Fascinating--to me, at least--thread over at League of Ordinary Gentlemen on celebrities who blow all their money. Will thinks they need better financial advice. I've been arguing that they get precisely the financial advice they want--i.e., they hire the smooth-talking scoundrels who play to their narcissism and gullibility. I have heard, though I can hardly prove, that the suits in the big entertainment cos like it when the kids get elbow deep in broads and drugs because it keeps them dependent on getting the next hit. Contrast, e.g., Irene Dunne, Catholic, Republican, married to a dentist, who gave her time in later life to charity work (the list of such counter examples is long).
As the thread develops, it becomes clear that this is a class (not a race) issue. I found myself thinking of lottery winners--most lotteries try to force people to take their winnings in annuities rather than lump sums--but people wheedle their way into lump sums anyway, and frequently wind up quickly broke. One thing I didn't know: apparently the standard lottery annuity stops at death--no survivor payout. At least this reduces the incentive on your beneficiaries to kill you.