50 Cent files for bankruptcy:

50 Cent whose given name is Curtis James Jackson III, , filed for bankruptcy in a Hartford, Connecticut court on Monday. The poor guy claims he isn’t worth 10 cent. We all know that is a lot of .

The rap artist/entrepreneur sold more than 22 million albums, is also CEO of the music label G-Unit Records and is behind several commercial products from a luxury sneaker line to EFFEN brand vodka.  With all of that wealth in his claims is in his rear view mirror, 50 claims he says ain’t got a pot to piss in or a window to throw it out of.

Curtie as he likes his close friends call him owes between $10 million and $50 million to his creditors. That does not include 100 dollar bill he owes the valet he stiffed at his nightly hangout.

While he is wait for the guillotine to cut off his financial head, the used to be mogul  is roughing it out in a castle he bought from Mike Tyson for 4.1 million dollars.

100 – 1; 50 has stashed enough loot away in coffee cans be buried in different locations so the IRS can’t find them, isn’t going to miss any meals.

Curtie is living the American dream. By the grace of whoever, people like 50 make a fortune, surround themselves with devious agents, a bunch or hanger-oners that keep telling them how great they are, piss away money like it is water; all the while living like royalty until the financial hammer comes crashing down on them.

50 or should we call him 25, now that he is allegedly broke is just another in a VERY long line of celebs that have squanders 100’s of millions of dollars foolishly.

WILD CELEBS

Nick Cage was one of the highest-paid actors in Hollywood, making an average of $40 million per year. He blew his fortune on purchases so extravagant you’d only expect them to be made by Saudi princes. He bought eight mansions, including a castle in Scotland he never slept in, his own island, four yachts to take him there, cars upon cars upon cars, and a $30 million jet. The IRS is after him for tax evasion.

At the height of his popularity, MC Hammer was making over thirty million dollars a year. The wealth was extravagantly misspent. He paid $500,000 a year to support an entourage of two hundred people, built a $30 million mansion that he adorned with the most expensive antiques he could find, and even bought two helicopters. He should have set aside at least enough to pay for the inevitable lawsuit he faced from plagiarizing Rick James. $13 million in debt, Hammer filed for bankruptcy in 1996.

Mighty Mike Tyson in his heyday was probably the toughest man on the planet. He won nineteen boxing matches by knockout and was known for his personality being as brutal as his punch. During his career he earned between $300 and $400 million, and spent most of it on luxuries like cars, mansions and pet tigers. In 2003, he filed for bankruptcy. He constantly struggles with alcohol and drug abuse, recently published a memoir, and stars in a one-man show that’s directed by Spike Lee.

In 2006, Wesley Snipes was hit with a battery of tax fraud lawsuits from the IRS. He was accused of trying to exploit tax loopholes, withhold taxes and using weird chicanery to try to pay off his debts with worthless “bills of exchange.” On December 9th, 2010, he entered prison. He was released in 2013.

In 1990, Willie Nelson filed for bankruptcy. He owed $16.7 million to the IRS in unpaid taxes, which had possibly been stashed in illegal tax havens. By 1993, he had paid off his debt by releasing an album, giving all proceeds to the government, and putting some of his belongings up for auction.

Toni Braxton has filed for bankruptcy twice – first in 1998 and again in 2011. In 2014, she bought a $3 million home in Calabasas, CA. That’s a lot of money for a four-bedroom house. But, location, location, location. Justin Bieber is her neighbor.

In the early 90’s, one of Donald Trump’s poor investments almost cost him his empire. The Taj Mahal, the third casino he financed, proved to be a disaster. He paid for the $1 billion casino with terrible junk bonds, and by 1991 he was staring down the barrel of business and personal bankruptcy. His situation turned around in the late 90’s and he built his fiefdom of Trump Towers across the world. Who else beside The Donald could have crawled out of the grave and eventually be a candidate for president of the USA

Despite being one of the highest-paid actors in Hollywood (he earned $25 million for the only marginally successful Rush Hour 3), Chris Tucker appeared in barely any films. Which is too bad, since his expenses caught up with his bottlenecked income. In 2011, his $6 million Florida home was foreclosed upon. He recently appeared in the critically acclaimed film Silver Linings Playbook.

Gary Busey is known as one of Hollywood’s most bizarre personalities. His breakout performance as Buddy Holly turned lots of heads, and he was considered one of the most talented newcomers in film. But a motorcycle accident left him with permanent brain damage that made it difficult to control his impulses. The result is one of the strangest careers in the history of entertainment. Perhaps unsurprisingly, he is not great with money, and filed for bankruptcy in 2012. His net worth was $50,000, and he owed somewhere close to a million. We should probably not be too hard on a mentally ill person for handling their finances poorly.

Joan Rivers was a tenacious woman. After her husband killed himself in 1987, she contemplated following suit. Her short-lived talk show had just collapsed and she was $37 million in debt. Over the course of the following decades, she persevered in an industry that eats its children, especially its female ones. She found a lucrative niche selling jewelry on QVC, and then ingratiated herself back into the mainstream. She had a net worth of $150 million at the time of her death.

When he died, Michael Jackson was in debt up to his ears. His ears are about $500 million off the ground. The family has paid most of it off. Lots of Jackson’s wealth went towards subsidizing a lavish lifestyle – he was fond of jewelry and sprawling amusement park estates. His largest annual expense was actually interest on his outstanding debt.

These were just a few of the very wealthy celebs that hit the bottom of the financial tank in their lives. Some of them put their nose to the grindstone and made a comeback and others continued to live a very undisciplined lifestyle and went from bad to worse.

There had to be some degree of talent or good luck that enabled these people to make a fortune as they did but as the old saying goes; it is not how much you make, it is how much you keep.

I would say that the majority of celebs that go from rags to riches and back to rags came from nothing, became very wealthy overnight and had no concept on how to handle their newfound fame and fortune.

They surround themselves with their slippery agents and entourages that bleed them dry. After the bomb falls on them and they are broke, the scene resembles Hiroshima; there is nothing left standing and no one around.