Never Have A Single Point of Failure



Had I been been the one advising Nicolas Cage, he wouldn't be selling off his possessions like a shamed Willie Ames right now:



How could one of Hollywood's highest paid actors find himself owing $6.3 million in back taxes and deep in money troubles? The answer is easy if you believe Nicolas Cage.

In a lawsuit filed Oct. 16 in Los Angeles, the National Treasure star, 45, claims that his longtime business manager, Samuel J. Levin, duped "lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin."

That journey began in 2001 when Cage – whose next movie is the crime drama Bad Lieutenant: Port of Call New Orleans – hired Levin to oversee and manage his business interests, investments and finances. Levin did not return calls seeking comment. A rep for Cage had no comment.



Mr. Levin was Cage's single point of failure. If you have assets in more than one country, and if you have more than one source of income, you need multiple, independent advisors and an outside accounting firm to audit their activities. Always find at least two or three advisors who are independent of one another, and audit them regularly.