Thursday, May 18, 2017
A Typical Journey From Fame And Fortune To Going Broke
Most stars are not made overnight, and neither are their fortunes. It takes a lot of time and hard work to become a successful and high paid actor, athlete, or singer. And once a celebrity has reached the top, it is even harder to stay at the top. Many stars have done a good job at reaching their goals, but there is also a handful that have fallen from the top spot. But how does this happen, and is there anything that can be done to prevent it from happening again?
A typical journey from fame and fortune to going broke could look like this:
• A star is born! Whether it is acting, singing, dance, or sports; once a superstar comes on the scene it seems like they are everywhere. Outside of their discipline, you might start seeing one of these people doing commercials or even making and producing movies.
• When all is well, you will probably hear about these stars everywhere you go; from grocery store tabloids to upcoming events. This is when most stars start buying lavish houses, cars, and even islands!
• As their star begins to fade and they are no longer in the spotlight, you see less and less of a celebrity. And if you are seeing less and less of them, that means they are seeing less and less work. Without work, there is not a steady income stream.
• When the assets start to dwindle but the debts remain, either because things were not bought outright or because things were overbought, a debt problem starts to develop. Even people who make a lot of money can find it hard to pay for all of the things they have acquired.
Without careful planning, which has to take place as soon as the money starts rolling in, a fast fortune can disappear just as quickly as it came. Most financial planners suggest spending less that you make, and putting at least 10% of each paycheck in a savings account. This way, you can live off of less and also start to build up a savings account for use in an emergency. All of this can come in really handy if you are in an unstable job field, like most celebrities. But even with all of this planning, things happen, and when they do we are here to help. Whether you need help reorganizing your debt, or filing bankruptcy, we know what steps to take.
For more information about the benefits of filing for bankruptcy, call us today or reach us online at www.law-ri.com.