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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