Tuesday, November 3, 2009

Nicolas Cage broke: What we can Learn from It?

Really I still cannot believe that Nicolas Cage is broke or financially ruined. That means that he is under huge amount of debt and he will become bankrupt. He is one of my top favorite heroes for his movie It Could Happen to You. In that movie, Cage won a lottery ticket and shared it with a waitress and then his wife went to court and he lost everything. Then, many people of the city of New York donate some small amount of money and thus in the end he and his girl friend got saved in the movie. It seems to me that It has really happened to Nicolas Cage.
About the problem, Popcrunch wrote:
In Nicolas’ Cage’s lawsuit, it’s alleged that longtime business manager Samuel J. Levin, “lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.”
Nicolas Cage hired Levin in 2001 to oversee his investments and finances – looks like he didn’t do such a great job if Cage is now as broke as the rumors would have you believe.

First of all, he is a good actor but he is bad when it comes to managing money. I was going through his real estate purchases in Wikipedia:
Cage had a Malibu home where he and Alice lived, but in 2004 he bought a property on Paradise Island, Bahamas. In 2005, he sold his Malibu home for $10 million. In May 2006, he bought a 40-acre (160,000 m2) island in the Exuma archipelago, some 85 miles (137 km) southeast of Nassau and close to a similar island owned by Faith Hill and Tim McGraw.[19]
He used to own the medieval castle of Schloss Neidstein in the Oberpfalz region in Germany, which he bought in 2006 and sold in 2009 for $2.5 million.[20] His grandmother was German, living in Cochem an der Mosel.[21]

 He bought some very valuable properties and I simply cannot understand the logic behind wasting so much money for buying luxurious houses. How much room a person needs? It seems that people like Nicolas Cage needs a lot of land to be happy. So, the first thing that we can learn from his example is that we should try to avoid luxury in life. The old proverb cut your coat according to your cloth is a useful thing to remember in life.
He has fallen into trouble with tax matters and in USA, one of the worst thing that can happen to you perhaps is falling into trouble with the tax department. It shows that his business manager was not that skilled. Well, he is now unhappy with his business manager and he has already sued his business manager Samuel J. Levin. Cage feels that Mr. Levin took a lot of money for himself but caused destruction for Nicholas Cage and it ultimately led him to become broke. So, you should be wise in selecting the employees. Most people I have seen do not give a lot of importance about whom to select. When something is very important like business matters then you should be double careful. First of all, you should try to find a trusted person. Secondly, you should never lost track of your income and expenses.
I guess that now after becoming broke, Nicolas Cage has become wise and perhaps he will try to manage his life and money in a better way. It is not the first time that a Hollywood celebrity has become broke and it wont be the last time either. However, we have seen some amazing comebacks in the past. Hopefully, Nicolas Cage will be able to do so. 

1 comment:

  1. I like your point of "hey let's learn from it!" I also really like Nicolas Cage as an actor.