Over the years in Nigeria, we have seen artiste and sports men who were once living large as a result of their huge income, return to poverty within a decade. NOP observed that this trend is resurrecting again as some musicians and actors that were seen as comfortable few years back now struggle to feed.
This eye-opening piece will tell you why and how these things happen and what to do…
Legendary singer Dionne Warwick has filed for bankruptcy. In a statement last week, her publicist said the singer’s filing was “due to several consecutive years of negligent and gross financial mismanagement.”
Dionne Warwick’s success began in 1962 with “Don’t Make Me Over,” followed by 18 consecutive Top 100 singles. Her repertoire includes “say a little prayer”, “I know I’ll never love this way again” and numerous others. Since she did not write her most famous songs she has not benefited from the significant royalties that songwriters, Burt Bacharach and Hal David did.
Even though the singer has worked for over fifty years and sold over 100 million albums and 30 million singles, it is alarming to read that she, at 72 years old, must continue to work hard and give live performances to keep earning to supplement her income from social security and a pension. Dionne Warwick will always be a legend; she is a truly gifted singer, and she leaves a legacy of some of the world’s greatest music.
This is yet another sorry tale that graphically illustrates the far too common “riches to rags” saga [of celebrities]. There are some common threads that run through the reasons why so many high earning celebrities such as musicians, actors, and sportsmen go broke.
Artistes and sportsmen are particularly vulnerable when it comes to their personal finances as they face unique challenges. When the funds start coming in, many don’t realise that they may be earning a lifetime of income within a relatively short time frame. Careers are often brief and uncertain particularly for sports men and women whose careers can come to an end in their 30s or sooner, and one serious injury could cut short a career overnight. Musicians cannot predict the popularity of their music, and an actress doesn’t know which will be her last role. Unrealistic assumptions about future earnings can cloud judgment when it comes to savings and spending.
Don’t neglect your education. It is very easy when the money starts rolling in to view education as a waste of precious time. This is a huge mistake, as the benefits of education will remain long after a career has ended. Many celebrities shortchange themselves by dropping out of school to pursue their celebrity and many more fail to return to complete their education. By getting a qualification, there is a better chance of being able to earn even when celebrity is waning.
Excessive spending is a reason for celebrities suffering financial misfortune. Regardless of whether you make N500, 000 or N50m a year there is the very real possibility of going broke. One Hollywood star is reported to have had 22 cars, four yachts and 15 expensive homes all over the world some of which he never visited.
Along with their large incomes, celebrities, and some Nigerian stars are no different, maintain enormous overheads that include large homes, managers, agents, stylists, publicists, bodyguards, assistants and hangers-on; they are besieged by family members and friends who regularly require assistance. Some are naïve and as they become very popular they fall victim to those who are willing to pander to their celebrity for financial gain. Members of their entourage constantly surround and insulate them from reality feeding their egos. “Untidy” personal lives are also a common feature with multiple relationships resulting in multiple children and the attendant costs of education and upkeep.
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