Here's How Bow Wow Destroyed His Own Net Worth
As anyone familiar with the internet will be able to tell you, no matter how mundane a topic is, there are almost certainly are people who are passionately debating it online. Despite that fact, there are a few things that virtually everyone seems to agree upon including the idea that being a former child star is a recipe for having difficulty as an adult. After all, far too many former child stars have grown up to get in serious trouble with the law or struggle with addiction issues.
Of course, things are rarely as simple as they seem on the surface so it shouldn’t surprise anyone that many former child stars have grown up to have issues for different reasons. For example, instead of having legal or addiction issues, some former child stars have struggled financially. After all, even though a lot of child stars get paid a fortune when they are young, it is far too common for them to have their money stolen. On the other hand, some former child stars have lost a fortune due to their own mistakes including Bow Wow.
Bow Wow Lost A Lot Of Money On A Ferrari Lease
When Bow Wow was still a child, he suddenly took the music world by storm with his impressive vocal abilities. For most people Bow Wow’s age at the time, becoming famous for one reason would be more than enough. In Bow Wow’s case, however, he wasn’t going to rest on his laurels. Instead, Bow Wow launched a second career as an actor when he was still a child. As he became a teen, he continued to enjoy success especially in the acting world and Bow Wow continues to be outspoken about his own movies to this day. Unfortunately, however, Bow Wow’s dual careers slowed down significantly as he became an adult which set him up for financial failure.
Whenever people become rich and famous, they tend to spend a large amount of money on two things first, an expensive car and home. As a result, it makes sense that many former stars who want to look like they are still on top of the world try to do anything they can to hold on to their expensive cars and homes. Unfortunately for Bow Wow, his life has become a cautionary tale that proves what can go wrong when someone spends more than they can afford on a car.
In 2010, Bow Wow went to court to ask a judge to lower his child support payments because he claimed to only be pulling in $4,000 a month. At the time, some observers questioned the legitimacy of how much Bow Wow claimed to be making but before long it came out that things were worse than they seemed, Ater all, Bow Wow had serious financial issues due to a car.
According to court papers, in 2008 Bow Wow bought a 2005 Ferrari F430 back. Unfortunately, it didn’t take Bow Wow long to fall behind on the payments which resulted in his leasing company taking him to court. Ultimately, the leasing company prevailed and Bow Wow was ordered to pay them exactly $216,084.75. If that wasn’t bad enough, Bow Wow failed to pay the settlement quickly which resulted in him owing the company $283,785 after interest was applied.
Bow Wow Made The Same Mistake A Second Time
If most people were ordered to pay a leasing company almost $300,000 for a car they didn’t even get to keep since it was a lease, they would make sure to never get in that position again. Amazingly enough, however, Bow Wow got himself in a similar situation after he landed in court due to failure to pay off a loan. In fact, things got so bad that Bow Wow had a car repossessed in 2012.
According to court documents, Bow Wow took out a $300,165 loan to buy a Lamborghini Murcielago and then defaulted. After the bank repossessed the car, some people may have assumed that Bow Wow no longer owed them any money. However, the bank charged Bow Wow a $25,000 fee for "repossession expenses" and according to TMZ, the rapper was still paying that off at the time the website learned about the situation.
When it comes to a lot of major stars, being charged hundreds of thousands wouldn’t be that big of a deal. By the time of Bow Wow’s car financial troubles, however, he certainly couldn’t afford that. Unfortunately, it is worth noting that Bow Wow might have continued to be charged more interest if he didn’t pay back the money he owed for the two cars in a timely fashion. At the very least, Bow Wow was forced to pay back more than $300,000 on cars he lost. Since celebritynetworth.com currently reports that Bow Wow is worth $1.5 million, it is clear that the rapper lost a huge portion of his fortune as a result of failing to pay off his cars.
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