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I agree he did some very extravagant things but I also wholeheartedly believe the management company did horrible things. As per usual with an artist. I'm surprised he is only suing for 25 mil. Hope he gets it. He chooses tons fo flop films. Only his pirate kid films people see.
Off topic, but I bet I am the only person my friends know who professionally photographed Johnny on stage with Alice Cooper. Unfortunately , I had to sign a contract stating I could not post to SM. The images are on my cellphone.
I wouldn't necessarily jump to the conclusion that he was swindled. I mean, we're talking about a guy who blew 5 Million bucks to shoot Hunter Thompson's ashes out of a cannon.
To me, that shows that Depp honestly has no clue how much money he has (or doesn't have) and is the prime reason why he would have a financial advisor. It should be the FA's job to inform their client about their financial well being and help curb their spending if they are in the red. Instead, it sounds like they let him go broke.
Being an A-list actor, I would think he should easily be able to afford that kind of lifestyle, so there is probably is some fraud going on with those that have access to his money imo.
That "90% rule"... people with MORE money, higher salaries/pay should have much more savings, but they fall into that trap where they end up spending a disproportionate amount of money anyways. Yes, thjere are some things that go up along with you pay, like moving into a nicer neighborhood, a closer apartment, getting more steak dinners every now and then to celebrate the better life, or upgrading your diet of ramen noodles to... anything better. But they your expenses proportion wise should be much lower. I believe it's also known as the "MC Hammer effect" in where he went from rags to riches, back to rags again?
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Originally Posted by Sand&Salt
GEEZ. And I used to like the guy. Time for another block-buster, Johnny.
Ironically enough even if he made the usual big bucks for another summer blockbuster, and the treasure in the films were real, and he got to keep that, he may still be heading there anyways
2 million a month sounds like a lot......but he made 640 million. If it was invested he would make more then 2 million a month....IE he could live off of the investments without touching his income.
Hard to say who is at fault without a LOT more information. A judge will sort it all out in the end.
Bad math there GW......The windfall isn't all given at once, it was earned over decades. But if the 640 was taxed @ 39.6% federal tax bracket that leaves him with 386.6 minus any state taxes/agent commissions/professional fees (lawyers/accountants). Still a formidable amount but then if the guy buys an island in the Bahamas, yachts/wine collections/multiple homes worldwide and travels by private jet to visit them he compounds his inability to have "financial growth" by spending principal AND incurring future costs on all the stuff he bought.
Blow 100 million on nonsense (real estate/yachts/art) and then spend 24mm a year visiting/using it and suddenly after 10 years (240 million spent) the cash is GONE!
GREAT documentary on Broke Athletes (same idea, different earning source):
Being an A-list actor, I would think he should easily be able to afford that kind of lifestyle, so there is probably is some fraud going on with those that have access to his money imo.
At 2 mil a month you better be knocking out blockbusters every few months. Guy's a freaking idiot if he's spending that kind of money and not watching his spending.
This is unfortunate for Depp, and any highly compensated person without the wherewithal or desire to do any due diligence on their money manager. People who get taken for million probably never verified account balances with the deposits that were claimed by the shysters.
Accounting is considered an extremely boring and tedious task, which it is, but you can't put enough value on a competent, trustworthy money manager.
Because most of them know squat when it comes to managing money. Unfortunately, this leaves them vulnerable, both to overspending and to being swindled.
Managing money doesn't have to be complicated. He could have put most of it in mutual funds or treasuries to keep things simple.
Wow. He has made 650 million and his primary residence is in foreclosure? I guess the old adage is true: A fool and his money were lucky to get together in the first space or was ‘They are soon separated’. Godspeed Johnny.
Maybe his financial problems are the reason he looks like he can't afford soap and water and shampoo and a comb.
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in where he went from rags to riches, back to rags again?
