Fame and talent are no guarantee of financial security. Many of history’s greatest artists, writers and musicians struggled with money worries throughout their lives – not necessarily because they didn’t earn enough, but often because they didn’t manage their finances wisely or made risky investments. A look at their stories and what you can learn from them.
1. Wolfgang Amadeus Mozart – a profligate genius
Mozart was a musical prodigy. At the age of four he began to play the piano, at the age of five he wrote his first pieces himself and by the mid-20s at the latest he was one of the best-known composers of his time. But although Wolfgang Amadeus Mozart earned lots of money as a celebrated composer, he spent it just as quickly. His luxurious lifestyle, frequent moves and expensive hobbies brought him to the brink of bankruptcy. He had to borrow money from friends and wrote begging letters to patrons. When he fell seriously ill in 1791 at the age of only 35 and died soon after, his funds were just enough for a simple burial in a communal grave.
👉 Money wisdom: A high income does not automatically mean financial security – if you don’t have an overview of your expenses, you can quickly get into trouble.
2. Vincent van Gogh – talented but paid (too) late
Vincent van Gogh is considered one of the greatest artists in history. During his lifetime, however, he was almost unknown. Only at the age of 27, after various casual jobs and without any formal education did he decide to become an artist. In just ten years he created over 2000 paintings, drawings and sketches. The fact that he often portrayed himself was also due to the fact that, as a destitute artist, he could not afford models. He lived with his parents for a long time and was financially dependent on his younger brother Theo, who worked as an art dealer. Van Gogh suffered from severe psychological problems, and a few months after the infamous argument with Paul Gauguin during which he cut off his ear, he was admitted to a psychiatric hospital in 1889. One of his most famous works was “The Starry Night”. Shortly after being discharged he took his own life at the age of just 37. By the time of his early death, Van Gogh is said to have sold only one painting. Today, his works are worth millions.
👉 Money wisdom: Talent and passion alone are not enough – financial independence requires early planning and a sustainable strategy.
3. Marie Antoinette – from luxury to guillotine
The last queen of France was notorious for her excessive lifestyle. As the daughter of Maria Theresa, the Habsburg Empress, she was married to the later King Louis XVI in 1770 at the age of 14 and lived in incomparable luxury. While France slipped into an economic crisis and the people were starving, Marie Antoinette spent huge sums on luxurious dresses, grand balls and her private palace in Versailles. Her penchant for decadence earned her the nickname “Madame Déficit”. Her decline began with the French Revolution in 1789. The royal family was forced to move from Versailles to Paris and lost their power after a failed escape attempt in 1791. Louis XVI was executed in 1793, and Marie Antoinette was brought to trial shortly afterwards. She was convicted of high treason and wasting public money. In 1793, she was executed on the guillotine at the age of 37.
👉 Money wisdom: Wasteful use of financial resources can have fatal consequences.
4. Edgar Allan Poe – literary success, financial misery
Edgar Allan Poe’s stories created a gloomy, oppressive world of abysses – and his financial situation was not much brighter either. Though considered one of the pioneers of modern crime novels, Poe struggled with money worries throughout his life. His income as a writer was volatile, fees were low, and his attempts to find financial stability through editorial or publishing jobs failed time and again. In addition, health problems and growing alcohol addiction exacerbated his financial difficulties. When he died in 1849 at the age of 40, he left neither savings nor a regular inheritance. Only after his death did his works become world-famous.
👉 Money wisdom: Financial security and reserves are essential, particularly in the case of irregular income.
5. Mark Twain – from riches to rags
Mark Twain, who became world-famous for The Adventures of Tom Sawyer and The Adventures of Huckleberry Finn, earned a fortune as a writer, but lost almost everything because of his penchant for risky investments. Although Twain enjoyed great success with his books, he was fascinated by the idea of becoming richer with smart transactions. He invested large sums in a failed printing press, speculated on the stock market and eventually had to file for bankruptcy. But instead of resigning himself to bankruptcy, he came up with an ambitious plan: he wanted to repay his debts. In order to raise money, he went on a lecture tour around the world. His sharp-tongued, humorous performances were a huge success. Eventually, Twain was able to pay off his creditors in full. Despite his comeback, his life remained marred by economic uncertainties and personal losses. He died in 1910 at the age of 74, highly regarded and debt-free, but no longer as wealthy as he once was.
👉 Money wisdom: Careless and risky investments can quickly shrink even large assets.
6. Judy Garland – Hollywood fame and financial ruin
When Judy Garland made her big breakthrough as an actress in 1939 with The Wizard of Oz and the legendary song Over the Rainbow, she was just 16 years old. Hollywood studio MGM had already signed her at the age of 13 and committed her to make three to four films a year. The pressure was correspondingly high: her mother gave her sleeping pills at night and amphetamines in the morning to keep her fit for filming. Early on, she became addicted to tablets and alcohol. Despite high salaries, her debts piled up – partly due to poor contracts, mismanagement and her elaborate lifestyle. After making 28 films in 15 years, MGM dropped her. Although she made a big comeback with her stage shows, she never achieved financial stability. Instead, she slipped deeper and deeper into debt. In 1969, Judy Garland died of an overdose of sleeping pills at the age of 47, with little more than 100 dollars in her account.
👉 Money wisdom: It is important to always strive for and maintain financial independence so as not to fall into exploitable dependency.
