Avoid These 5 Celebrity Money Pitfalls

• Kendall Jenner's Alcohol Brand

  

  Let's start off with the universe's most recognizable face, shall we? Kendall Jenner has graced many a controversial headline and stared down the barrel of much criticism, but none takes the cake more than her tequila company startup. The model made the infamous decision to manufacture and sell her favorite alcoholic blend, but it was met with harsh feedback. Whether she is or isn't in her right to enjoy the $$$ benefits to a beverage she bears no cultural tie to, is not for me to say. However, the lesson learned here is to first cover all your bases before setting off on such a venture.

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• Billy McFarland and the Fyre Festival

  

  Along the lines of A-listers such as Ms. Jenner, I give you the disaster that is/was Fyre Festival. This flop of a music festival was all thanks to con-artist Billy McFarland. He fooled many famous names into doing his advertorial bidding: Bella Hadid, Blink-182, Emily Ratajkowski—and let's not forget Kendall—to name a few. Ms. Jenner had to dole out nearly $100,000 as a settlement payment just to cover her PR tracks. So, what is the practical takeaway here? Firstly, do not ever sign a contract before making sure everything is kosher. Get a second opinion. Do background checks. And never name your Coachella-knockoff festival "Fyre".

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• Celebs Who Ghosted Their Taxes

  

  Tax evasion is no joke. So many celebs have endured this public humiliation so we wouldn't have to. See: Martha Stewart, Bar Rafaeli, Nicolas Cage. I'm sure there's a prison joke in there somewhere. Being in the public eye with all that glitz and glam is one thing, but having your money failures flaunted out to the universe must be hell. On your sleep schedule alone. So guys? Just pay your taxes. It goes without saying at this point. 

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• Jay-Z

  

  Let's move onto the NY rap God that is Jay-Z. His claim to fame may be attributed to that recognizable voice of his, but Shawn Corey Carter (Jay-Z's real name) has been a business whiz since 2003. The music label, Roc Nation, and clothing brand, Rocawear are just two of his investment positives. He holds one of the highest-ranking salaries in the world. So what's his money pitfall, you ask? How about that time he wanted to turn his newly-purchased Chelsea property into some spiffy hotel? It was mostly poor decision making from trusting investors he shouldn't have trusted. Although Jay-Z won't be losing too much sleep over it, as he's the perfect example of 'win some, lose some', precautionary measures should've been taken. A word to the wise: make sure the property you're flipping is worth flipping. Go into business with those you fully trust. And double check the kindness levels of the real estate market, time-of purchase.

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• Lindsay Lohan.

  

  Lastly, I hate to hate on Lindsay Lohan. The girl's been through enough, right? But her name itself is associated with so much financial baggage that I feel it bears repeating. Lindsay was once one of the most in-demand actresses, gracing so many movie posters in a year, it was hard to keep track. I guess another thing that had difficulty keeping up with her was Ms. Lohan's spending habits. She did the thing we should never do and spent way more than what she was earning. She declared bankruptcy after her career took a backseat due to personal issues, with tax debt looming ahead. Now, she makes barely one million a year, which compared to her previous earnings, is a stark contrast to say the least.

  Now, will we ever make enough dough to declare ourselves bankrupt from millions and millions of dollars? Very likely not. But it's nice to know that even the rich and famous can't keep their money sh*t together.

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