Celebrity / Antoine Walker What Broke Celebs Can Teach Us Don't make the same mistakes as Nicolas Cage and Annie Leibovitz By Evann Gastaldo, Newser Staff Posted Nov 6, 2009 9:38 AM CST Copied Miami Heat forward Antoine Walker looks up at the scoreboard in the fourth quarter during a preseason basketball game against the Atlanta Hawks in Miami Wednesday, Oct. 10, 2007. (AP Photo/Lynne Sladky) Celebrities really are just like us: During these financially stressful times, they’re suffering, too. On Huffington Post, Manisha Thakor points out the takeaway from four high-profile meltdowns. NBA Player Antoine Walker: Squandered away his $110 million fortune by age 33. The lesson? If you have a variable income, don’t spend based on peak earnings—spend based on average earnings. Writer Patricia Cornwell: Suing her money management firm after losses of around $40 million. The lesson? Don’t hand over 100% of the control of your money to anyone—stay involved. Photographer Annie Leibovitz: Facing $24 million in debt and fighting to keep her home. The lesson? Don’t borrow against your home equity—or at all—if you can’t pay it back. Actor Nicolas Cage: Owes $6 million in back taxes. The lesson? Self-employed people should always remember to set aside money for taxes as soon as income is earned. (More Antoine Walker stories.) Report an error