Financial struggles are so common in the modern society and everyone is bound to go through a crisis at one point. Even our favorite celebrities and icons will attest to once being “broke.”
There are several stories about making it from rags to riches and people are more welcoming of that narrative. The reverse path of going from a position of wealth and success to bankruptcy is just as common.
Fortunately, you can always find your way back to wealth, especially if you are a celebrity. Below is a brief look at some of the things celebrities do when in financial crisis.
Take a loan
For most people, taking a loan is the most traditional way of navigating financial problems and celebrities also do it.
There are many avenues available for those seeking personal loans. You can borrow from a trusted friend or family member or even loan some money from your bank.
You can also get Payday loans online if you want same day transactions. In fact, payday loans are quite popular, especially since the lender pays you within hours of application and the debt is deducted directly from your next salary.
They are ideal if you are looking for quick cash or emergency funding. Many celebrities including the likes of Kanye West (rapper), Pamela Anderson (actress) and Toni Braxton (singer) have admitted to taking huge loans during their rainy days.
Celebrities are known to own different types of property in different places. These may be cars, houses, jewelry, pets (such as tigers and cheaters) and yachts among other things.
One great thing about owning property such as real estate is you can use them as collateral when applying for big loans. You can also sell one property to get through a temporary crisis as you wait for the next payment.
Property selling is a common phenomena among celebrities, especially when they are facing financial struggles. Nicolas Cage is one good example. After buying several homes across Europe, vintage cars and high end jewelry, Cage ran into heavy debt with accumulated income tax and had to sell most of his assets to settle the debt.
Consolidating finances from online crowds is one option that was not available to celebrities a few years back.
However, it is one of the easiest ways to get funding today. Crowdfunding can be made for any purpose ranging from kick-starting a project or idea to running political campaigns.
Celebrities can appeal to their fans and online followers to make a contribution towards a project such as a movie or product line.
Some famous celebrities who have used crowdfunding platforms to raise money for kickstarter projects include Spike Lee, Sylvester Stallone and Rob Thomas among others.
Create a product
Celebs have been known to create different kinds of products when their finances start to run low.
The products also raise them enough funds during rough times. It may be a book, a fashion accessory or a digital product offered at a fee. Since they already have a large following, they can easily sell products and use the generated income to recover from debt or financial crisis.
It is also easier to get investors and endorsements for your products as a celebrity. Celebrities who have written books include Bob Dylan (Tarantula), James Franco (Actors Anonymous) and Ethan Hawke (Ash Wednesday) among others.
It is comforting to learn about the existing options available if you are going through financial struggles. You do not necessarily need a large beach house or expensive car to sell.
Avenues like payday loans are available to any qualifying clientele including celebrities. If you are fortunate to recover from a financial crisis, it is important to review the situation and find ways to prevent it in the future.