by d d.
Member since:
July 26, 2006

Actor Nicholas Cage is broke, should he grow up and be more responsible for his own money? (tuesday writing essentials: 11/03/09)

November 03, 2009 07:07 PM EST (Updated: November 04, 2009 05:03 PM EST)
views: 112 | comments: 51

Whether it is Nicholas Cage or another famous actor/actress; You hear about it all the time, multi-dollar millionaires can be rich one day and turn around and be broke the next.

Why is it that certain people of so called privilege also owe millions in taxes.  If an average person makes  an error on their taxes, would the I.R.S. not be knocking on your door to collect the 20.00 plus interest?  So why is it that actors/actresses/sports figure, politicians end up owing years and million dollars worth of taxes?

Today, it was reported that Actor Nicolas Cage has a significant amount of debt and is broke.  In order to pay for some of these debts, it is reported that Nicholas Cage is selling some of his real estate properties located all over the world. It was reported that he also owes $6 million dollar in taxes and defaulted on a $2 million dollar loan.**

It is also noted, that Nicholas Cage has a law suit against his manager, Samuel Levin for leading Cage "down a path toward financial ruin."  He is asking for $20 million in damages.  He blames his manager for being reckless with his money, not paying taxes, and over charging him for his services.** No matter who you are, should you ever give up control of your own money. Should Nicholas cage grow up and be more responsible about his own money?


** various internet news feeds, google search.


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Comments: 51

Larry H. Nov 3, 2009, 7:16pm EST
He will be okay, he is young..
d d. Nov 3, 2009, 7:27pm EST
he has 6 movies coming out next year, he earns somewhere near 20 million... can he save any of it?
Lee P. Nov 3, 2009, 7:17pm EST
Wow. He should have stayed married to Lisa Marie, she's still rich. LOL

I'll adopt him (because I love him) and he can come live with his new grandma and share my SS check with me. LOL

Awwww, he'll bounce back. To many people love his movies for him not to make another 20 million this year. We even love the really "bad" movies. LOL
d d. Nov 3, 2009, 7:28pm EST
LOL.... He may take you up on your offer.
Warren Bennett Nov 3, 2009, 7:18pm EST
This is hard...because I can see having someone you trust handle money for you. YET I also think he should keep an eye on the accounts...even if he has an 'accountant' or someone else doing the actual work. Hopefully this will be a lesson to him and he will handle his money better from now on.

At least now we know why he was in Ghost Rider...heh.
d d. Nov 3, 2009, 7:29pm EST
he makes approx. 20 million a picture... that's a lot of money to burn. ps. and not pay taxes.
Warren Bennett Nov 3, 2009, 7:35pm EST
Yah well, when your not paying attention to your money it is really easy to spend. Plus I will give him the benefit of the doubt, maybe his manager did screw him.

HOWEVER that does not absolve him of being negligent about it, you know?
d d. Nov 3, 2009, 7:42pm EST
no, you should always be in some control of your finances.
Warren Bennett Nov 3, 2009, 7:50pm EST
I agree, I just know that not everyone is. However if he was being screwed over, the guy shouldn't get away with it just because Cage doesn't have any financial sense, heh.

♠~Dnbuster~♠ ~. Nov 3, 2009, 7:24pm EST
ITs hard to believe that he didnt know he is broke. Must be nice to have that much money to not know...
d d. Nov 3, 2009, 7:30pm EST
crazy! huh?? he should make quite a bit this year, but i think the IRS should take a big chunk before he even gets his hands on it.
Angel sent from God Secret Sisters Nov 3, 2009, 8:05pm EST
He ll bounce back, thats what the rich does they hire someone to handle the money.
I would too If I was making millions!!
d d. Nov 3, 2009, 8:15pm EST
yes, he has 6 films coming out in the new year.
Michelle S. Nov 3, 2009, 8:10pm EST
i hope nick learns a lesson here. get your house in order before you buy more houses around the world.
there has to be more than one person who takes care of things when you have that much money. he can't blame this all on one person. IF he was being screwed by the manager; the guy wasn't doing it alone.
d d. Nov 3, 2009, 8:14pm EST
he must have ok'd everything too. i can't imagine giving the manager full "signing" rights.
Michelle S. Nov 3, 2009, 8:21pm EST
a manager isn't an accountant or an attorney. the manager can't just spend money without going to an accountant to find out what account to take money from for whatever purpose.
when someone makes that much money; there's an accountant team that sets up different accounts to take care of different things....household budget; business investments; entertainment; other investment; charity, etc. how does one person take an intelligent man "down a path toward financial ruin."? something is a bit fishy!!
d d. Nov 3, 2009, 8:39pm EST
every once in awhile, you hear about someone with so much money going bankrupt.
anne ( way 2 crazy of a life ) c. Nov 3, 2009, 8:30pm EST
wow *shakes head*
d d. Nov 3, 2009, 8:38pm EST
I know!
Kathryn E. Nov 3, 2009, 8:33pm EST
GAWD, how ridiculous.


