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13 Lessons From Entertainers And Moguls Who Went From Millions To Broke

13 Lessons From Entertainers And Moguls Who Went From Millions To Broke

Toni Braxton: Read the fine print

When singer Toni Braxton revealed she was broke, many were surprised. After all, in the 1990s at her peak, she generated more than $170 million in album sales. In an interview on ABC’s “20/20,” she said that she only took home a mere $1,972. Under her recording contract, after taking advances from her record company she remained in debt to them.

“What happens is they will give you an advance million on the next record and the next record so you kind of stay in debt in a sense,” said Braxton about her record label. This led to her first bankruptcy in 1998.

Even though she was making a small amount, she was spending major money on “an obsessive home decor habit,” Essence reported.           

“I love dishes and house things so I kind of lost it a little bit on the houseware. One-thousand-thread-count sheets — that’s what I indulged in,” admitted Braxton.

By 2010, Braxton had filed a second bankruptcy when she was forced to cancel her self-financed “Toni Braxton: Revealed” Las Vegas show due to unexpected medical issues. Braxton was diagnosed with lupus.