News: "I Became A Millionaire & Went Broke Before The Age Of 19"
Monday, Nov 22, 2010 1:25PM
Actor/Rapper Nick Cannon has opened up about his life in the entertainment industry and revealed some of his ill-judged investments as a teenage millionaire.
According to the 30-year-old, he learned his life lessons the hard way after being indebted 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)
Cannon also said expecting a child with his wife, Mariah Carey, has forced him to make sacrifices.
"I believe becoming a father will affect my career tremendously. I'm so focused on being the best entrepretainer I can be, before that it was being the best husband, now it's being the best father. My career has to take a step back because I have a new priority [and] because of that new priority I need to be more focused on getting that paper. So I have a new energy behind me of why I want to be successful, I'm excited about that." (Unreality Shout)
Last month, Cannon and Carey confirmed their pregnancy.
"It's been a long journey, Carey said, "but it's been tough because I've been trying to have, like I said, to hold onto a shred of privacy, and that was not easy." Carey added that the baby is due in the spring, though she declined to give a specific date. Rumors of of a pregnant Carey have surfaced and re-surfaced since 2008, when the star married Cannon in a surprise ceremony. At the time, the couple said, Carey was not pregnant, but that soon changed. 'We took the test and it was positive, and we were like, is this real?' Carey said. A little over a month later, however, Carey had a miscarriage. "It was really sad, so we just really had to absorb this and take it in," she explained, while Cannon noted her strength to "be during the day so festive, smiling for cameras and spending time with everyone, and then literally at night, crying herself to sleep." (Billboard)
Having starred in successful projects like 2002's box-office hit Drumline and MTV's Wild N' Out, the entertainer has been a fixture within the entertainment industry for nearly a decade.
Once Nick Cannon firmly established himself on television and then in Hollywood, he expanded his reach into music, signing to Jive Records. The young multi-talent made his smash debut in late 2001 with a remake of DJ Jazzy Jeff & the Fresh Prince's 1988 hit, "Parents Just Don't Understand," which appeared on the Jimmy Neutron, Boy Genius soundtrack and also featured Lil' Romeo and 3LW. Cannon returned in early 2003 with his self-titled debut album for Jive and its leadoff single, "Your Pops Don't Like Me (I Really Don't Like This Dude)." The follow-up single, "Gigolo," featuring R. Kelly, was a huge smash hit. In 2005, Cannon signed a deal with Motown Records to launch his own imprint, Can I Ball Records. (All Music)
Check out some past Nick Cannon footage down below: