GEORGE FOREMAN
The former Olympian and professional boxer, George Foreman, also had his fair share of financial mishaps over the years, but he didn’t let that affect him. For those who didn’t know, Big George competed against the best in the boxing industry and even became the two-time world heavyweight champ. Foreman shared punches with Joe Frazier, where he got his first taste of the pro boxing world champion. It seems like he was on for a ride but shocked the world after he announced his retirement from the world of boxing.
Bankruptcy followed the former boxing star due to the lack of sustainable income on his part. This event led him to give boxing another go, and he made a huge comeback in 1994 and knocked the lights out from Michael Moorer. In the later part of his career, he was approached by a fat-reducing grill company that placed a huge investment in Foreman. Thus, the beginning of the world-famous George Foreman Grill.
AARON CARTER
The former teen pop idol, Aaron Carter, had his fair share of ups and downs in the industry. He was making huge payrolls during the ’90s but later experienced a tough life lesson in terms of finances. Carter realized the gravity of his tax situation, and in 2009, he already got around $1 million of taxes in his account.
He also realized the importance of having a good financial advisor and settling taxes promptly. After all, the root cause of his bankruptcy was his taxes back when he was just in his teens— it then grew in interest rates that buried him in the trap hole. He’s now on track to fully recover what he lost, and from the looks of things, he learned his lesson the hard way.
TERESA GIUDICE
The Real Housewives of New Jersey star Teresa Giudice achieved success and notoriety in show business thanks to her personality. However, that star charisma didn’t work well with her finances after she filed a bankruptcy report. She also got a couple of cases involving fraudulent paperwork that gave her a couple of months behind bars.
However, that seems to be only the start of her worries as she later saw herself in the traphole of lawsuits. It is not yet certain when she’ll be able to bounce back from this predicament, but her lawyers are still hoping for the best possible outcome for her. Just a quick update from her status, she’s still trying to pay back the taxes under her name.
T-PAIN
For those who love rap music of the 2000s, we bet that you guys have used your credit cards just to get a copy of T-Pain’s rap albums. After all, he’s one of the most famous rappers of that decade. As we can all imagine, he had a pretty successful career in the music scene, but things started going south quicker than he anticipated.
Last year, he shocked the whole world after his interview with the radio show The Breakfast Club. He went from over $40 million to his name down to almost nothing. All of this points toward bad investment choices. We are sure that he already learned his lesson, and he will not allow things to go this bad ever again.
DAVE RAMSEY
The Dave Ramsey Show is a huge success in the radio platform that helped Dave Ramsey to achieve the status that he’s enjoying right now. Aside from that, he’s also one of the world’s most famous financial advisors because of his real-life success story.
During his mid-20s, he already established a solid portfolio with real estate deals. However, success only left a small taste in his mouth, and debts started to pile up. This caused a major mark in his financial status. Instead of pushing through his regular route, he decided to refine his consultancy skills, and that changed his future. Because of his newfound success, he wrote a book with most of his advice listed for everyone to see.
DAVID “SINBAD” ADKINS
David Adkins, or professionally known as the comedian Sinbad, was one of the famous television personalities during the ’90s. He even got a couple of HBO specials to his name. The Sinbad Show on Fox added a new dimension to the actor’s career. However, things went a little south for him financially.
In the late 2000s, California named Sinbad as one of the worst tax debtors with more than $2.5 million of taxes under his name. In the later part of that year, he filed a Chapter 7 bankruptcy to alleviate his financial situations. There’s no recent news if he already sorted out his financial concerns. But if things went on for the better, we are sure he’ll ask for a better financial advisor to sort out his fortune correctly.
WESLEY SNIPES
Wesley Snipes is one of the top-rated actors in Hollywood back in his heyday. He’s been the face of many films, especially during the ’90s up until the middle part of the 2000s. We can just imagine how much money he took home during these times. Aside from his successful acting career, he also made a name for himself in martial arts. However, there’s no special martial arts or any kind of self-defense moves sufficient enough to save him from getting a negative score in his credit rating.
After he achieved the greater height of his career, the IRS started to show up and reminded the actor about his tax debt. His lawyers weren’t able to fully sort out his legal issues, and he was sentenced to three years behind bars.
LEIF GARRETT
The former child star, Leif Garrett, started working in the industry at a very young age. In fact, he was just five when he began earning for himself with his acting skills. His first few films, such as Devil Times Five and a notable role in Gunsmoke, made a good resume for him. But his main ticket towards success was Walking Tall. He later ventured in the music scenes in the latter part of his career and produced a couple of good singles.
However, personal issues started to catch up with him. In 2001, he was on the verge of bankruptcy and only relied on the gift money he achieved from his mother. From the looks of things, unpaid credit card bills were the main culprit as to how he attained this kind of issue.
MILES TELLER
Miles Teller is one of the promising stars in Hollywood today. He appeared in many films such as Whiplash, The Spectacular Now, and the Divergent series. After all, he really made full use of his acting lessons back in the days. However, that lesson didn’t come for free. In fact, he made a loan out of it— $100,000 of student loans, to be exact.
That amount may not put him in the bankruptcy line, but he still managed not to pay it for a long time. We knew he had the money to pay them upright, but he chose not to up until he has proven himself. Well, we can’t blame him since the interest rates from these loans are very minimal compared to other loans.
GARY BUSEY
American actor Gary Busey has more than 150 film credits to his name, and that means he managed to rack up the greens in his account quite easily. On the other side of the coin, debts were piling up for him as well. People say that he has around $500,000 worth of unsecured debts under his name, and most of the obligations came from medical bills that occurred after he got involved in a motorcycle incident.
The actor filed for a Chapter 7 bankruptcy. But judging from the looks of things, he is now able to hold ground his in terms of his finances. Over the past couple of years, Gary has still managed to appear in a couple of films occasionally.