Financial Woes for Annie Leibovitz

[kundalini]

Whoa, 24mil due in one payment. Geesh, that's gotta hurt.

The story.....

Financial Negatives: Will Leibovitz Lose Photo Rights? : NPR


The broadcast.... (find the link in the bottom third of the list and click)

Morning Edition : NPR


I'm sure there are other stories, but I heard this one this morning.

 

[c.cloudwalker]

Well, it sure would hurt me.

Does that mean I should feel sorry for her? It makes me think of people who felt sorry for the King of Pop's money problem when most of us will never make that kind of money even if we live twice as long as he did.

She doesn't make quite that kind of money but still, give me a break, she's making plenty enough to not find herself in that situation.

 

[Nicholas James Photo]

I think that I could easily make a one off payment of 24 million, depending of course on what currency you are talking about.
If you are talking $ or £, then I could make 24 million equal instalments.

 

[UUilliam]

too true... how can people making multi millions end up in debt....
If they cannot afford to live on their slaray how can anyone expect any average person to survive!!?

 

[Crazydad]

too true... how can people making multi millions end up in debt....
If they cannot afford to live on their slaray how can anyone expect any average person to survive!!?

They end up in debt just like everyone else because they don't live within their means. It's just a matter of scale.

I think to myself, "If I made that much money, I would never be in debt and I would be able to have and do everything I want!". Which would be true if I stayed in my modest home and kept driving my 7 year old Honda. But people don't do that. I would like to say I would, but probably not.

Look at pro athletes. Most come from nothing, make a ton of money, and then file for bankruptcy within 5 years of the end of their careers. Why? Because they lived large thinking they would always make $5+mil a year so they never invested (at least not wisely).

 

[epp_b]

I think to myself, "If I made that much money, I would never be in debt and I would be able to have and do everything I want!". Which would be true if I stayed in my modest home and kept driving my 7 year old Honda. But people don't do that. I would like to say I would, but probably not.

Sheesh, any reasonable person could live off of 24 million for the rest of their life and then give a huge chunk of it to their off-spring. Heck, I don't think I'd even be able to spend that sort of money.

Maybe I'm just practical, but I don't need a huge home (or two or three), a half-million-dollar car (or two or three) and servants attending to my every need.

 

[digital flower]

too true... how can people making multi millions end up in debt....
If they cannot afford to live on their slaray how can anyone expect any average person to survive!!?

Well from what I have seen of people at this level they often have other people in charge of their finances. That may not be the case here. Things might still get worked out. I am sure the present condition of the Manhattan real estate market has something to do with her woes.