Most people associate being famous with being rich (well, obviously), but that isn’t always the case. As it turns out, wealth and fame are not necessarily synonymous. Thanks to excessive partying, poor financial decisions, legal issues, and taxes – some celebrities end up squandering their fortunes, leaving them with just the fame title. Unfortunately, they don’t realize that the heavy cash flow they have coming in might eventually dry up. So, instead they opt out of saving cash for a rainy day. These types of celebrities are great examples as to why it’s important to be careful with your money and to have savings, no matter how fast it’s pouring in. It’s pretty clear that these lessons apply to all of us, whether we’re rich or not. After all, there’s nothing worse than climbing all the way to the top, only to hit rock bottom in no time. Here are ten famous celebs who lost it all and might actually be poorer than you.
10. Lindsay Lohan ($500,000)
Prior to 2007, Lindsay Lohan had it all – money, fame, a hot career and a very bright future. She starred in a slew of box office hits, including Freaky Friday (2003), Mean Girls (2004) and Herbie: Fully Loaded (2005), solidifying herself as a teen idol and a household name. She was once one of the highest paid actresses in Hollywood and by 2007, Lohan had amassed a net worth of $30 million thanks to endorsements and her acting and music career.
However, due to legal troubles, partying, a bad reputation and poor spending habits, Lindsay had squandered her fortune by 2010. With $233,000 in back taxes, $1,000,000 in legal fees, $200,000 in rehab expenses and reckless spending, Lohan’s net worth dwindled quickly. According to Forbes, Lohan blew $7.5 million on hotels, tanning, clothing, partying and luxury cars, in 2007. By 2010, Lindsay had a net worth of $105,000. For the past five years, Lohan has been trying to revitalize her career and fix her reputation. She now has a net worth of $500,000, but that’s a long way from the $30 million fortune she once had.
9. Heidi Montag & Spencer Pratt ($20,000)
Reality stars Heidi Montag and Spencer Pratt are perhaps the people who have tried the hardest to sustain their reality fame, but they probably should have been focusing on their finances instead. The two got their start and gained widespread popularity on MTV’s The Hills. After the show wrapped in 2010, they went on to appear in a number of reality shows, including I’m a Celebrity…Get Me Out of Here, Celebrity Wife Swap and Celebrity Big Brother. Thanks to their reality show careers, they amassed a net worth of $10 million; however, by 2014 Montag and Pratt had squandered it all.
In a 2013 interview with In Touch magazine, Pratt confessed, “Every time we’d go out to eat, we’d order $4,000 bottles of wine. Heidi was going to the mall and dropping $20,000 to $30,000 a day. We thought we were Jay Z and Beyonce“. Additionally, Montag dropped nearly $100,000 in 2010 when she underwent 10 plastic surgery procedures in one day. These days, Heidi and Spencer are now reportedly worth $20,000.
8. Chris Tucker (-$11.5 million)
Best known for his high pitched, fast talking mouth and starring in the Rush Hour films, Chris Tucker was once one of the highest paid actors in Hollywood. He earned $25 million for reprising the role of Detective James Carter in the 2007 film Rush Hour 3. Like many celebrities with poor financial management, Tucker ran into problems with the IRS in 2012 for unpaid taxes from 2001, 2002 and 2004-2006, totaling over $12 million. Thanks to his debts to the federal government, Tucker has a current net worth of negative $11.5 million.
7. Sinbad ($-11 million)
Comedian and actor Sinbad, is known for awful films that are memorable due to the fact that many of us get nostalgic about the 90s. Coneheads (1993), First Kid (1996), Jingle All The Way (1997) and Good Burger (1997) are in no way, shape or form Oscar worthy, but Sinbad still made a good living for himself. Despite having consistent work since the early 90s, Sinbad has filed for bankruptcy on two separate occasions, the most recent being in 2013. He reportedly owes debts of $11 million, $8 million of which stems from back taxes.
In spring of 2013, Sinbad opened up to Oprah Winfrey about his financial situation stating, “I didn’t buy Bentleys. I didn’t live large. I invested in me. I invested in a lot of other people. I would not change it; I would not go back.” Although he has no regrets, Sinbad’s investments in himself and other people have left with a net worth of -$11 million.
