How Do The Rich and Famous End Up Broke?

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Dionne Warwick (Reuters)

It’s a familiar story: professional athletes, superstar entertainers and other famous celebrities losing their homes, filing for bankruptcy, delinquent with their child support payments, in trouble with the IRS—just plain going broke, despite having earned millions of dollars during their careers. Meanwhile, we—including evening news anchors, social media instigators, late night talk show hosts, and average, everyday Americans—roll our eyes, shake our heads, and with more than a hint of judgement, if not outright ridicule, ask: How does this happen?

Like you don’t know.

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