Nick Cannon squandered a million on `frivolous things`

Mariah Carey's hubby revealed that by the age of 18 he was a millionaire, but by the age of 19 he had spent it all.

Speaking to the Wall Street Journal, the 30-year-old radio DJ said he was warned by Will Smith not to waste his money on cars, but he refused to listen.

He said, '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.

'I bought jewellery 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 per cent 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 (£628,000) and lost it at a young age, so you got to pay attention to the people who came before you.'