Reply to Are most celebrities (particularly actors) good with their finances?

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[quote=Anonymous]From what I've heard, no!  For a variety of reasons:

1) they are creative people and are uninterested in the details of finance.

2) their pay arrangements are pretty complex and not just your average annual salary.  If they write a song, they earn money through royalties.  For other things, it's all individually negotiated contracts where pay arrangements may vary widely.  You have to be pretty good at understanding contracts to understand how you're getting paid and and what.  You may end up responsible for certain expenses that you weren't aware of.  You have to give cuts to your agent or manager and other people and that adds up.

3) you can hire people to manage your finances but there are a lot vultures out there looking to swindle rich celebrities.  Heard lots of stories of celebrities thinking they had a lot because their financial manager said they did and they spent wildly and it turns out their financial manager was terrible at managing it and lost it all.[/quote]

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