Chris Tucker’s Florida Home In Foreclosure

Post image for Chris Tucker’s Florida Home In Foreclosure

by Steven on October 14, 2011

Well here’s another story about a multi-million dollar movie making superstar that has made a lot of money but didn’t manage the money properly and is now facing financial trouble and has a home in foreclosure.

Chris Tucker the star of the movies ‘Friday, Rush Hour 1, 2 and 3’ and several other blockbusters that earned him millions of dollars is now reported to owe $11,500,00 to the IRS and is losing his Florida home valued at $4.4 million dollars in foreclosure.

Chris Tucker is joining a long list of celebrities and sport stars that made a ton of money but didn’t learn how to manage their money properly. I don’t place all the blame on them for this because when you come from not having a lot of money to having more money than you could ever dream of having. It can kinda make you think nothing can ever go wrong with your finances.

Many celebrities and sport stars pay accountants and attorney’s to watch over and invest their money and if a real relationship isn’t in place and a plan of action for investing their money isn’t explained in detailed so both parties completely understand the goals and risk, for some reason the money just disappears!

The person that was in charge of overseeing the finances comes back with “we just made some bad investments or the economy went south, etc.”. This is a bunch of bull shit because if the person that was in charge of investing the money was to just put the money in the bank and not invest the money, pay the taxes and take a small fee for watching over the funds these celebrities and sport stars would be in a better place when their careers slow down or when their career is over.

Chris Tucker signed a $40,000,000 deal with New Line Cinema in 2005 after taxes, agent fee’s, etc. he should have kept at least $20,000,000 maybe even more. That’s worse case. He could have paid cash for his home put away $10,000,000 for retirement and blew the rest of the money on what ever he wanted to buy for himself and his family.

From this example and others in the news it proves that it doesn’t matter how much money you make if you don’t learn to manage it…it will go away just as fast.

Here are the 7 Steps to getting your financial house in order…

1. Stabilizing your household situation – you’ll never be able to pay off any debt if you can’t ensure that you and your family has a roof over your head, food on the table, utilities paid and transportation to and from work.

2. Set-up a budget – you’ll never understand how to management your money unless you know to the dollar what’s coming in and what’s going out.

3. Put together a debt elimination plan – when you have a budget you can put together a strategy to pay off your debt faster because you see what’s in front of you.

4. Establish an emergency fund – this is very important because most people use a credit card for an emergency fund and that’s a problem. If you have cash on hand more than likely you’ll rarely have emergencies and if you do have one you won’t have to go into debt to take care of it. I recommend at least $500 to $1,000 accessible cash with no penalties if used. While getting out of debt.

5. Review for acceleration of your debt elimination plan – once you have the other steps on paper there are several options that will open up for settlement offers on credit cards, automobiles, payday loans, etc.

6. Action + Action + Belief + Concentration = Tremendous Results – nothing will happen without you taking definite action with belief you can accomplish your goals and a high level of concentration to keep you focused on your goals.

7. Start saving for life experiences…Fun, Retirement, Generational Wealth

Fix Your Credit and Debt For FREE. CLICK HERE!

Leave a Comment

Previous post:

Next post: