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Money Advice From Famous People Who Struggled For Years

Mad Men's Jon Hamm, Broad City's Abbi Jacobson and others share one thing in common

People like to think that movie stars have it all—money, success, happiness. That they’re somehow above us average folk because we see them on TV. But in reality, celebrities are people too. Many of them weren’t wealthy when they started out, and even now, they make mistakes with their money like the rest of us. They blow their paychecks like we do, they forget about that 401k, they mess up their taxes. It turns out, having all the money in the world doesn’t necessarily mean you know what to do with it.

Some of the world’s biggest Hollywood icons talked to Wealthsimple about the role money plays in their lives—the mistakes they’ve made with it, the lessons they’ve learned, and their perspective on dough. Below are few favorite pieces of advice from the Money Diaries series.

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America’s student debt crisis reached a new record-high in 2017, with a total balance of $1.3 trillion among 44 million borrowers—17 million of which are under the age of 30. It’s hard enough to pay the bills in your 20s. The addition of a few hundred dollars to your monthly payments can break your bank account. And for many millennials, it has; the majority have missed a student loan payment to cover basic needs like groceries and rent.

Which is a big problem, since unlike most other debt, such as car loans, mortgages, or credit cards, declaring bankruptcy with student loans isn’t an option. That’s thanks to a 1978 law passed in reaction to a wave of students trying to declare bankruptcy upon graduating. The law, which made federal student loans nondischargeable in bankruptcy, still stands today—and now includes private loans as well—making it extremely difficult for debt-ridden individuals to bring their heads above water.

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