June 22, 2017

There seems to be an epidemic of Hollywood stars who’ve made the kind of money most people can only dream of, claiming they’re broke and suing their financial managers. Often, the managers respond that they tried to warn the celebrities that their spending was insane, but they just kept doing it. Because as we all know, in Hollywood, success lasts forever.

I feel for anyone who is facing financial difficulties, even if they’re self-inflicted, so please don’t think I’m making light of their problems when I point out something obvious: many of these same celebrities who can’t even run their own checking accounts feel perfectly justified in telling the rest of us how to run the government and who to trust with our tax money and the US Treasury. And they wonder why blue collar workers in Georgia ignored their political advice. I’ll bet all those Karen Handel voters at least have a handle on how much money they’ve got in the bank. And they’re a lot wiser in how they spend it (blogger Charles Glasser notes that the $23.6 million liberal donors wasted on Jon Ossoff’s campaign could have purchased 236,000 elementary school textbooks or 855,072 school lunches.)

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The latest and one of the starkest examples is actress Alyssa Milano, who is suing her managers for $10 million after discovering that her investments were worthless, her bills and taxes hadn’t been paid, and she was deep in debt. Ms Milano perhaps should have been paying more attention to her finances, but she instead devoted her time to campaigning for liberal politicians (she even flew to Georgia to personally drive people to the polls to vote for Jon Ossoff). I wonder if discovering how much she owes in taxes will make her rethink her big government views?

I sincerely hope that these celebrities can dig out of their financial holes and perhaps be more cautious in the future, both about their spending and whom they trust with their money. If nothing else, let’s hope this teaches them what a bad idea it is to hand over decisions that affect your family's financial security to some slick-talker who claims that he or she knows how to spend your money better than you do.


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Comments 1-3 of 3

  • Darrell Parks

    06/23/2017 10:01 AM

    Johnny Depp, earns $650 million, $40 million in debt and refuses to give up his private jet. It will be funny when the repo guys show up.

  • John Steckenrider

    06/23/2017 09:33 AM

    Do we really spend $27.60 per school lunch? If so I think that's the bigger story here!

  • Stephen Northington

    06/23/2017 06:33 AM

    Mike, as a Certified Financial Planning professional in Little Rock, we have a mantra that should be mandatory for everyone no matter how big or small your bank account is. Especially noteworthy for women who choose to stay distant from long term financial planning. Its the What, Why, Where Mantra:
    At a minimum, KNOW
    1. What you have?
    2. Where it is?
    3. Why you have it?
    Thank you sir, enjoyed your post, Stephen Northington