Famous people that died poor

[DiMarxist]

Looking at the stories of these people especially Michael Jackson who were one of the richest and most influencial Artist of his time, one thing keeps ringing in my mind financial intelligence and investment. No matter how rich you are as a person you have to have financial intelligence and invest the money you are making. This is why the world billionaires always remain rich because from what I have been able to see and learn from the world billionaires is that even though they have the money they don't spend it any how they prefer adding value to their money rather than buying luxuries and living a classy lifestyle. The conclusion of this is that always spend less than you save.

[Joeboy]

Looking at the stories of these people especially Michael Jackson who were one of the richest and most influencial Artist of his time, one thing keeps ringing in my mind financial intelligence and investment. No matter how rich you are as a person you have to have financial intelligence and invest the money you are making. This is why the world billionaires always remain rich because from what I have been able to see and learn from the world billionaires is that even though they have the money they don't spend it any how they prefer adding value to their money rather than buying luxuries and living a classy lifestyle. The conclusion of this is that always spend less than you save.

You are right....Most of those celebrities folks of the past were chronic spenders, but yet they still weren't really fans of investment and it really cost them a lot...To invest is synonymous to creating a future gateway of wealth which can benefit not only you and your family but also you generations to come. Investment build and created more wealth and luxurious lifestyle scatters it, so while investing, folks have to avoid some luxurious lifestyle and out them on a hold so it wouldn't later affect their investment....Let's use MJ as an example, his yearly expenses exceeded his yearly income and this put him in serious debt, and when he died they used most of the proceedings of his investment in settling debts..

[Dictator69]

The lesson I got from looking at all these influential people is you can be exceptional in your field but if you do not know how to manage your money you might just die penniless. I personally do not want to pass away after suffering from poverty. I want my last days to be spent in bliss.

This post is really constructive and informative. I did not knew even Jackson died in debt, because he was really famous, girls loved him. He was the star of his culture and yet he died in debt? I doubt it but if you are saying truth.

We should learn a simple lesson from this, that everyone, no matter how much they have in their banks and how much they are in debt, they all die. I am saying this obvious thing that many people, when they become rich, start to become evil and forget that money can't save them from death.

Second, I learned from this that, we should never take loans, if we are taking loans, we should strictly pay them back as soon as possible because life is short, we never know if we will wake up tomorrow.

[Rgram]

Micheal Jackson can not be considered to die poor because he has assets that latter become very profitable which was used to pay for the dept that you are referring to. He is still in profit as of today.

It seems the OP just considers anyone in debt to be poor and that context is so unreal. People declare for bankruptcy even when they haven’t gotten to that point but rather, use it as a strategy to hedge against unfair taxation and guide their business to help it grow.

Micheal Jackson had series of lawsuits at the later part of his life that did result in a lot of out of court settlements just to avoid the extensive stress of going about court cases and this did hurt his finances because, people saw it for an opportunity and were just peaking at him and coming up with lots of controversies to paint the king of pop in a bad way.

However, he was never poor, he still listed amongst the wealthiest people on earth and his songs still earns him royalties till date. Even in death, his still earning!

[bubilas]

Often, famous and, as a result, wealthy people aren't always people with a broad outlook or skill with money. I'd even say that very often these people are focused only on what they're good at and how they've earned their fame. But when it comes to finances, they have no understanding whatsoever of how to properly invest money or how to protect it. So, of course, they spend everything and often end up with nothing at the end of their lives, or are deceived by swindlers who are rife in high society like drones. In fact, rich people are often lonely, because real trust is lost when money is big.

[ChainNomad]

Looking at the stories of these people especially Michael Jackson who were one of the richest and most influencial Artist of his time, one thing keeps ringing in my mind financial intelligence and investment. No matter how rich you are as a person you have to have financial intelligence and invest the money you are making. This is why the world billionaires always remain rich because from what I have been able to see and learn from the world billionaires is that even though they have the money they don't spend it any how they prefer adding value to their money rather than buying luxuries and living a classy lifestyle. The conclusion of this is that always spend less than you save.

