Nowadays, it seems like there is a shortage of proper accountants for celebrities.Almost every successful actor or artist has a problem with managing their money. Nick Cannon was a millionaire before he was 19, and also went broke before he was 19. During a recent interview, he explained how he managed to learn from his mistakes and better manage his funds.
I became a millionaire and went broke all before the age of 19. I spent it right away and did a lot of frivolous, unintelligent things with the money.
I bought jewelery and Range Rovers. Instead of buying property I was leasing the most expensive property, and then you turn around and you owe the government 44% of what you made and you don’t understand that, even when people you tell people that beforehand.
One of those who was a mentor to me at that young age and opened a lot of doors was Will Smith. I remember when I was going to buy the Range Rover he said, ‘Man, don’t go buy that, you don’t need that.’
He was someone who made $1 million and lost it at a young age, so you got to pay attention to the people who came before you. I would encourage people who do get a little bit of money to save it and invest it and hold on to it.
And make sure you pay your taxes!
Or you can marry a music legend like Mariah Carey and have everything taken care of you for the rest of your life.