by Brad Pitt has been one of Hollywood’s biggest stars for decades, headlining blockbuster films and earning tens of millions per movie. However, in a surprisingly candid recent interview with GQ magazine, Pitt opened up about his past financial struggles and “frightening” journey to financial independence.
Pitt revealed that earlier in his career, he was “really irresponsible” with money. Caught up in the trappings of fame and fortune, he spent lavishly without worrying about the future.
“I was living life without any financial concern whatsoever,” Pitt admitted. “I just went for it, man. I was really irresponsible.”
Reckless Spending in the Early Days
In the early 1990s, as Pitt’s star was rapidly rising in Hollywood, he began earning big paychecks for films like “A River Runs Through It,” “Legends of the Fall,” and “Interview with the Vampire.”
Still in his 20s, and suddenly richer than he’d ever imagined, Pitt took full advantage and spent money freely on sports cars, motorcycles, multiple homes, and fancy vacations around the world.
“I had a lot of fun,” Pitt said with a laugh. “Private planes were like taxis. I had a big entourage, too. I lived as though I would never run out of money.”
While enjoying the spoils of fame, Pitt also started getting involved with risky business ventures based more on passion than financial savvy.
“I invested in things I didn’t really understand,” Pitt admitted, referring to high-priced purchases like a record label, an Arizona restaurant, and a ski resort. “Some of them went bust pretty quickly.”
Financial Reckoning and Facing Bankruptcy
By the late 1990s, Pitt was facing a major financial reckoning. After years of excessive spending, bad investments, plus a pricey divorce settlement, the movie star found himself deeply in debt.
“I was technically bankrupt,” Pitt revealed, astonishment still in his voice years later. “The reality is I had debt to my eyeballs.”
Pitt had reached a low point both financially and personally. “I was in a pretty dark place around that time,” he said. “I felt like I’d lost control of everything and I was angry at myself.”
Having to pay lawyers and creditors, Pitt was forced to take roles just for the money, rather than holding out for more artistic or challenging projects.
“I had to pay the piper in every way imaginable,” Pitt said ruefully. “Projects would come along that I wouldn’t necessarily want to do, but I had to take them. It was a frightening thing when you see bills rolling in.”
Seeking Help and Turning Things Around
By the early 2000s, Pitt realized he needed to radically change his financial approach. Hiring a money manager, the actor developed budgeting discipline and committed to spending far less than he earned.
Pitt also became more selective with investments, teaming with smart financial partners and only backing ideas he truly understood. This led to lucrative successes like his production company Plan B Entertainment.
“Once I started making significant money again, the first thing I did was pay all my debt off,” Pitt emphasized. “I had some pretty lean years in the late 90s, but once I was back on top, I made sure I would never owe anyone money again.”
Pitt calls this commitment his personal declaration of financial independence. And while he still enjoys the spoils of fame, he does so responsibly, always putting money aside for the future.
Lessons Learned on the Path to Financial Independence
Now nearing 60, Pitt can look back at a prolonged journey to financial independence full of steep ups and downs. From his costly early mistakes to ultimately righting the ship, the superstar’s candid story offers some valuable cautionary lessons:
Live Below Your Means No matter how much money comes flowing in, it’s vital to develop disciplined spending habits and live below your means. Making this commitment is the foundation for achieving financial independence.
Avoid Too Much Debt It’s easy to get carried away financing luxury purchases, but too much debt is crippling. If you can’t realistically pay something off in a couple years, it’s smarter to save up instead of taking on a massive loan.
Invest Wisely Passionate ideas aren’t always great investments if you don’t understand the financials. Seeking experienced money partners helps avoid throwing cash into bottomless pits.
Financial Freedom Takes Time
For even the rich and famous, becoming financially independent is usually a prolonged process full of course corrections. But with perseverance, the rewards of financial freedom make it well worth the journey.
