King Hamlet's chief counselor, Polonius, famously said, "Neither a borrower nor a lender is." While Polonius was talking to his son, Shakespeare gives us an ageless piece of advice – Do not lend money or borrow money unless you are under some strong compulsion or in dire need.
However, some famous people seem to be quite unaware of the irreversible consequences of overspending or helping someone whom they should not have trusted in the first place. Here are some of the biggest Hollywood celebrities who lost their fortune while helping friends, families, or due to their shortsightedness.
MC Hammer's claim to fame was his sensational hit 'U Can't Touch This. The rapper, tremendously popular among his fans for that crab-walk dance, earned around 30 million dollars during his career peak. However, the hip-hop artist went from riches to rags in a very short period. Rumor has it that Hammer fooled away his money by buying mansions and expensive toys. Also, he used to share money with friends with no assurance of return. Result? He has to declare bankruptcy and now works as a pastor in California.
The "Diff'rent Strokes" TV program star had to file for bankruptcy because his manager and family blued a large chunk of his money. It might surprise you to know that Coleman had around 8 million dollars starting as a child actor. But he ended up being bankrupt, with only two hundred thousand dollars to his name.
Also, he was not in the pink of health during the latter part of his career and left for the heavenly abode in 2010, fighting with the seemingly perennial financial instability. It's painful to imagine family members betraying you. Imagine the people whom you trust the most, squandering your hard-earned money. Sometimes we have to accept bitter realities in life.
High-school basketball sensation became an overnight sensation when he started playing for the Chicago Bulls in 2001. This was when he was still hoping to play for his university team. Although his career earnings reached a whopping 70 million, Curry could not avoid going bankrupt. Also, Curry's financial management skills were almost zero because he took a large amount in a personal loan.
And thus, he ended up paying a significant amount of his fortunes as an 85% annual interest against the loan! Curry had financial commitments to certain members of his extended family, and he also purchased twelve cars for his family members and friends.
Antonie Walker did not stop here, and he lost almost seven hundred thousand dollars in gambling. The NBA maven earned as much as 110 million dollars throughout his career. However, if you have to fund and support 70 friends and family with the same, even that much amount of money would prove to be meager.
Besides being prodigal with his wealth, Antonie also bought two Mercedez, two Bentleys, one Cadillac, one Hammer, one Range Rover, and one Maybach, creating further troubles. He also got in trouble with the law and faced charges in 2009 for writing false checks to casinos.
Often compared to Patsy Cline for her soprano voice, the country music maestro liberated herself from her parents in 2000. She alleged that her father and her co-manager had deplumed almost 7 million dollars of her earnings. There is not much information on the money speculated.
But the lawsuit ended in 2002. The settlement amount remains a mystery to this date. Well, LeAnn was not a prodigal spender, but she trusted the wrong people. Sadly, one of them was her father.
Dane Cook is one of the first comedians who used MySpace to reach out to his fans. However, it seems Cook was not particularly careful about where his money flows, as his half-brother Darryl started to half-inch his money. Darryl was working as the business manager of Cook, and up until 2004, he stayed within his limits. But since then, he started to make off with Cooks's money, eventually leading Cook to the verge of bankruptcy and paying the price by serving prison time.
Celebrities losing a chunk of their fortune and even facing bankruptcy due to their wrong financial decisions is not new. This is what happens when you trust a friend or relative without actually knowing what is what. We should take a lesson from the lives of the stars we love and respect and be wise with our hard-earned money.