According to an article at CNN Money, Nicolas Cage is in financial ruin. His former advisor Samuel Levin (who Cage is suing) states that Cage needed to earn 30 million dollars a year to support his lavish lifestyle! At one point Cage owned over 14 buildings in five countries (Times Online). According to Wikipedia, he owns an island! Other assets include 15 personal homes, four yachts, nine Rolls Royce’s, at least 22 other vehicles, plus millions of dollars in jewelry and art.
But with the housing market and commercial real estate collapsing, Mr. Cage found himself underwater in many of his holdings, with multiple homes facing foreclosure. Plus there are unpaid tax leins being placed by the IRS – to the tune of over 6.2 million for the year 2007 alone.
According to Samuel Levin, he warned Nicolas Cage that “he was living beyond his means” and he told him to spend less. Even though Mr. Cage earned millions, he did not have an adequate emergency fund.
I have enjoyed some of the movies Nicolas Cage has been in (especially the movie Family Man). I don’t enjoy when anyone gets into financial trouble. But it almost baffles the mind how a multimillionaire can come to financial ruin. Whether it was directly his fault, or the mistakes of financial advisers, it just shows once again the bottom line is not what you make, but what you spend! Wealth is achieved by spending less than you make, whether you are making pennies a day or millions of dollars!
