Black Entertainment : Dionne Warwick files for bankruptcy: Singer owes over $10 million, has just $25K in assets

Discussion in 'Black Entertainment' started by Destee, Mar 27, 2013.

  1. Destee

    Destee destee.com STAFF

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    Dionne Warwick files for bankruptcy: Singer owes over $10 million, has just $25K in assets

    After 50 years in show biz, the singer said all she had to show for it was $1,000 cash; assorted pieces of decades-old furniture; clothes; artwork and paintings; two fur coats, and two pairs of diamond earrings.

    The vast majority of her debt is $10.2 million in tax claims from the IRS and the state of California. She also owes a former manager about $500,000, and ran up a $20,000 Visa card debt, court papers showed.

    She listed her average monthly income as $20,950, and her typical monthly expenses as $20,940 — leaving Warwick with just $10 each month.

    Read more: http://www.nydailynews.com/entertainment/dionne-warwick-flat-broke-article-1.1299283

    :heart:

    Destee
     
  2. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    There is a difference between earning money and managing it.

    Many people have no problems earning money. Managing money is another story ....
     
  3. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    :11100: $21k a month? i can live on that.
     
  4. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    Again, it isn't how much you make, but how much you keep ....

    In addition to capping the expenses of one's lifestyle ....
     
  5. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    :11100: anyone who cannot manage on $252k/year is not worthy of much consideration….
     
  6. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    Easy, easy ....

    When you have more lifestyle than income, the eventual result is insolvency.
     
  7. Khasm13

    Khasm13 STAFF STAFF

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    she has more money than that....she just doesn't want to pay uncle sam....

    one love
    khasm
     
  8. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    Could be! I hadn't even considered that.

    To me, it makes no sense to try to cheat/evade the IRS. They have armies of bureaucrats and armed officers.
    There are so many deductions, loopholes, and other items in the tax code. With some tax structuring, one would be good to go.
     
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