Nicolas Cage broke? Like many Americans, Nicolas Cage is broke. Even though Nicolas Cage made millions during his career, he is now broke and bankrupt. So just how is it that one actor who has made millions during his acting career is now broke and bankrupt?
Nicolas Cage is not in denial about being broke. The actor is having a real estate liquidation sale and selling properties he owns across the world. In addition, Nicolas Cage is suing a business manager that allegedly sent him "down a path toward financial ruin" for a minimum of $20 million.
The business manager that Nicolas Cage is suing is Samuel J. Levin and his firm Levin & Co. Management, Inc. Nicolas Cage claims that Levin gave him bad advice and mismanaged his funds.
Levin was Cage's business manager from 2001 to 2008, and has collected millions of dollars in management fees from the former wealthy actor. Cage put his trust in Levin, and claims he didn't know what kind of trouble he was in until he hired new management.
According to the Huffington Post, Levin is a Certified Public Accountant in California and in his 25 years of practice has never been subject to any disciplinary actions. Therefore, Nicolas Cage had no reason not to trust Levin.
What can you do to keep yourself out of a situation such as that of Nicolas Cage? For starters, you should always take an active role in managing your finances. Of course, hiring a business manager or financial consultant is a great idea for wealthy individuals. However, letting someone just 'handle' everything you do could have severe consequences, as the actor has seen. Had Nicolas Cage kept up with everything himself, he may have found out he was in trouble before it was too late.
Always make sure you fully understand any investments your manager is enrolling you in. Nicolas Cage was in numerous highly speculative and risky real estate investments. OF course, we don't know what type of risk tolerance profile Nicolas Cage claimed he had when he went to see the financial advisor. What Nicolas Cage desired may determine if he's successful in a claim against his former manager.
Although Nicolas Cage is broke, he's still one of America's favorite actors. He's smart, sexy, and just plain talented. From Con Air to the National Treasure series, Nicolas Cage has made decades of people smile.
That too.
jk dude!