10 times celebrities got real about the biggest money mistakes they ever made
It’s easy to assume that celebrities, with their lavish lifestyles and exorbitant bank accounts, are also good with money. But having plenty of money doesn’t mean you know how to save, spend, budget, or invest it properly. Many have struggled with standing up for themselves during pay negotiations or trusted the wrong people to balance their checkbooks.
These 10 celebrities opened up about the massive money mistakes they have made throughout their career.
1: Rihanna was left “effectively bankrupt” after receiving poor financial advice.
Rihanna is now worth an estimated $245 million.
The “Diamonds” singer famously sued her former accountant after claiming he advised her to spend lavishly, mismanaged her funds, improperly filed taxes, and kept an unfair percentage of profits — decisions that Rihanna says led her to double her expenses and drop over $9 million in a single year.
According to court documents, Rihanna was left “effectively bankrupt” after Peter Gounis of Berdon LLP did not let her know that she was losing money on her 2010 “Last Girl on Earth” tour.
Although Rihanna never made a traditional statement regarding the matter (the pair reportedly settled out of court for around $10 million), her “B—- Better Have My Money” music video is widely assumed to be a public revenge fantasy. The video, which came out the year after her lawsuit was settled, explicitly names Rihanna’s nemesis as “The Accountant.”
2: Meryl Streep was reluctant to negotiate.
Streep is one of Hollywood’s highest paid actresses.
While reminiscing about accepting her iconic role in “The Devil Wears Prada,” Streep revealed that she was originally offered payment that could have been seen as “insulting.” She decided to walk away — and they doubled her offer.
Streep wasn’t always so sure of her worth, however. Despite already earning a longstanding reputation as one of the greatest actors alive, she realized that she had been accepting too little for too long.
“I was 55, and I had just learned, at a very late date, how to deal on my own behalf,” Streep told Vanity Fair.