Nicolas Cage – Broke and Buried in Debt

Celebrities: Who cares about budgeting?

Actor Nicholas Cage (Photo via Wikimedia.org)

You never would have thought someone like Nicolas Cage, an Academy Award winner and Golden Globe nominee, would ever fall in need of intallment loans for bad credit. People like him have all the money in the world to feed an entire realm of starving children. They don’t necessarily have to budget or make financial sacrifice for the type of necessities the average people would have to budget for like food, rent, and a chance to dine at the Le Bernardin restaurant in New York City. The truth is, however, without proper money management in place, anyone can fall into debt, celebrities or not.

Nicolas Cage – Broke!

According to the New Orleans Times-Picayune, Hollywood actor Nicolas Cage is going broke. Cage, who made millions of dollars in his acting career, supposedly owes the IRS nearly $6.26 million on property taxes for failing to pay income taxes in 2007. That’s quite a staggering figure for the man who made the Forbes’ list of the top 10 overpaid movie stars just one year ago. To make matters worse, the IRS issued a second claim for unpaid taxes between 2002 and 2004. The amount he owes on this particular IRS lien is a whopping $360,545.84. Both of his houses in New Orleans are now up for sale. He recently sold his 500-year-old Bavarian castle in Germany for only $2.3 million. Cage reported paid $3.6 million for the castle.

The Root of All Evil

It’s no fun to watch people struggle though financial problems and in desperate need of credit repair unless, of course, you’re anything like Bernie Madoff. The news of Nicolas Cage going broke proves that no matter who you are, what you do or how many millions you have saved in the bank, you can easily become vulnerable to the pain and struggle that hails from the root of all evil: Money.