6. Kate Gosselin ($50,000)
Television personality Kate Gosselin, landed her first TV special following the birth of sextuplets. In 2007, the show Jon & Kate Plus 8 premiered documenting the lives of them and their twins and sextuplets. The show aired for seven seasons until Jon and Kate separated, then Kate went on to have her own reality show Kate Plus 8, for two more seasons. Reportedly, Kate earned $40,000 per episode of Kate Plus 8 and over $2.5 million from the reality series Jon & Kate Plus 8. She brought in additional income with speaking engagements, the release of two bestselling books, and appearances on Celebrity Wife Swap and Dancing with the Stars.
Despite her substantial earnings, Kate is worth a mere $50,000. So, where did it all go? Some of Kate’s reported expenses include a $1.3 million estate in Wenersville, PA, $500,000 a year in private education, a full staff costing nearly $400,000/year, and haircuts at $2,000 a visit. Additionally, she spent $30,000 on plastic surgery.
5. Andy Dick ($5,000)
Andy Dick is a household name and is well known for his roles in shows like The Andy Dick Show and NewsRadio. He’s also had a few other minor roles and appeared in a number of popular comedies including Dude, Where’s My Car, Zoolander, Old School and Employee of the Month. In spite of his popularity though, Andy doesn’t have much to show for it. A list of things such as, Drugs, lawyer fees, inconsistent work and a number of controversies have left Dick with about $5,000 to his name.
4. Dennis Rodman (-$1,000,000)
Former NBA player, Dennis Rodman was drafted in 1986 by the Detroit Pistons and he continued to play professional basketball for 20 years for several teams, including the San Antonio Spurs, Chicago Bulls, Los Angeles Lakers and Dallas Mavericks. However, Rodman is as well known for his antics and controversies, as he is for playing basketball. He famously wore a wedding dress to promote one of his books, he’s made several trips to North Korea to party with dictator Kim Jong-Un, and he’s had a slew of legal troubles resulting from his addiction to alcohol. Although Rodman is said to have made over $30 million from his basketball contracts, the Hall of Famer has nothing to show for it. Bad investments, bad choices and $800,000 in back child support have left Dennis with a net worth of negative $1 million.
3. Norm Macdonald ($500,000)
Comedian Norm Macdonald is considered to be one of the greatest stand-ups of all time. He’s known for his role on Saturday Night Live, where he was a cast member for five seasons and Weekend Update anchor for three years. He got his own show in 1999 titled, Norm, which ran for three seasons. Macdonald also starred in the films Dirty Work and Screwed.
Most recently, he appeared as a judge on the show Last Comic Standing. In spite of his popularity and successful career, Norm has a net worth of $500,000. Macdonald has admitted to having a gambling problem in the past and said he would take a limo from New York to Atlantic City after most SNL episodes. He even lived in a building that had a casino in the lobby.
2. Janice Dickinson ($500,000)
Self-proclaimed world’s first supermodel, Janice Dickinson made her fortune through modeling and appearing on reality TV shows. She’s appeared in a number of magazines, including Vogue, Marie Claire, Cosmopolitan, Playboy and more. Dickinson was a judge on America’s Next Top Model and appeared in The Surreal Life and I’m a Celebrity…Get Me Out of Here!. She even had her own television show, The Janice Dickinson Modeling Agency, which aired for four seasons.
Despite her successful career, Dickinson filed for bankruptcy in 2013 after racking up $1 million in debt. Janice also owes thousands in medical bills to plastic surgeons and dermatologists. She’s reportedly worth $500,000.
1. DMX (-$10,000,000)
Rapper DMX has released seven studio albums since his 1998 debut, ‘It’s Dark and Hell is Hot’. His first album sold more than five million copies and to date, DMX has sold over 30 million albums worldwide. He’s had a slew of chart topping singles including, “Ruff Ryders’ Anthem”, “Party Up (Up in Here)” and “X Gon’ Give it To Ya”. He even starred in a number of films like Belly, Cradle 2 the Grave, Romeo Must Die and Exit Wounds. However, DMX has squandered away his millions and is left with a net worth of negative $10 million. Multiples arrests, legal issues, drugs, and child support payments have left one of the best-selling hip hop artists of all time with nothing.
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