring. However, considering Rihanna’s income is criminally derived from copyright infringement, a federal and international crime, it was just that she lose that which she stole from others. It's just a matter of time before it all catches up with her. As the phrase goes, "God doesn't like ugly."

Judge Slaps Rihanna With $47,000 Fine

Rihanna was probably covered in a pile of weed and bottles of Hennessey when she ignored all those depositions 

This is a follow up to the June 20, 2013 article Rihanna's Overspending Causing Money Problems. In the article the Judiciary Report stated Rihanna has been acting improperly in a lawsuit she filed against her accountants, who asked the judge to fine her for deliberately missing several depositions they paid to have done. The judge agreed and slapped Rihanna with a $47,000 fine for her misconduct.  

It's telling that someone files a lawsuit yet they are running from the deposition. Her accountants' legal team went to great expense to accommodate her, even traveling to London, England while she was there to depose her, so there was no excuse. If she can been hanging out drunk and high at night clubs and other entertainers' concerts, she can sit for a deposition.

Rihanna Angry That Nivea Has Dropped Her As Her Image Is Just As Bad As That Of Chris Brown

Rihanna in Nivea ad is not exactly the picture of health due to extensive cocaine use, rampant alcoholism and STDs

It's amazing that Rihanna was beaten up by Chris Brown for striking him first, in a scandal that should have garnered her public sympathy, but due to her raging cocaine habit, sexual flings with men and women and stream of stupid quotes online and in interviews, the public hates her. Rihanna's self-destructive conduct has demolished her career.

Rihanna's record sales have plummeted. She recently scored the lowest  selling UK number one album on record, shifting under 10,000 copies for the week, which is bad for a major label recording artist. Her name is gone with music audiences, as her sales are way down across the board, all over the world.

Nivea skincare has dropped her as its spokeswoman, condemning her awful family unfriendly image, as one not in keeping with their brand and standards. Her mentor and adulterous sex partner, Jay-Z, is busy trying to replace her with newcomer Rita Ora. Her accountants, who she claimed robbed her, have slammed her in legal papers for being a reckless imbecile.

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Hollywood Spendthrifts

Nicolas Cage

There's something about fame that causes some to lose focus and touch with reality. This is particularly true in the area of finances. Attempting to foster an image of mysterious celebrity, some go overboard with the spending, purchasing items that do not retain proper value.

Some Hollywood celebrities spend money on things most people would never buy if they were wealthy. Nicolas Cage is a prime example of this. Yes, it is his money, but when spending habits lead to difficult financial falls, it is simply self-defeating, which is not good.

Cage recently sued his accountant, who fired back in a stinging response stating Cage purchased "15 palatial homes, 22 cars, including nine Rolls Royces; 12 purchases of expensive jewelry and 47 pieces of artwork, four yachts, an Island in the Bahamas and a Gulfstream jet."

Unless you're a sultan, Warren Buffett or Bill Gates, that money was bound to run out spending it in that manner. However, at the end of the day, they are just material things and not what is most important in life. God, faith and your family are what's important.

Accountant: Nicolas Cage Was 'Compulsive' Spender

By the time he had hired Levin in 2001, Cage "had already squandered tens of millions of dollars he had earned as a movie star" and owed millions in unpaid income taxes.

• Levin advised him that he needed to earn $30 million a year to keep up his lavish lifestyle.

• Levin tried to stop the financial bleeding, persuading Cage to sell off a dozen of his automobiles and his $1.6 million comic book collection.

• Following a string of box office hits, Cage went on an "epic spending spree." According to Levin, in 2007 the National Treasure star purchased three homes at more than $33 million; 22 cars, including nine Rolls Royces; 12 purchases of expensive jewelry and 47 pieces of artwork.

• Cage "spent huge sums of money taking his sizable entourage on costly vacations and threw enormous Gatsby-scale parties at his residences."

• By 2008, Cage owned 15 palatial homes around the world, four yachts, an Island in the Bahamas, and a Gulfstream jet.

http://www.people.com