celebrity

6 Celebrities With Shockingly Low Net Worths

Mikey Rox — Tue, 19 Jul 2016 10:30:06 +0000

Being rich and famous isn't all it's cracked up to be. Just ask the famous people who made it big, and then squandered their riches to earn the dubious distinction of being celebs who have struggled financially. (See also: The 5 Most Money-Savvy Rap Stars)

1. Mike Tyson

The former heavyweight champion of the world (and sometimes ear biter) was once worth about $300 million at the height of his career, according to Celebrity Networth. A series of unfortunate events beginning in the late 1980s — including a divorce from actress Robin Givens, giving his longtime trainer Kevin Rooney the boot, and going to prison for an alleged rape — contributed to his fortune's decline, which today is estimated at around $3 million.

2. Lindsay Lohan

Lindsay Lohan's career took off after Mean Girls debuted in 2004, but it wasn't long after that personal and professional troubles began to chip away at her budding bank account. Her hard-partying ways and unreliable reputation led to a decline in mainstream acting roles. In 2012, the IRS had seized control of the scarlet-haired star's funds to pay off over $200,000 in back taxes. In 2013, Lohan did a series of interviews for Oprah that reportedly netted her a cool $2 million, but most of the money was earmarked for taxes, rehab fees, and further IRS debts, leaving her with a paltry $500,000 today.

3. Chris Tucker

Talk about money mismanagement. Chris Tucker, who everybody knows as Jackie Chan's high-pitched, fast-talking sidekick in the Rush Hour movies, was paid $20 million for the first sequel in that series, and then negotiated a $40 million two-movie contract with New Line Cinema. But despite such robust paydays, Tucker is currently $11.5 million in the negative as a result of foreclosed homes and several years of back taxes, according to The Motley Fool. The still-viable actor hopes to get out of the red in another Friday sequel alongside Ice Cube soon.

4. Teresa Giudice

If you're a fan of guilty-pleasure reality TV, then you might know table-flipping Teresa Giudice from Bravo's The Real Housewives of New Jersey (RHONJ). The recently released jailbird, who enjoyed a lavish lifestyle with her husband Joe Giudice and their four children, filed for bankruptcy in 2011, claiming to be more than $11 million in debt. In 2013, the couple was indicted on 39 counts of conspiracy to commit mail fraud, bank fraud, wire fraud, bankruptcy fraud, and making false statements on loan applications. Teresa returned for the seventh season of RHONJ following her release from prison.

5. Pamela Anderson

While $5 million isn't anything to balk at, you'd think that Pamela Anderson, one of the most popular Playboy Playmates to ever grace the publication's pages, would have stashed away a heftier rainy-day fund. Even today, the former Baywatch star is still considered a pop-culture icon.

6. Gary Busey

Eccentric actor Gary Busey, known for films like The Buddy Holly Story and Point Break, devolved into a reality-show staple in the 2000s, appearing on such illustrious programs as Celebrity Apprentice and Celebrity Rehab with Dr. Drew. In 2012, he filed for Chapter 7 bankruptcy protection, stating that he had less than $50,000 in real assets while owing up to a million dollars to various creditors.

Any other celebs with surprisingly low net worths? Share with us!

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Surprising Sources of Celeb Income

Damian Davila — Tue, 09 Feb 2016 10:00:04 +0000

Most top tier celebs know how to rake in the dough. In fact, the amount of money celebrities make will always shock the masses. Take for example, actor Robert Downey Jr., who made $80 million in 2015. And pop singer Katy Perry, who earned $135 million in 2015.

However, some celebs aren't just making money from exercising their craft. Here are six surprising sources of celebrity income. (See also: Zooey Deschanel Never Pays Late Fees and 5 Other Smart Money Lessons From Celebrities)

1. Cruises

If you think that all cruises are just packed with retirees or large families, think again. Many celebrities have jumped on the celebrity cruise bandwagon. Celeb cruises promise to give fans the chance to spend quality time and party with their favorite stars, as long as they are willing to pay the hefty admission fee.

