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“I didn’t understand how money works”
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“I didn’t understand how money works”

Al Pacino, one of Hollywood's most famous actors, didn't get into acting for the money. But over the years, despite starring in classics like The Godfather and Scarface, he managed to squander his million-dollar fortune and eventually found himself in a serious financial mess.

In his memoir “Sonny Boy,” Pacino admits that he wasn't just bad with money – he was terrible. At one point, his financial situation deteriorated so much that he had to take roles in films like Jack and Jill, a film he openly admits was for one reason: he was broke.

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You may be wondering how someone who has reached the pinnacle of fame and collected millions can lose everything. In Pacino's case, his poor money management and extravagant lifestyle led to his downfall. In his memoirs he reveals how bad things got. “I had about ninety grand in the bank and that was it,” he wrote, sharing that he spent a fortune without making much.

In fact, he was losing around $400,000 a month – a sum that included the upkeep of two houses, several apartments and even an office. “I was spending $400,000 a month and I didn’t know it was happening. You must be stupid,” he wrote. He elaborated: “I had property but no money…The kind of money I was spending and where it was going was just a crazy montage of losses.”

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He joked about his ridiculous expenses on landscaping a house he didn't even live in, spending over $400,000 a year trimming the lawn.

Pacino admits that while he could blame everyone from his accountants to his manager, the real problem was that he didn't have the slightest idea how money worked. He says: “I didn’t understand how money worked, just like I didn’t understand how a career worked. It was a language I just didn’t speak.”

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In 2011, Pacino's money problems reached their lowest point. His accountant had been running a Ponzi scheme and, Pacino later found out, was sentenced to prison. This left him in financial free fall. “I had fifty million dollars and then I had nothing,” Pacino wrote, reflecting on how quickly the money disappeared. Faced with rising costs, Pacino took on projects solely for financial reasons.

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