You may think that everyday Americans like you are taking a beating in this economy. Home prices are down and unemployment is up, cheap credit is a fond memory, and the specter of inflation is lurking around the corner due to profligate government spending.

But in reality, things could be much, much, worse. You could be famous. Then you’d have real problems. For example…

Actor Nicolas Cage is suing his business manager for $20 million, alleging that his incompetence and mismanagement has led to “financial ruin.” Cage owes $6 million in back taxes, despite earning $40 million between June 2008 and June 2009.

“Actress” Pamela Anderson (whose most famous on-screen role was a certain home video that I’m not going to link to) thought it would be a good idea to tile her swimming pool in platinum, despite having a career that’s rapidly circling the drain.

The former “Baywatch” star can now just drive past her half-finished mansion in Malibu, California whose renovations have left her over $3 million in debt and facing lawsuits from five different construction firms.

Former NBA player Antoine Walker, who ten years ago signed a $70 million contract is now in debt to the tune of $4 million and is facing felony check fraud charges after his arrest this summer in Lake Tahoe.

And it’s too soon to forget about Michael Jackson and his woeful credit.

None of this is shocking anymore, since celebrities have been going bankrupt long before MC Hammer.

How is it possible that star athletes and entertainers whose paychecks have more zeros than Hirohito’s air force can end up in bankruptcy, with tax liens out the wazoo and even facing time in big boy jail? Simple, for the same reasons that everyone else.

They fall into the same pitfalls that we all do, like:

• Not taking personal ownership of your finances and relying on others to manage your bills. (Married people, I’m talking to you.)
• Lavish spending based on what you’ve made in the past, not accepting the fact that the future may (and probably will) bring a change in your employment status and income
• Bad habits. Gambling, smoking, drinking, speeding, overeating, the list goes on. Excess in any area can lead to a real drain on your finances, whether it’s due to legal, medical or career woes.

If the beautiful people, who have a license to print money in their basement, can go broke so easily then it’s not a stretch to imagine that you can too, no matter how good your circumstances seem today.

So remember to make more money whenever possible, don’t spend money you haven’t earned yet and take personal responsibility for your personal finances.