Now that Britney Spears is out of her father's controlling conservatorship, she has free reign over her money — but one insider claimed that's caused her to go on one too many frivolous spending sprees.
"Britney was warned a few months ago that she was running into the red, but she didn’t change anything and kept on blowing her cash and now it’s happened," a source spilled to a news publication. "She’s got a mountain of debts and no money coming in."
Most of the singer's money stems from years prior, as her last tour was in 2018. However, she has released a few tracks over the past two years: a successful collaboration with Elton John and one with will.i.am.
This year, Spears increased her wealth by millions thanks to her memoir, The Woman in Me, which debuted last month.
Though the book made the New York Times' famous Best Seller list, the source spilled that the blonde beauty has already spent the $12 million advance she received for her work. They added that the net profits "won’t be enough to cover the deficit."
"It's not all Britney’s fault given all the people who’ve leeched off her and continue to do so," the insider explained. "But the problem is she doesn’t know how things add up. She was never formally educated about money and how it works, and now she’s paying a terrible emotional and financial price!"
That being said, the "Toxic" songstress revealed last month that she's already in the process of working on a second memoir, claiming it will be out in 2024.
Since her first book was completed prior to estranged husband Sam Asghari filing for divorce in August, Spears plans to spill the tea on their breakup in the second installment.
Never miss a story — sign up for the OK! newsletter to stay up-to-date on the best of what OK! has to offer. It’s gossip too good to wait for!
"Britney’s not looking to go after Sam," a separate source clarified. "She just wants [to talk about] why the relationship broke down."
The two were married for just 14 months before the personal trainer called it quits on their marriage.
In addition, the pop star will disclose more shocking details surrounding her romance with ex Justin Timberlake — much to the dad-of-two's demise, as he's been dragged by fans for the reveals Spears made about him in the memoir.
A source said she "could easily have filled four or five books the first time around" with stories about the 42-year-old, whom she dated from 1999 to 2002.
One of the most talked about tidbits was Spears' confession that Timberlake encouraged her to have an abortion when she became pregnant with his child.
“I loved Justin so much. I always expected us to have a family together one day. This would just be much earlier than I’d anticipated. But Justin definitely wasn’t happy about the pregnancy. He said we weren’t ready to have a baby in our lives, that we were way too young,” she wrote. “I’m sure people will hate me for this, but I agreed not to have the baby. I don’t know if that was the right decision. If it had been left up to me alone, I never would have done it. And yet Justin was so sure that he didn’t want to be a father.”
The National Enquirer reported on Spears' financial woes.