What You Can Learn From Celebrity Money Mistakes

September 1, 2021 | Mason Roberts

celebrity money mistakes

Being famous does not make you immune to money problems. Celebrities can face the same financial woes that the average person may face — heavy debt, overspending, lack of savings, and more.

Celebrity money mistakes aren’t just gossip fodder. They can offer glimpses into poor money management and put overall financial wellness in focus.

Here’s What You Can Learn From Celebrity Money Mistakes

Avoid Accumulating Credit Card Debt

Once you get into credit card debt, it can be difficult to get out. Families in the United States have an average credit card debt of $6,270, according to the Federal Reserve.

In particularly egregious cases, credit card debt can ruin your credit score or lead to your salary being garnished. Having too much credit card debt is one of the most common celebrity money mistakes that a lot of other people make, too.

Many celebrities have spoken out about their current and past issues with credit card debt. Actress Melissa McCarthy once told Glamour that when she was looking for acting work in her early 20s, she would buy clothes and shoes that she couldn’t afford, leading to inability to pay her bills on time.

Keep Track of Spending

Among other common among celebrity money mistakes is not having a budget or keeping tabs on all of your spending during a month.

Whether you are relatively well off or consistently struggling with money, knowing what you spend and on what is key to better financial management.

Celebrities such as Billy Joel and Rihanna have discussed at length about the issue of not knowing what they were spending money on when they started making a lot of it — and trusting others to manage it for them.

Don’t Spend Impulsively And Frivolously

Impulsive spending affects us all. It can involve buying that beautiful dress you can’t really afford or purchasing a cell phone just because it’s the newest version.

You can enter a store with a list of items you need and end up spending double what you expected. There are several other examples of celebrity money mistakes that involve frivolous, unnecessary spending, including dropping $200,000 on a dinosaur skull, buying towns (yes, an actual town), and more.

Priyanka Chopra once bought a lavish car for her mother on a whim, just because her mom mentioned that she needed a vehicle.

celebrity money mistakes chopra

Pay Your Taxes

Everyone must pay taxes every year — and pay them honestly. Tax evasion has serious consequences, including jail time. Still, several celebrity money mistakes involve failure to pay up. Among the famous folks with major tax problems: Willie Nelson, Lil Wayne, Pete Rose, Lindsay Lohan, and Martin Scorsese.

Pay Your Mortgage

Homes, especially during times the real estate market is hot, can be unfortunately outside the reach of the average person. More and more people are buying homes that they simply cannot afford, and defaulting on a mortgage can ultimately lead to foreclosure.

It’s among the most frequent celebrity money mistakes as well, with Nicolas Cage, Evander Holyfield, and Toni Braxton among the famous names who experienced the pain of home foreclosure.

Look For Hassle-Free Assistance

Money mistakes can accumulate, and that’s bad news when you have to face an unexpected financial emergency. Without savings or responsible money management, paying for an expensive emergency room visit or last-minute travel can be out of reach.

One option to consider when an emergency strikes, is getting auto pawns from Georgia Auto Pawn, Inc. What is a title pawn? Let us consider what auto pawns are and how they work.

Designed as a short-term solution to help with a short-term financial problem, an auto pawn involves exchanging the title to your vehicle for a cash loan to be paid off over time. And the good news — with Georgia Auto Pawn, Inc., and you keep your car. We offer auto pawns of up to $15,000 for those who qualify in as little as 30 minutes.

What You Need For Auto Pawns

Auto pawns from Georgia Auto Pawn, Inc. are easy to qualify for. All you need is a driver’s license or state-issued I.D., a lien-free title to your vehicle in your name, and your vehicle for inspection. In Georgia, you also must be at least 18 years old to qualify for auto pawns.

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The Auto Pawns Process

We make qualifying and getting approved for auto pawns easy and fast. You can start the process online, over the phone, or at one of our many locations. You’ll provide some basic personal information and the required materials outlined above that will be reviewed by one of our loan representatives.

A short inspection will be done on your vehicle to see how much you may qualify for. Once approved, and you agree on the terms and conditions, you receive your cash either the same or next day (depending on your bank delay policies).

Get Started Today

As celebrity money mistakes demonstrate, financial emergencies can impact every one of us. But there is a way to deal with a financial emergency even if you don’t have savings: you can pawn your car for cash at Georgia Auto Pawn, Inc. and receive hassle-free assistance for any type of short-term financial issue. This will allow you get back to restoring your financial wellbeing quickly and easily.

Give us a call, visit us at one of our locations closest to you or start the process online today!