Have you ever imagined that life would be easier if you just made more money? Unfortunately, an increase in earnings does not usually correlate with better money management. If celebrities have taught us anything, it’s that more money does not necessarily mean avoidance of issues like debt and bankruptcy. Included here are a few of those famous Hollywood personalities who went bankrupt even after making it big.
Unfortunately for M.C. Hammer, saying “U Can’t Touch This” to the IRS proved unproductive when he was forced to file for bankruptcy in 1996. Hammer’s exorbitant lifestyle in mansions with countless paid staff caught up to him when he found himself unable to make monthly payments and facing lawsuits. Following the bankruptcy, Hammer believed his priorities were out of order which led him to become a pastor living in a ranch house in California.