Problems relating to one's finances can impact everyone. Not even somewhat well-known individuals. Even the affluent and the famous risk losing everything in a single day. Others have suffered financial setbacks due to reckless spending or dishonest business practices. To our great relief, the vast majority of them were able to triumph over their financial challenges and embark on a new life.
1. Pamela Anderson
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Pamela spent $1.8 million purchasing a home and then $8 million on renovations. Anderson was unable to make payroll and hence went bankrupt. Things continued to deteriorate as time passed. She was found to owe $493,000 in debt. Therefore, she sold her house and moved to a Malibu trailer park.
2. Mike Tyson
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Boxing legend Mike Tyson racked up at least $300 million in earnings over his career, but he spent it all and ended himself in debt. The sportsman supported many ex-wives and a large brood with alimony payments. Mike's bankruptcy is attributed to his extravagant spending on jewels and property and his habit of keeping tigers as pets. The celebrity was successful in turning the situation around. His fortune is now thought to be around $10 million.
3. Michael Jackson
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The Pop King died abruptly, only 18 days before his tour was set to begin. The singer owed around $500 million, which was intended to be repaid by the performances. Michael's heirs and several charities benefited from the sale of his estate once his debts were paid off.
4. 50 Cent
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The prominent rap singer went bankrupt due to poor business decisions. As a result of several litigation, job misfortune, and poor investments, his wealth decreased by $200 million. He owed $32.5 million, so he filed for bankruptcy.
His investment in Vitamin Water largely restored the star's riches. Coca-Cola has acquired this company.
50 Cent became the corporation's public face as part of the terms of the agreement. Due to this choice, more money came to him than from any of his records.
5. Lindsay Lohan
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Lindsay Lohan began her film career at 12 and has already amassed $28 million. When her personal life deteriorated, so did her film earnings. The actress only made $6,000 for her appearance in The Canyons. She owed $223,000 in 2012. Lindsay's financial situation has greatly improved, thank goodness.
6. Miles Teller
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Miles Teller had a $100,000 college loan before he became famous in Hollywood. The actor was a server in a New York City restaurant while he studied for his BA in the arts at NYU. What may have occurred if he hadn't gotten the loan is anyone's guess. Perhaps Miles's acting career would not have flourished had he not studied method acting at a university.
7. Nicolas Cage
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Once upon a time, Nicolas Cage was a huge star, but things quickly went downhill. He was rapidly ruined financially and owed $6.3 million. The celebrity claims he endured a challenging upbringing. Cage spent $20,000 a month treating his mentally ill mother so she wouldn't have to enter a mental institution.
8. Brendan Fraser
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Brendan Fraser had a rough go of it until his comeback in Whale. He could not appear in major motion pictures due to health problems and spent more than he took in. Even asking for a reduction in alimony was difficult for him.
9. Charlie Sheen
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Charlie Sheen asked for his alimony to be reduced so he could pay off his debts. The star of "Two and a Half Men" is so poor that he can't afford to maintain his swimming pool or yard. He can't provide for his four kids as he used to since he can't find a regular job.