Failure No.3 - Stick to what you know!
When Adam Faith died of heart failure at the age of 62, it wasn’t as a teen idol or TV heartthrob that he was remembered. But as a bankrupt businessman.
Having become a household name in the world of entertainment, both as a leading pop singer and TV actor, he reinvented himself in the 1980s as a financial guru for the yuppie generation.
But the golden boy of pop, who had successfully invested in property since the 1960s, came unstuck as a self-styled financial expert. The beginning of the end was in sight when he lost a reported £10 million when business associate Roger Levitt’s investment empire collapsed. And the final nail in the coffin was when The Money Channel, his satellite TV financial channel, failed in 2001 - leaving him £32 million out of pocket and forced into bankruptcy.