You are right....Most of those celebrities folks of the past were chronic spenders, but yet they still weren't really fans of investment and it really cost them a lot...To invest is synonymous to creating a future gateway of wealth which can benefit not only you and your family but also you generations to come. Investment build and created more wealth and luxurious lifestyle scatters it, so while investing, folks have to avoid some luxurious lifestyle and out them on a hold so it wouldn't later affect their investment....Let's use MJ as an example, his yearly expenses exceeded his yearly income and this put him in serious debt, and when he died they used most of the proceedings of his investment in settling debts..

Richness is not necessarily financial prudence. An increase in spending can easily consume the money because as long as the income remains steady money will go away.The only way to be actually wealthy is to guard and increase what you earn. There are many billionaires who remain wealthy as they are interested in assets rather than lifestyle. Now is the time to spend money on luxury but your future is taken care of with investments.In my case it is the simple earn save invest and spend the rest without feeling guilty, Financial intelligence does not have to do with the amount of money you earn but the manner in which you spend it.

[Franklyn-wood]

The lesson I got from looking at all these influential people is you can be exceptional in your field but if you do not know how to manage your money you might just die penniless. I personally do not want to pass away after suffering from poverty. I want my last days to be spent in bliss.

This post is really constructive and informative. I did not knew even Jackson died in debt, because he was really famous, girls loved him. He was the star of his culture and yet he died in debt? I doubt it but if you are saying truth.

We should learn a simple lesson from this, that everyone, no matter how much they have in their banks and how much they are in debt, they all die. I am saying this obvious thing that many people, when they become rich, start to become evil and forget that money can't save them from death.

Second, I learned from this that, we should never take loans, if we are taking loans, we should strictly pay them back as soon as possible because life is short, we never know if we will wake up tomorrow.

Nice, I believe there are factors that contribute toa person  becoming poor after being wealthy at some point in life, which could be as follows
Peer group this set of people if they are not financially intelligent, it is possible for such people to influence the other with there extra vergant lifestyle.
Poor mindset can also affect decision making, because what you know is who you are and who you become.
Having a rigid decision making is when one doesn't take advice from others or willing to learn from others good achievements.
Iliteracy is the lack of knowledge that affects what we learn, know, explore, the information we have and can limit a person who at some point in life was wealthy and later become poor.

[Dictator69]

Iliteracy is the lack of knowledge that affects what we learn, know, explore, the information we have and can limit a person who at some point in life was wealthy and later become poor.

A financial advisor is all they need, and if anyone want to consult how to invest efficiently in bitcoin JJG is the guy.

I am not advertising him, but I am really impressed with his ways and knowledge so read his posts about accumulation, maintenance and withdrawing.

Those who can't do both, they should learn how to manage their funds, if they are earning more, they should not spend it all and then wait for the next payout to start spending again. People with millions of dollars in their banks accounts are earning them money and still they are not buying latest cars, smartphones, or anything.

Always use your money, don't keep it in one place for too long.

[Obulis]

There are many of people like the three listed. They never knew when it'll happen as in death. Irrelevant expenditures that has at the end left the family in unnecessary condition. However, some famous people who died poor was because of their believe on justice for all. This makes me wonder if being famous must go with it being rich because someone can be famous for one reason or the other which has nothing to do with being rich. But then so far, that's the world we are now. Being famous means being rich along side like media influencers/celebrities who must manage their resources or they become rich and famous but actually poor.

[SirLancelot]

If you get rich just once, becoming poor is very tough, and you will probably stay rich for a longer term and won't really care about it. People who became rich, and then became very poor, as in like not be able to afford even their rent, is unlikely and very rarely ever happens. So there is no risk for being a rich person, if you are rich then you are going to be rich for a very long time.

I mean there are so many rich people who bankrupted and lost all their company and still living a luxury life, how do you think that is? That is only because they use debt to grow and when they do badly then they default on the debt and keep their money that way. In exchange, they lose their business, and their shares, and just go with their own income instead.

