The business of selling records or playing sports can be highly profitable if you manage to perform on the highest level for a decent amount of time. However, doing so doesn’t necessarily make you a rich man because there are a lot of fees you need to take care of before cashing out.
These ten celebrities that went broke obviously forgot about their legal obligations.
DMX had a prolific Hip Hop career until he started to have drug problems. Unfortunately his addiction made him collapse financially and he’s still struggling to pay his child support and his debts.
Busta Rhymes is without a doubt a notorious figure in the Rap game but his checks can’t match his pedigree. Several record deals damaged his financial situation until things got so bad Birdman couldn’t even save him.
It odd that you see Nelly on this list since the rapper has one of the best selling albums in Hip Hop history. Unfortunately his financial statements don’t match his musical success and recently he was hold responsible for a huge debt from the IRS.
Despite being one of the most successful rappers in the music history, MC Hammer doesn’t have the cash to back that up. He trashed most of his money until this point and by the looks of it, Hammer has no chance to earn them back.
Toni Braxton dominated the R’n’B charts at some point but her check went missing when it was time to make bank. She still gets a decent amount out of music streaming but that’s not nearly enough as she was getting back in the day.
It’s safe to say that Allen Iverson can’t wait until he’s 50 to cash out form his Reebok trust fund. He made hundreds of millions during his NBA career but he spent it all as hard as it may be.
Iverson traveled with most of his friends wherever he went and spent a lot of money on cars and jewelry.
Bow Wow made millions out of music and acting but somehow he managed to trash all his funds. He claims that he’s still doing good but his recent failures prove the opposite.
Tyga managed to spend all his money in the last few years after expensive purchases and exclusive parties. Now he’s facing lawsuits due to unpaid bills.
Mike Tyson had a great boxing career but he never had his way with numbers. This is how he got conned out of all his money and he’s now in debt from earning $500 million.
50 is the latest name to join the list after he filled bankruptcy. He made enough cash for a lifetime but bad business decisions and several lawsuit made him lose a ton of money. On our list of celebrities that went broke he’s the biggest surprise.