For seven years, musician Kid Rock has hosted the Annual "Chillin' the Most Cruise." For 2016, his cruise is scheduled to set sail from Miami to Jamaica.
In 2011, for $1,245 you could sweat it out with fitness legend Richard Simmons on his "Cruise to Lose."
Dance to "Step by Step" and belt out "Tonight" aboard the New Kids on the Block NKOTB cruise from New Orleans to Cozumel, Mexico. '80s kids, this is for you.
Not to be outdone by their older counterparts, the Backstreet Boys also offer their own cruise experience, visiting several European locations this year. It's almost sold out!

2. Bizarre TV Ads in Japan

From actor Christoph Waltz wanting you to play Clash of Clans on your phone, to singer Katy Perry asking you to "plumpify" your lashes with Covergirl mascara, there's nothing surprising about celebrities hawking products on American TV. However, things get a bit weirder on Japanese TV. For the promise of an easy payday, celebrities are willing to do things they wouldn't even dare to do on national TV. Here's a sample:

Actor Nicolas Cage showed extreme symptoms of "Pachinko fever" in a five-part series of commercials for Sankyo.
Channeling his inner Men in Black character, actor Tommy Lee Jones played an alien investigating life on Earth for 38 TV ads for Boss Coffee.
Mega movie star Bruce Willis did TV commercials for Eneos service stations, showing us that you can "electrify" billboards and football players.
Arnold Schwarzenegger merges with a woman to form some kind of powerful flying creature for V&V drink.

However, some stars aren't too happy that people find out about their appearances in Japanese TV. In 2013, Leonardo DiCaprio filed a cease and desist letter against Japander.com for hosting a video of his ad for Jim Beam.

3. Video Game Royalties

Rock legends Aerosmith have been performing since 1970. With over 150 million records sold worldwide, 25 gold albums, 18 platinum albums, and 12 multi-platinum albums, Aerosmith should be making most of their money from record sales, right? Turns out that their version of Guitar Hero (Guitar Hero: Aerosmith) made the band more money than any of their records. The popular video games sold over 3.6 million copies in the first two years and boosted a 40% increase in album sales across both their old and new albums.

Following Aerosmith's lead, many musicians, including Metallica, Van Halen, and Lenny Kravitz, participated in additional releases of Guitar Hero. Punk rockers Green Day receive royalties from the Green Day: Rock Band. Over 100 songs, including hits from Eminem, Jay-Z, and Daft Punk, were licensed for the DJ Hero game.

4. Restaurants

From former basketball players, to singers, to actors, few celebrities resist the temptation of opening a restaurant. Here is a short list:

Michael Jordan's Steakhouse offers a fine-dining experience at its New York, Connecticut, and Chicago locations.
Former N*SYNC frontman, musician, and actor, Justin Timberlake, is part owner of Southern Hospitality BBQ and Bar in New York, New York.
Desperate Housewife and movie star Eva Longoria joined efforts with celebrity chef Todd English to create a Latin take on the classic steakhouse at Beso in Hollywood, California.
Country singer Toby Keith has nine locations of his I Love This Bar and Grill Southern food restaurant chain.
Rapper Ludacris offers a mixed fare of Southern, Caribbean, and West African foods at Time Restaurant and Lounge in Atlanta, Georgia.

5. Teaching

As masters of their craft, some celebrities are able to cash in by teaching others how to improve their own skills.

Actor James Franco is one of the most enthusiastic celebrities about teaching. First, he was a graduate film professor at New York University (rated 3.8 out of 5 by some of his previous students!). He also offered an online course on screenwriting for short films. Then, he taught a class on the practice of adapting novels into screenplays at UCLA. Finally, he taught a film class to 24 students at his high school alma mater in Palo Alto, California.

