Throwback to When Rihanna Nearly Went 'Bankrupt' Before Achieving Her Billionaire Status
Rihanna has been one of the most well-established singers in the music industry since her debut in 2003. The Grammy-winning singer has other endeavors in the world of business, including her own cosmetics brand, Fenty Beauty, which was launched in 2017. According to the information collected by Forbes, her net worth currently stands at a towering $1.4 billion. But would you believe that there was once a time in her life when she was almost completely broke, right before she could achieve such a monumental title?
Rihanna started with a burning passion to produce music and share her gifted voice with the rest of the world. She began her journey with an audition in Barbados undertaken by music producer Evan Rogers as a 16-year-old. She told Entertainment Weekly in 2007 that she never wanted to “look back” when she left her home in Barbados. “I wanted to do what I had to do to succeed, even if it meant moving to America,” said Rihanna.
Shortly after producing some slapping bangers such as Umbrella, Rude Boy, and many more, she began to earn quite well. Naturally, she hired an accountant to take care of her finances and aid her in making smart financial decisions. By 2009, she was already a millionaire, with approximately $11 million in her alleged bank account.
During January 2009, Rihanna had almost 11 million dollars and she wanted to buy a 7,5 million dollars mansion. pic.twitter.com/s6lkB3y21K— Rihanna Mogul (@RihannaMogul) September 10, 2023
Unfortunately, that money began to slowly evaporate early in the same year, drying up her account to merely $2 Million left at the end of it. As per a 2014 article by the New York Daily News, this alarming drop in net worth was due to her reported accountant at the time, Peter Gounis from Berdon LLP.
Singer Rihanna nearly went bankrupt after overspending and sued her financial advisor. The advisor responded: "Was it really necessary to tell her that if you spend money on things, you will end up with the things and not the money?"— Sachin Chandra (@reallysachin) April 8, 2021
- The Psychology of Money@dmuthuk
A primary reason she lost all that money was because of his advice to purchase a mansion worth $7 million. Since he was the expert, she put all her faith and trust in him. Only to find out what a bad idea that was. After purchasing the home, she noticed that the luxurious home was not at all what it appeared to be. Sources revealed that the home had a terrible case of mold all over the place, followed by damage endured due to water leakage.
The most shocking truth of the matter was that Rihanna was totally in the dark about how bad it was for her in terms of finances. She ended up selling the house for what it was worth and shelling out $2 million in the process, leaving her with the aforementioned balance. According to TMZ reports, after going legal, Berdon LLP retorted with an allegation of their own. They claimed that the result of her misfortune was due to her “own financial action or inaction”.
As per Page Sixnews shortly after the lengthy battle, it was Rihanna who was victorious and was awarded perhaps more than $10 million after settling with the said firm. What's more interesting and possibly inspiring is that she didn’t let a legal battle hold her back from pursuing her passion and doing what she loved. By the time she won the case, she was already worth $43 million.
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