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Nick Cannon Talks Losing Money As A Teenage Star

Posted By on November 22, 2010

     Television show host Nick Cannon ("America's Got Talent") recently discussed life in the entertainment industry as he gave details about some investments he gave as a teenager with lots of money. According to the (now) 30-year-old, he learned many life lessons the hard way, after he says he was indebt to the government.

"I became a millionaire and went broke all before the age of 19. I spent it right away and did a lot of frivolous, unintelligent things with the money. I bought jewelery and Range Rovers… instead of buying property I was leasing the most expensive property, and then you turn around and you owe the government 44% of what you made and you don't understand that, even when people you tell that [beforehand]," Cannon explained in an interview. "One of those who was a mentor to me at that young age and opened a lot of doors was Will Smith. I remember when I was going to buy the Range Rover he said, 'Man, don't go buy that, you don't need that.' He was someone who made $1 million and lost it at a young age, so you got to pay attention to the people who came before you. I would encourage people who do get a little bit of money to save it and invest it and hold on to it. And make sure you pay your taxes." (Unreality Shout)




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