3 Artists Who Struggled Financially and How They Bounced Back

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Financial literacy is an aspect that is not formally taught in schools or educational institutions. Most people who have the knowledge and skills in money management find this capability innate in them, or they have learned it the hard way. Some may only earn a meager income, but manage to build up an emergency fund.

On the other hand, some may be earning a hefty sum, but still find themselves short of their budget. Fortunately enough, finding lenders and applying for personal cash loans is now made easier through online platforms. The professionals behind Cashry believe that the entire online process of getting cash for immediate need should be safe and secure. Nevertheless, being left with empty pockets is one of the hardest ways to learn how to handle your money.

Would you believe that there are certain artists who became famous, went bankrupt, but bounced back again? Read on below to know some of them.

Lady Gaga

Lady Gaga catapulted to fame in the year 2007 because of the hit songs Poker Face and Just Dance, which are included in her debut album, The Fame. However, during her 2009 Monsters Ball Tour, this famous artist was literally bankrupt. This is because she has spent all her $3 million dollars in making the stage for her tour. Fast forward to after the show, she was able to regain her money back a dozen times.

Will Smith

Will Smith’s “He’s the DJ, I’m the Rapper” collaboration album with DJ Jazzy Jeff went platinum in 1989, instantly earning him millions. However, he failed to settle his taxes on time, which prompted the IRS, or the Internal Revenue Service, to bill him with almost $3 million in taxes due. About a year later, Will Smith landed the lead role in the show The Fresh Prince of Bel-Air, allowing him to have the means to pay off his due. He has been since an A-list actor who ensures to enlist the services of a personal accountant to keep tab of his dues.

Kim Basinger

Kim Basinger was one of the most famous artists of the 80s and the 90s and up to now, she still takes in premier roles. However, back in 1993, she filed for bankruptcy after being sued by a production company for a breach of contract amounting to around $8 million. Her net worth at the time was only $5 million. After the case was settled, she made a comeback through the show L.A. Confidential, earning her a current net worth of $36 million.

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Lady Gaga, Will Smith, and Kim Basinger are only some of the artists who filed for bankruptcy despite their fame. Fortunately enough, they were able to bounce back and when they did, they even surpassed their previous net worth. Perhaps the lesson here is that there will be instances wherein unfortunate circumstances are inevitable and these may catch you off guard in terms of your finances. The important thing is to keep on moving forward, equipping yourself with the learnings of the situations you have been put through.

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