Other celebrities that have made money teaching (not considering those that were teachers before reaching fame) are opera singer Placido Domingo (Adjunct Professor at UCLA, California in 1994), actor Kevin Spacey (Theater Professor at Oxford University in the U.K. in 2008), and film director Spike Lee (Film Professor at New York University since 1993!).

6. Financial Advice to Celebrities

Getting financial advice from his Guns n' Roses bandmates didn't work too well in the early years of drummer Duff McKagan. But after a near-death experience in 1994, McKagan realized that he needed to clean up his act and make better money decisions. He took a couple of university courses on finance and business management and they paid off. His first $100,000 in stock investments in 1994 was a bunch of winners: Starbucks, Microsoft, and Amazon.com.

By proving his investing and managing chops (he helped negotiate the record deals for his bands, Velvet Revolver and Duff McKagan's Loaded), he became an advisor to other celebrities. Proving that it truly "takes one to know one," in 2011 he founded Meridian Rock, a wealth management firm for musicians.

Know of other surprising sources of celeb income? Let us know what they are in the comments below.

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This article is from Damian Davila of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Investment Secrets of the Rich and Famous

Julie Rains — Tue, 27 Aug 2013 10:24:35 +0000

Hollywood celebrities, recording artists, and professional athletes are among the highest paid people in the United States. According to a celeb ranking on Forbes, Taylor Swift and Tiger Woods each pull down over $50 million per year while Will Smith surpasses the $20-million mark.

It is true that many with exceptionally high incomes aren't rich due to bad financial management. But there are noteable exceptions we can learn from — Steven Spielberg with a net worth of $3.2 billion and Oprah Winfrey with $2.8 billion, both on Forbes' list of richest Americans. The wealthiest of non-billionaire stars include Bono, Jay-Z, Will Smith, and Ellen DeGeneres with total assets ranging from $100 million to $600 million.

How Celebrities Build Wealth

There's no one-style-fits-all investment formula among celebrities that I could detect. However, I did notice some investing themes worth sharing.

Invest in Yourself

Celebrities realize that their bodies, brains, and brands are their most important assets. The wealthiest find ways to maximize their payouts and leverage their names, generally through contract negotiations and celebrity endorsements. Money spent on promoting and positioning themselves as a brand is more investment than extravagance. (See also: 5 Ways to Make Extra Income Online Today)

Invest in Tech Startups

The most common type of outside investment is the technology startup. Celebs often envision possibilities for tech applications pertinent to their industries and up-and-coming generations. Plus, the deep pockets and media presence of pop culture stars may be attractive to founders of startups who seek investment dollars and publicity.

Examples of technology investments:

Golf professional Tiger Woods invested in Google prior to its initial public offering.
Singer Justin Bieber and comedian Ellen DeGeneres contributed to the funding of mobile-app Stamped that was later acquired by Yahoo!.
Actor Will Smith invested in Fancy, a shopping site; he and rapper Jay-Z also put money into Viddy, an iPhone app for video sharing.
Lady Gaga led funding for Backplane, which provides web power for online communities of fans (the first was LittleMonsters.com for Lady Gaga herself).
Actor Ashton Kutcher joined an investment group that purchased Skype for nearly $2.8 billion and then sold to Microsoft for $8+ billion a few years later.

Leverage Expertise in Business Ventures

Celebrities often launch or become part owners of entertainment-oriented ventures, such as professional sports teams, luxury properties, restaurants, fashion empires, and television networks. Many of these businesses are closely tied to their areas of expertise.

For example, talk show host and media mogul Oprah Winfrey invested her time and money in OWN (Oprah Winfrey Network), a joint venture with Discovery Communications. Former NBA player Earvin "Magic" Johnson runs MJE (Magic Johnson Enterprises), which includes investments in real estate and private equity funds, a chain restaurant, and a media company. These are departures from Johnson's basketball career but consistent with his urban-oriented, multi-cultural brand image.

Place Money With Investment Managers

Putting money with outside money managers seems like a boring way to make your assets grow in value. This method of wealth building may not seem as newsworthy as a stake in a tech startup or a professional sports team. So, the number of celebs that adopt this tactic may be underreported.

