Overestimating the value of real estate
Celebrities are just like us. They make money and, sometimes, they blow it on bad investments.
Todd Morgan, co-founder of Bel Air Investment Advisors, helps the rich and famous stay in the black and avoid big money mistakes.
He says celebrities frequently put more money in their homes than they can ever hope to get out of them.
"They overload their homes; they put too much money into them thinking they're investments, but these aren't your usual types of homes," he said, noting that the market for ultra-luxury property is very small.
Some clients are also too eager to buy second and even third homes, which can drain their finances.
"I tell them, if you're not going to use [the place] all the time, it's better to rent."
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