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Nick Cannon Became Millionaire and Went Broke Before 19

November 23, 2010

*Nick Cannon has revealed that he earned a million dollars by the time he turned 18, but blew all of it within a year.

The “America’s Got Talent” host admitted that he wishes he had listened when Will Smith told him not to spend all his money on cars.

“I became a millionaire and went broke all before the age of 19. I spent it right away and did a lot of frivolous, unintelligent things with the money,” he told the Wall Street Journal. “I bought jewelry and Range Rovers… instead of buying property I was leasing the most expensive property, and then you turn around and you owe the government 44% of what you made and you don’t understand that, even when people you tell that.

“One of those who was a mentor to me at that young age and opened a lot of doors was Will Smith. I remember when I was going to buy the Range Rover he said, ‘Man, don’t go buy that, you don’t need that.’

“He was someone who made $1 million and lost it at a young age, so you got to pay attention to the people who came before you.

“I would encourage people who do get a little bit of money to save it and invest it and hold on to it. And make sure you pay your taxes.”