Singer Toni Braxton was one of the most popular R&B performers of the past few decades, but the amazing talent has had to declare bankruptcy, twice, and is even facing liens from the IRS for unpaid taxes. She is also said to owe hundreds of thousands of dollars, if not even millions, to companies like AT&T, The Four Seasons, and Tiffany, all for unpaid bills.The youngest of the Baldwin brothers, Stephen, has also recently filed bankruptcy, revealing that he is some £1,3 million in debt. Despite appearing in many reality shows and some low-budget productions, Stephen’s spending seems to always outpace his earnings, leading to the bankruptcy filing.Singer Britney Spears makes such poor decisions regarding finances that her estate is under guardianship, meaning she can no longer make her own decisions regarding her money. During the guardianship hearing it was revealed that the singer saved nothing of her more than £455,000 monthly earnings and instead, spent it on homes, restaurants, clothes, and entertainment for herself.
It would seem as if celebrities would never face money woes, since so many in the entertainment industry make hundreds of thousands, if not millions of dollars every single year. However, the amount of money you bring in means nothing if you do not control the amount of money you spend, and this is often a celebrity’s downfall! Their lavish lifestyle, failure to oversee their finances on their own, and poor money choices can make them even more susceptible to facing serious financial problems.