5 Broke Celebs Who Need a Payday Advance

November 24th, 2012

Celebrities have an unfortunate knack for living a lifestyle that is in excess of even the most rational means. As a result, many celebrities, while still in the public eye, have gone from wealthy to bankrupt in the blink of an eye. Sometimes these falls from grace are more dramatic than others, but the five broke celebrities on our list have all been prime examples of how overindulgence in fame and money can lead to a greatly diminished lifestyle in the end, and are in need of a payday advance.

MC Hammer

MC Hammer, despite several reality shows and a short lived career as an author, is most known for being a pop culture, rap sensation in the late 1980s and early 1990s. It was estimated that his income in 1990 was $33 million, with his total worth several times that number. Hammer had a gambling problem and spent most of his money betting on horse races and buying expensive cars. By 1996, the rapper was completely broke and filed for bankruptcy before fading to obscurity.

Dustin Diamond

Dustin Diamond, best known as Screech on Saved By the Bell, although quite wealthy from the success of his show and subsequent years of syndication, was unable to find work after the show ended. The former star is now reportedly being sued for $2,000 in unpaid utility bills. Diamond has also seen financial troubles in the past with home foreclosures and other debts that have leaked to the public.

Mike Tyson

Some would argue that Mike Tyson’s prime was amongst the most impressive sports accomplishments of all time. That however, did not stop him from spending to excess and blowing his fortune. By 2003 Tyson had filed for bankruptcy despite having made over $300 million throughout the course of his career. When he filed for bankruptcy, Tyson had more than $25 million in debt on the books and a family to feed. Since that time Tyson has appeared in movies and been a part of multiple business ventures to regain his lost fortune.

Chris Tucker

Chris Tucker is instantly recognizable after a highly profitable standup and acting career. Unlike others, Tucker’s bankruptcy was not the result of over exuberance, but rather making bad business decision. Tucker was heavily invested in real estate when the housing market crash hit in 2008. Even today, Tucker owes more than $4 million on his own home. Tucker had purchased his home for $6 million at the height of the housing bubble, but the home was recently appraised at $1.6 million, leaving a $3.4 million hole in equity.

Randy Quaid

Dennis Quaid’s brother, Randy Quaid, might not be the most known of the Quaid brothers, but he has seen his own share of success over the course of the last 20 years. In 2010, Quaid accused a financial consultant that he had hired of stealing money from him. Further investigation showed that it was not the financial adviser, but rather overspending on Quaid’s part that had landed him dire straits, a position that he had reportedly been in for quite some time. He was forced to file for bankruptcy with debt of $1 million on the books.

Author Bio:  Tessie Nelms works for FastCash.org where you can read some of the articles including tips on saving money and budgeting.

Incoming search terms:

  • randy quaid
  • Dustin Diamond Bankrupt
  • broke celebrities
  • Randy Quaid broke

Leave a Reply

You must be logged in to post a comment.