However, I recently learned that Taylor Swift's father is an investment manager for high-net-worth clients. Presumably, Taylor is one of his clients or, at minimum, he provides her with financial advice such as "save your money."

Others who have hired professionals for money management include talk show host David Letterman and tennis stars Andre Agassi and Steffi Graf. Notably, U2 lead singer Bono is a co-founder and managing director of Elevation Partners, a global private equity investment firm.

Lessons for Regular People

Just like the rest of us, celebrities make smart moves and stupid mistakes. We can learn from their successes and failures.

Maximize Earnings

Start by maximizing your earnings throughout your career. Personal finance expert Jonathan Clements advises me that our capacity to make money through a regular job or business is often the most overlooked income-producing asset.

Invest in Tech

With thousands rather than millions of dollars to invest, the average investor may not have the access to or risk tolerance for funding early-stage tech startups. However, you can purchase tech-oriented stocks or a specialty mutual fund or ETF in the technology sector.

Invest in What You Know

Like celebrities, you can invest within your circle of competence even if you don't start your own business. Acquire shares in companies with which you are familiar and make money in ways you understand. (See also: 17 Places to Find Investment Inspiration)

Take Advantage of Online Management Tools

Finally, although private management is largely considered a perk of those with more than $500,000 of investable assets, portfolio management is becoming more accessible to regular people with modest wealth. Online brokerages offer a variety of money-management services, for example. (See also: 5 Best Online Brokerages)

To build and keep your wealth, avoid common celebrity mistakes: Don't count on high income forever, spend within your means, and steer clear of investment scams.

Have you learned anything about investing from celebrity hits and misses?

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This article is from Julie Rains of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Considerations When Hiring a Celebrity Spokesperson

Chris Birk — Fri, 13 May 2011 20:18:20 +0000

Link:

http://www.openforum.com/idea-hub/topics/marketing/article/6-considerations-when...

Sports equipment manufacturer Unequal Technologies garnered a staggering degree of buzz last year that sent sales figures soaring. The catalyst? The firm hitched its star to the most controversial and arguably most reviled figure in the National Football League: Michael Vick, the former Pro Bowl quarterback who spent 18 months in prison on dogfighting and conspiracy charges.

Unequal Technologies was the first company to sign Vick to an endorsement deal after his prison stint. The move unleashed a torrent of media coverage. Sales jumped 1,000 percent in the short term and are now about triple what they were a year ago.

The company flouted convention with its risky endorsement, betting on an instant deluge of coverage and the forgiveness of sports fans. While it’s certainly not a textbook play, the example illustrates how hiring a celebrity spokesperson can significantly boost a business’s profile and credibility.

For most small businesses, it’s a question of money, media impact, and making sure you find the right fit for your image. Here’s a look at six things to consider when it comes to celebrity spokespeople.

Finding a Good Fit

Business owners should look for candidates who mesh well with their target audience and key demographics. It doesn’t make a lot of sense to have a senior citizen (no matter how famous) hawking products or services geared toward readers of the Twilight series.

For example, we recently hired UFC fighter, Silver Star recipient, and Iraq War hero Brian Stann as the official spokesman for our mortgage company, which specializes in VA loans. Brian has an incredible story, but he also has a passion for helping veterans. That was a key factor in our decision.

Brian went on to refinance his current mortgage with us. Teaming with a celebrity who is a fan of your product or service can be incredibly beneficial, but business owners shouldn’t expect any sort of discount if that’s the case.

Know Your Budget

A-list celebrities don’t come cheap. Unless you’re a multimillion-dollar behemoth of a company, odds are you won’t be able to afford top-tier movie stars and pro athletes. Celebrities in this stratosphere are probably starting in the mid six figures, depending on the project. If you don’t have that kind of budget, start lower on the food chain.

