Rumors of bankruptcy and late payments have been circulating around Annie L. for years now. And according to the New York Times (2-23-2009), Annie Leibovitz, one of the most successful editorial and commercial photographers in the business recently had to borrow $15.5 million to pay off debts and such.

And what did she use as collateral? Oh, her three West Village town houses, her country home in Rhinebeck NY, and * the rights to all of her photographs.* Scary.

“In other words, according to loan documents filed with the city, one of the world’s most successful photographers essentially pawned every snap of the shutter she had made or will make until the loans are paid off.”

(nyt)

Quotes from this article:

http://www.nytimes.com/2009/02/24/arts/design/24artloans.html?_r=3&pagewanted=1

WOW. Hard to believe that a photographer who commands staggering day rates and whose career seems to just keep going up and up could end up where she is today. 

So, I guess the moral is, do not live beyond your means. If you can, save your money. Put it in the bank until you really, really, really need it.