"I was so insecure about becoming poor again that I started buying two of a few key household items in case we needed to replace things that had worn out. There was no logic to owning two electric frying pans or two hair dryers - I'd have been a broke housewife with great hair - but it made me feel better because since childhood I'd been accustomed to losing what I had or being forced to trade down to a worse situation."
"We're broke, Cher. We owe the IRS $270,000 in back taxes and we don't have the money." Cher realized that she'd spent almost precisely that amount on her dream house. "That's how people in the movie industry or music business get into such trouble. You come from nothing and suddenly you've got all this money... Then one day it dries up and you realize you never had any backup."
In 1980, Cher was on the brink of declaring Chapter 11 bankruptcy when she was saved by a man who'd bought some apartment buildings she had invested in. This illustrates not only her financial trials but also the highs and lows of a career in entertainment; one major investment can lead to disaster or rescue, depending on the market's unpredictability.
Collection
[
|
...
]