Agencies that specialize in celebrity bookings can connect interested companies with potential B-list celebrity matches. Heck, even some former A-listers looking to rehab or otherwise burnish their image (ahem, Michael Vick) might be available for cheap. Business owners can reach out to agents directly, finding them via some Google sleuthing or through a subscription service like Who Represents. Make sure you enter that conversation with a firm number in hand.

Businesses with a more community focus can utilize local celebrities, such as TV news anchors, retired sports figures, and other neighborhood standouts.

Get Specific and Be Prepared

Make sure you’re getting the access, image, and deliverables that you’re paying for when the time comes. Contracts should get specific in terms of appearances, access, and other key details covering how the spokesperson’s time and likeness can be utilized.

Our visual director spent a full day with Brian Stann during his training for an upcoming UFC fight. He got amazing video from Brian’s workout as well as intimate time with his family and an in-depth on-camera interview. The videos, still images, and sound bites will be used in an array of materials across multiple media formats.

There’s another notable lesson in here: Show up prepared. You’re probably not going to get a lot of time with the celebrity, so make sure to maximize your window. Audio, video, scripts, teleprompters — make sure everything is ready to go if you’re handling production duties. Make the process as painless as possible for the spokesperson.

Consider the Small Details

No one wants to embody the image of the boot-licking lackey, so consider it more along the lines of customer service. Within reason, do what it takes to ensure the spokesperson is happy and at ease. Maybe that’s in terms of travel, or restaurants, or the type of ridiculously expensive bottled water they require.

Maximize the Exposure

Craft a multilayered media plan that maximizes the impact and reach of your investment. Today, that means social media campaigns and releases along with the tried-and-true methods of relationship building and straight pitching associated with public relations efforts. Don’t expect the celebrity’s media people to lift a finger, even if you’re working for a nonprofit.

Drill down into your demographics and the appeal of your spokesman. Look for unique organizations, communities and online influencers who can spread the message.

Prepare for the Worst

Unequal Technologies got Michael Vick on the cheap because of his career trajectory. But what about all those companies who sponsored him before his arrest and conviction?

Have a game plan prepared to handle some potential worst-case scenarios involving your spokesperson. You might have to make a difficult decision one day about whether to support your embattled celebrity or cut him or her loose. Just as your brand and services reflect on the celebrity, so, too, do their words and actions reflect on you.

That can be a treacherous two-way street.

This article is from Chris Birk of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

They're turning Paris Hilton's trash into cash.

Paul Michael — Wed, 18 Jul 2007 17:59:26 +0000

There's a new website in town folks, and this one is literally scraping the bottom of the barrel. HollywoodStarTrash.com has hit upon an idea that turns dumpster diving into something quite, well, distasteful. They rummage through the garbage cans of Hollywood biggest stars and sell what they find. And as always, the infamous Paris Hilton tops the list of star junk.

What's on sale, I hear you ask? The list is quite disturbing.

For $50 (starting price) you can get yourself this used Paris Hilton deodorant. Mmmm.

For $100 (starting price) you can buy some used Paris Hilton envelopes. Great deal.

For the same $100 (starting price) you could treat yourself to some grubby make-up puffs.

And for a whopping $250 (starting price) how about Paris Hilton's drug prescription? Yes, they're serious.

SO, is all this just harmless profit?
Personally, I don't think so. Believe me, I have no love for Paris Hilton. I think certain celebrities are asking for a little punishment based on the the way they behave, and Hilton is the classic example of the 'media whore.' But to encourage digging through garbage for a soiled make-up puff or old prescription is just a sad indication of the times we live in.

Are we so desperate for fame and celebrity that we'll do anything to get close to it? Even if that means buying trash? Well, the website lists many of the items it has already sold, including empty coke cans and used q-tips. If there's an audience, our Internet culture will guarantee a supplier.

So I throw this out to you, the Wisebread readers. Would you buy trash from your favorite celebrity, or do you think it's just trash? I know one thing for sure. I wouldn't.

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: