Lessons from 5 FAMOUS FINANCIAL FUMBLES

If multimillionaires can fumble the ball, what hope is there for the rest of us? As it turns out, plenty.

- CHARIS TORRANCE

Celebrities... They're just like us. Well, except for the sprawling mansions, private jets, and wardrobes full of designer labels. With all those resources available to them, you'd think they'd have their finances in order. But in reality many don't.

'Celebrities may seem to lead extravagant lives, but they're not immune to financial mistakes,' says business coach and financial resilience strategist Phuti Mphelo.

On the bright side, these missteps often become valuable lessons.

Financial blunders, whether made by Hollywood elites or us ordinary folks, generally all come down to a lack of planning, discipline and financial literacy. As Tsungai Masendeke, certified financial planner and managing director at IWCP Proventus, says, 'Rarely does anyone receive guidance on managing money. Talking about money is almost seen as taboo, which often leads to trouble.'

1 NOT HAVING A WILL

Prince & the $300 million+ quandary

When pop icon Prince passed away in 2016, he left behind a musical legacy... and a financial catastrophe. Despite a fortune exceeding $300 million, Prince didn't leave a will. The lack of a clear directive sparked a six-year legal circus, with 45 claimants vying for his estate.

'Without a will, you're essentially handing over control of your assets to the courts,' Tsungai says. The result? The legal process drained the estate of substantial funds; the remains were split between his surviving siblings and their advisers, and a music publishing company.

'A will is not just for the wealthy, Phuti says. 'It's the gift of clarity during what is often an emotionally overwhelming time."

Both experts stress the importance of estate planning.