b>Featured in the Triple Name Club.
Kathryn E. Nov 3, 2009, 8:34pm EST
Featured in the Triple Name Club.
d d. Nov 3, 2009, 8:38pm EST
Here, let me invest some of that cash for you, Nicholas, dear.
regina guthrey Nov 3, 2009, 9:13pm EST
I am sure he will be just fine. Just make another movie and wham rich again
d d. Nov 4, 2009, 7:09am EST
hopefully, not so rich..hopefully, pay down the debt first like we all have to do on a daily basis.
Austin Cushing Nov 3, 2009, 9:13pm EST
This comment is to let you know that this content has reached at least ten comments, and as such has been removed from Comment Speedway! Congratulations!
d d. Nov 4, 2009, 7:10am EST
thank you Austin
Praj S. Nov 4, 2009, 12:24am EST
I am not that worried about him or all those rich folks... I think its just a tax evasion trick
HH
d d. Nov 4, 2009, 7:10am EST
funny how the irs goes after the smaller debts and you hear about people that have not payed their taxes for years!
Len Maxwell Nov 4, 2009, 8:28am EST
I don't follow celebs and could honestly care less about his problems. I have enough of my own with the IRS.
d d. Nov 4, 2009, 8:51am EST
they'll chase after you...but if they only chased after the big whigs.. they would bring in more money than they can handle.
MaryAnne, Director of Member Services Nov 4, 2009, 9:45am EST
Excellent job writing to Tuesday's writing prompt, DD! I sent you a message with a few ideas. Thanks for participating.
☃ Aunt Shanny Nov 4, 2009, 11:36am EST
Screw him!

I just lost all respect for the loser.
d d. Nov 4, 2009, 4:57pm EST
Aunt Shanny don't be so shy... we're all friends here, you can let us know how you really feel.. LOL

I had to laugh when I saw this.
Monica H. Nov 4, 2009, 11:40am EST
I can't really compare my feelings with someone who makes millions. Wouldn't even know what to do with that kind of money. It's out of my league.

I sure do know that I would be able to survive though. If I can survive on our monthly income.
d d. Nov 4, 2009, 4:58pm EST
my girlfriend just told me that a celtics star: antwonne walker is broke also. Huh?
Love from Darlene! Nov 4, 2009, 4:54pm EST
He'll recovery over his financial lost faster than the ordinary hard working person.
d d. Nov 4, 2009, 4:58pm EST
that's right, but i hope he has to pay the penalties too!
just another example of people not taking responsibility for themselves. That's the whole problem with the world today, in my opinion. people never think anything is their fault and always lay the blame somewhere else
d d. Nov 4, 2009, 7:50pm EST
i agree.

ps. sent a package yesterday.
Stacey *Mamasaid* D. Nov 4, 2009, 8:23pm EST
It's amazing how much control celebrities give their managers...not a wise idea. Cage is Francis Ford Coppola's nephew. HH
d d. Nov 9, 2009, 4:53pm EST
I actually like him as an actor.
Alex In Wonderland Nov 7, 2009, 10:43am EST
If only I could make 10% of what he makes I would be the happiest person on the planet. All of my current problems revolve around money so I do believe that money would buy me happiness! I guess it's easy to take advantage of being rich by overspending and being careless. He can hire me as his manager. I'll straighten him out and I won't charge very much.
d d. Nov 9, 2009, 5:01pm EST
let me get you an application, you sound like you would do better than his present manager.
Elizabeth S. Nov 9, 2009, 2:49pm EST
I had a client once who was extremely artistic but had no business sense. He needed the professional help of accountants and business managers. It may well be that Nicholas Cage is one of those who trusts professionals to do their job correctly.
However, just because IRS claims he owes doesn't mean he does. Just because he claims his business manager was negligent doesn't mean he was. This should be interesting.


HH
d d. Nov 9, 2009, 5:16pm EST
thanks Elizabeth for commenting.
Elizabeth S. Nov 9, 2009, 2:52pm EST
Just had to add. I'm broke because I have $1.57 in the bank and $6 and change in my purse. Nicholas Cage is broke so he had to sell some of his extra real estate. My dream is to be as broke as he is.
d d. Nov 9, 2009, 4:52pm EST
LOL good point, had to sell some of his mansions. :)
Laura C. Nov 9, 2009, 7:31pm EST
what annoys me about this is that if it was you or I owing money the IRS would be all over us. I owed money once and didn't know it, and they were going after after thing I had over $200 or so. I got it straightened out, but they were after me like rabid animals, but he's allowed to owe that much?
Joanne Vicente Nov 10, 2009, 7:04pm EST
I didn't think anyone could go through so much money so easily.
I love his films, and so do a lot of other people, so he's sure to be back on his feet in no time!
PIF
Linda T. Nov 11, 2009, 5:16pm EST
These actors always seem to let financial advisors handle their affairs without questioning them. I love Nicholas Cage so I can forgive him for this. ~pif
Stacey (Jesus is coming soon! ) U. Nov 13, 2009, 9:43pm EST
Jeez...just like a little kid....blame it on someone else....;p PIF

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