Well, the best example is Nicholas Cage.
Nicolas Cage earned over $150 million as an actor between 1996 and 2011, starring in films like Gone in Sixty Seconds ($20 million), National Treasure ($20 million), Snake Eyes ($16 million), and Windtalkers ($20 million).
Forbes listed him as one of the highest-paid actors of all time. It’s said that in 2009 alone he earned $40 million. That’s a lot of money!
Unfortunately, the fun didn’t last long. As his income rose, so did his crazy spending habits.
By the time he was in his mid-forties (he’s now 53), Nicolas Cage was spending so much money that he could outshine the King of Arabia. While he blamed his financial advisor for putting him “on the path to financial ruin,” others say it was his own outrageous personal expenses.
In 2009, the IRS placed a $6.2 million tax lien on him, and Cage eventually sued his financial advisor for fraud and negligence.
Where did all the money go?
- Dinosaur Skulls
A self-proclaimed history fan, Cage allegedly outbid Leonardo DiCaprio for a 67-million-year-old Tarbosaurus skull worth over $300,000. He reportedly owned other dinosaur skulls as well.
Two Albino King Cobras
Cage supposedly used the cobras for protection. Some others claim he used them for sexual purposes.
Two Bahamian Islands
He bought a $7 million island south of Nassau for personal use.
Tip: Use your money for something good instead of wasting it.
The Shah of Iran’s Lamborghini
In 1997, Cage bought a rare Lamborghini Miura SVJ for $450,000 from the late Shah of Iran.
Exotic Cars and Motorcycles
He also spent millions on dozens of specialty and classic vehicles. In June 2004, he reportedly owned up to 30 motorcycles and 50 cars. His collection included nine Rolls-Royces and a $1 million Ferrari Enzo, one of only 349 produced.
Luxury Yachts
He purchased four yachts, one named Sarita, costing $20 million with 12 master bedrooms.
A Famous Haunted House
Cage bought this notorious house in New Orleans in 2006 for $3.45 million. The house reportedly belonged to the socialite serial killer Madame LaLaurie, who inspired the character of Kathy Bates in American Horror Story: Coven. In the 1800s, LaLaurie tortured and killed slaves there, and legend says the house is haunted.
Shrunken Pygmy Heads
According to visitors, Cage had a collection of shrunken heads in his house for unknown reasons.
A Pyramid Tombstone
This 9-foot (2.74 m) pyramid tombstone in New Orleans bears the engraving “Omni Ab Uno,” Latin for “Everything from one.” Cage purchased it.
The First Superman Comic
Cage owned a comic book collection, including Action Comics No. 1 (Superman’s first appearance) and Detective Comics No. 38 (Robin’s first appearance).
It doesn’t matter how much money you have if you don’t know how to keep it.