Youโve really got to feel for someone who blows a casual US$650 million dollars. While not exactly a relatable first world problem, the sheer volume of missing cash is enough to make you wish you never had it in the first place.
This is the scenario currently playing out for Johnny Depp. Last year it was reported by Rolling Stone that everyoneโs favourite pirate was bordering on bankruptcy.
After a career spent crushing it, Johnny went supersonic after starring in The Pirates of The Caribbean franchise. Those films, along with his other work, earned Depp an estimated US$650 million, but now itโs all gone.
Off the back of this fortune-into-misfortune disaster, Bloomberg let us in on seven tips to make sure you donโt make the same mistakes Johnny did.
1. Have a plan
This might seem obvious, but itโs important to have a long term plan when dealing with your many millions. When you scroll through Deppโs spending itโs clear his plan was โlots of spending.โ He famously spent $3 million to shoot his pal Hunter S. Thompsonโs ashes into the sky from a cannon. Bad plan.
2. Delegate but be involved
When youโre operating in the $650 million dollar bracket, youโre not expected to be pocketing receipts. Eventually, youโll need to delegate tasks to your team, but itโs crucial to stay informed about whatโs going on.
3. Understand your career cycle
This tip is basically about peaks and troughs โ one minute youโre Captain Jack Sparrow, the next youโre a washed-up Hollywood has been. The top-earning years donโt last forever. Make hay while the sun shines and donโt spend the same once youโre on the wane.
4. Friends and family off the payroll
You canโt put a price on family, but you kind of can. Depp learnt the hard way that mixing family and finances can be a fiscal nightmare. At one point he had his sister, brother-in-law and their son on his payroll. โ[My sister] was buying handbags for my mom, who was bedridden,โ Depp recalls in the Rolling Stone piece. โJewelry, fucking this, that, everything.โ
5. Avoid debt
The more you have, the more you spend and the grander your tastes become. Mike Tyson certainly didnโt own tigers when he was penniless. Money breeds living beyond your means, which can be a tough habit to break. So then you start to borrow, which is a slippery slope. Try to avoid unnecessary debts, say no to the tiger.
6. Keep your investments simple
The minute you come into cash people you went to high school will be hitting you up to invest in their new cryptocurrency. Donโt take the bait, instead stick with the tried and tested: stocks, bonds and property.
7. Understand what money is and what it isnโt
Money canโt hug you back, money canโt cure illness and money definitely canโt protect you from the world. Just ask Johnny Depp. Money is a transient tool and no amount โ not even $650 million โ lasts forever.
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The advice in this article is general and for entertainment purposes, readers should seek professional opinions before making any financial decisions of their own.
Related: Johnny Deppโs Bucolic French Village Hits The Market For $75 Million