[hafiztalha]

If you get rich just once, becoming poor is very tough, and you will probably stay rich for a longer term and won't really care about it. People who became rich, and then became very poor, as in like not be able to afford even their rent, is unlikely and very rarely ever happens. So there is no risk for being a rich person, if you are rich then you are going to be rich for a very long time.

I mean there are so many rich people who bankrupted and lost all their company and still living a luxury life, how do you think that is? That is only because they use debt to grow and when they do badly then they default on the debt and keep their money that way. In exchange, they lose their business, and their shares, and just go with their own income instead.

Financial literacy is necessary if you are living in any kind of era . In the past people got huge amount of money by a different type of lotteries and in a couple of months they were not able to survive because they could not handle too much money as they invested most of the money on betting And they thought that they will be multi millionaire of the current era and they did not think that is not a invest that is trap and person should invest the money which they have in their pocket .  Most of the famous personality died with poor mindset and they did not learn anything actually from life and now they left nothing for their families and they could change the future by taking good step when they got money from their skills but they didn't invest that

[JoyMarsha]

This is terrible, for someone to be known as a wealthy person, only to later die poor because debt owned.

This is the reason why employing a financial advisor is crucial when one attained to financial heights that they can be said to be wealthy because having yourself to control your whole money without an financial advisor, can lead to someone incurring unnecessary debts that can avoided and not to jeopardize their long years of labor of attending to a good financial status

[silpersurfer]

In my opinion, there is no need to hire a financial advisor, just learning about finances will be very helpful, among those who don't have long-term investments in their old age so they are not in good condition when they leave and don't leave much for their family, if they have enough of a concept of retirement and happiness in old age, maybe they will prepare it well. One person who can be imitated is Warren Buffet, who in his old age was actually happy with glittering wealth everywhere and made many people envy him for his current wealth.

[Lida93]

This stories only teaches me one thing that many of the people we consider to be rich and wealthy currently are actually going to be marked as people who died poor because at the time famous men like Micheal Jackson, Thomas Jefferson and Wolfgang Amadeus Mozart we're still alive they were noted as wealthy people and never did we knew they were living their opulent lives on debt. Same are for the most rich people of our time now. However, does this presupposes that being wealthy most times carries a lot of weight that can leave you in debt if you don't consciously live a frugal lifestyle?

[philipma1957]

Micheal Jackson left hundreds of millions of dollars in his estate .

he did not die broke.


https://en.wikipedia.org/wiki/Estate_of_Michael_Jackson


and in fact it is huge as I typed cause he stopped wasting money.


now the estate  is a legal nitemare due to poor planning but it still earns money.

So to think he was penniless is completely wrong.

he also never declared bankruptcy.

he did owe tons of money to lots of people.

and he eventually was going to tap out and declare bankruptcy but death saved him that issue.

[Ab de villiers]

It is not only related to famous people. There are many cases in the world where people became rich but later died poor. they are famous personalities, they got a lot of limelight through social media, Many stories show that even very rich people ended their lives in poverty. This happens because of their lifestyle. They spend a lot of money on branded items, luxury goods and maintaining their appearance, such as plastic surgery, whitening treatments, and expensive cosmetics. The problem is not spending money but spending it without wisdom. When people earn a lot but do not invest and only focus on showing off, they slowly move toward poverty. Spending on brands is not bad if someone also saves and invests.

This means that those personalities who invested a lot in their lives but their financial situation was not good at the time of death, some people become the cause of their own poverty due to their foolish intellect. Many times a person is valued after his death, then they realize how important that person was which they did not know before. Fame does not always guarantee wealth. Failure to close a financial plan many times becomes a reason for poverty. As can be seen, Franz Kafka was not very famous in his life, but today he is among the great writers. Money is not everything in life because death is inevitable which will happen in any case.

[STT]

Micheal Jackson left hundreds of millions of dollars in his estate .

He did have alot of productive assets and I hate to say this of anyone but his death meant the largest liability which was his gigantic spending, (mostly) came to a stop.   Im faintly remembering the government had a big bill for his funeral in crowd management which is ironic but I guess he paid taxes too.
  So ironically his estate post death is far better off then he was during his life.   He did enjoy a bit too much the riches but apparently not a happy person so it was a bad distraction he required in over spending.

  Many music artists end up with a catalog of music especially if they are a prolific writer and popular post death.  Some have even aimed to leave riches in this way but did not especially know this wealth during their sometimes brief lives.

  Who could imagine some of your gangster rappers or grunge rock fatalists would resemble an ancient proverb of planting a tree under who shade you would never enjoy.

  I would argue no rich person should aim to die with the riches as they should have a plan for it being used properly.  Also as above, not all wealth is cash & many leave a vast legacy not easily explained in words or numbers.

[Gentle_Soul]

1. Wolfgang Amadeus Mozart lived shortly from 1756 to 1791. He was considered to be one of the most celebrated composers as he toured Europe as a kid to showcase his talent and allowed him to make up quite a fortune. However he had a problem with gambling and he also avoided certain jobs that led him to having massive debt. He was buried in a common grave due to poverty.



2. Thomas Jefferson was the third President of the United States. He had a wonderful career but couldn't control his spending and passed away with massive debts as well. A lot of his property was sold to pay off his debts.



3. Michael Jackson was called King of Pop and unfortunately passed away in 2009. His songs remain to be culturally relevant however at the time of his passing he passed away with around 500 million dollars of debt. Due to this, many of his assets were sold to pay for his debts.

The lesson I got from looking at all these influential people is you can be exceptional in your field but if you do not know how to manage your money you might just die penniless. I personally do not want to pass away after suffering from poverty. I want my last days to be spent in bliss.

There are other people in the list but I only chose three.

I have only heard of people being famous and still stranded and struggling to live up to there standards, because that's where the problem comes from when people hold you in high regard and you do not have the resources to maintain the live that people think you should be living it becomes a challenge and that's what leads most of this celebrities into debts because they do not earn up to the amount that is capable of maintaining there kind of lifestyle.
Understanding that being famous does not necessarily mean that you have to start leaving a luxurious life is one tool that will help especially celebrities

[SquallLeonhart]

Famous doesn't equal to rich. Rich people could become poor and that's another topic, but famous people being rich isn't a guarantee, just because you are known doesn't mean you should be making money. The guy who found penicillin gave it away for free, he is famous, but he wasn't rich.

Not everyone is like Elon Musk, not everyone is famous that kind of way. In fact, there are more famous people in Hollywood as actors than rich business people. Do you know every single person from richest 100 people in the world? Most know 5 or 10, if you are interested you know maybe 20-30, but not many know all 100, and yet you all know 100+ famous Hollywood actors, and yet they are not that rich. Fame doesn't get you rich directly.

[GeorgeJohn]

Famous doesn't equal to rich. Rich people could become poor and that's another topic, but famous people being rich isn't a guarantee, just because you are known doesn't mean you should be making money. The guy who found penicillin gave it away for free, he is famous, but he wasn't rich.

Currently if you're not financially buoyant you can't be famous, we have a limit of how famous someone can be, so many entertainers are famous, elon musk are famous because the kind of things he deals with...so what you do will determine how length will be your famous...

Not everyone is like Elon Musk, not everyone is famous that kind of way. In fact, there are more famous people in Hollywood as actors than rich business people. Do you know every single person from richest 100 people in the world? Most know 5 or 10, if you are interested you know maybe 20-30, but not many know all 100, and yet you all know 100+ famous Hollywood actors, and yet they are not that rich. Fame doesn't get you rich directly.

Firm can give you the opportunity to becomes rich, they're so many opportunities that come from someone who are famous, it's can seek for something and it shall be granted...

Even though people who are famous doesn't have money they way you expected...at least they're living average life, because if you're on Hollywood, it's obvious that you cannot be a beggar..And you have something to sustain without knocking anyone for assistance for feeding...Actually I will agree on your point of views..not all everyone who is famous is rich....