Investments are a great way to make money and even supplement your income but unfortunately, most investments come with at least some risk. Case in point, the following five celebrities who bet big and then lost it.
Bono is the frontman for U2, one of the most popular bands ever. However, he also fancies himself a businessman. He has a private equity firm called Elevation Partners. They made some good investments, but they sunk hundreds of millions of dollars into Palm and Forbes, leading many to call him the worst investor in the country.
MLB all-star Lenny Dykstra is just as famous for his off-field antics as he is for his baseball skills. In addition to various run-ins with the law, Dykstra has also made a few investments that just didn’t work out. Including a high-end jet charter company and magazine called the Player’s Club marketed to professional athletes. Dykstra filed for Chapter 11 bankruptcy in of July 2009.
While Jay-Z is one of the richest men in the music industry, even he isn’t immune to terrible investments. Back in 2007, Jay-z’s company purchased an expensive piece of real-estate in New York where he was planning on building a luxury hotel, however, the financial crisis hit and the whole thing failed
Unfortunately, Bacon was one of the 200 or so individuals that fell victim to the massive Ponzi scheme of Bernie Madoff that cost individuals over $60 billion. While the exact number that Bacon lost isn’t 100% known, it has been reported to be millions.
Schilling was a beast on the mound as an MLB pitcher but made one of the worst investments of any celebrity ever. Schilling set out to create the best video game studio ever, but it failed miserably. The studio put out a single game and then imploded, losing Schilling around $50 million in the process.
Dealing With Financial Loss
Regardless of what type of financial loss you’re dealing with, it’s always in your best interest to seek the help of professionals. Asking for help, especially when it comes to your finances, can often be the difference between a quick and an extended recovery. This is where Rebound Finance can help, visit www.reboundfinance.com to learn more.