Despite earning multi-million dollars, the Pirates Of The Caribbean star Johnny Depp is broke. He is currently suing his former business managers in a $25 million legal battle for mishandling his personal finance.
So how is Johnny Depp so broke? It has nothing to do with his extremely high income, but his reckless spending habit is causing his own financial mess. From the filing in a lawsuit, Depp has spent $3 million to shoot Hunter S. Thompson’s ashes out of a cannon a dozen years ago. The top-tier Hollywood star spends $2 million every month on daily expenses and wastes $30,000 a month on wine. This is a classic story of people making over a million dollars still live paycheck to paycheck and are in debt.
Whether or not one is living at the edge of your finances has much less to do with how much money you earn than it does how you spend. Being rich or poor is somewhat determined by choices and effort, but mostly determined by luck. However, living paycheck to paycheck is almost always due to choices. Without the full grasp of where the money goes and an inability to live below his means, Johnny Depp runs out millions of dollars.
His financial management group TMG outlined other extravagances that Depp spent on:
- An estimated $200,000 for flying in private jets.
- $400,000 on a diamond cuff estimated to be worth less than half that amount.
- “Millions” on guitars and artwork.
- More millions on Hollywood memorabilia.
- $3 million for an “ash cannon” to fire off the remains of legendary journalist Hunter S. Thompson.
- $3.6 million annually for his personal staff.
- $5.35 million for his chain of islands in the Bahamas.
- $18 million for a 156-foot yacht, which Depp’s financial planners have convinced him to sell to author J.K. Rowling.
- And lastly, $75 million for the purchase and renovation of 14 residences worldwide.