Sad article about former TV star Joey Lawrence

[AliInKY]

Seriously, folks, how does this level of irresponsibility and denial even exist?  Especially with young children to raise?  Below is an excerpt of a web post about former television star Joey Lawrence ("Blossom", "Melissa & Joey") filing for bankruptcy.

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The financial details are painful. In the filing, Joe claimed an average monthly income of $6,966, which includes acting residuals. This is sort of a comedown from 2015 when he claimed he made $534,000. His last job was on a series with Melissa Joan Hart (imaginatively titled Melissa & Joey) that ran for four seasons on Freeform. It was canceled that year. Chandie is officially unemployed, but they have two daughters (11 and 8) and that’s a job right there.

The Lawrences were really trying to stave off posts like this one because they had all of their glad rags up for sale before being forced to file.

The pair, who tied the knot in 2005, sold items of clothing, accessories and furniture prior to filing for bankruptcy. The court docs claim that made $4,325 by selling their clothing to Buffalo Exchange and $436 by selling purses and wallets on eBay.

It could have been worse; it could have been teeth. Speaking of holes where things used to be, here’s why there was a yawning crevasse in their checking account.

The Dancing With the Stars alum’s debts include $132,000 in credit card debt, $88,000 in back taxes, $32,000 in unpaid loans, nearly $100,000 for owed automobiles and $54,000 in unpaid rent, according to the docs.

The documents reveal that the duo’s monthly expenses leave them $18,000 in debt each month. The expenses include $13,500 in monthly rent, $2,400 on food and housekeeping needs, $1,281 in water and sewer bills, $2,348 on one car lease, $498 on a second car lease and $1,000 on entertainment.

$1,000 in entertainment? Howabout Netflix and chill, Joey? In addition to all of the tragedy above, they’ve had a Bentley, a BMW and a 2015 Ford Flex picked up by the repo man. As of now, their debt has been discharged but the bankruptcy is still pending.

[BlueHouse]

I am confused.  Can I start living an excessive lifestyle (with housekeeping services and rent of $10k per month) and then claim bankruptcy?  At what point do the courts say "the cleaning lady has to go"? before bailing someone out?

[LWYRUP]

@BlueHouse I don't think they will be living this lifestyle much longer. 

[fuzzy math]

I done even understand paying $1200 a month for water or $2300 for a single vehicle lease..  you'd really have to try hard to end up w either of those

Sent from my H1623 using Tapatalk

[Bucksandreds]

When you live at or above your means you better hope your means keep up. He did what 90% of people do in his situation. I understand forgiving the credit cards, unpaid rent, etc. part of the forgiveness means he’ll have no credit cards and have to pay 2-3 months rent in advance on his next place that’s 10x cheaper. Welcome to reality, joey, hopefully your children learn from your mistakes.

[crispy]

I bet they were assuming that another well paying gig would come along. I can actually see a new reality show being pitched for this...a former child star used to the good life having to live on a normal salary and get a job.

[Llewellyn2006]

I'd never heard of him until I looked him up. Not feeling much sympathy. As someone else said, hopefully his kids will learn something out of all this.

[frugalnacho]

whoa

[NoStacheOhio]

I done even understand paying $1200 a month for water or $2300 for a single vehicle lease..  you'd really have to try hard to end up w either of those

Sent from my H1623 using Tapatalk

$2300 sounds about right for an exotic, something like a Lamborghini or McLaren

[Just Joe]

How long do those residuals last? Looks to me like with some priority shifting they can FIRE albeit in a LCOL area with LCOL tastes. Nope, don't feel sorry for them at all.

[NoStacheOhio]

How long do those residuals last? Looks to me like with some priority shifting they can FIRE albeit in a LCOL area with LCOL tastes. Nope, don't feel sorry for them at all.

For as long as the content gets played. It's calculated based on a percentage of the syndication fees for every episode aired. It's the reason people like Daniel Radcliffe can basically do any project they want without regard to commercial concerns. Residuals plus passive income from investments = way more money than you know what to do with (if you aren't a lunatic).

[Just Joe]

So the residuals require the syndicated show to at least be popular. If nobody wants to watch it, you're doomed.

[NoStacheOhio]

So the residuals require the syndicated show to at least be popular. If nobody wants to watch it, you're doomed.

Basically, yes. But there are also DVD sales and stuff like that.

If you (or your parents) aren't a total moron, having a hit show eligible for syndication sets you up for life. Even if the residuals dry up, you made enough during the good times to live off of investments.

According to IMDB, he's been steadily working since the early 80s. He's getting paid for acting, and picking up additional residuals any time one of those things gets played/sold.

Now, he also has to pay a bunch of other people (agents, management, etc) before he can take home a single dollar, but there's still a ton of money coming in. This is 100% a spending problem. For further reading see Nicholas Cage, Mike Tyson, MC Hammer, etc.

http://www.businessinsider.com/rich-people-who-lost-their-money-2015-1

[Travis]

Seriously, folks, how does this level of irresponsibility and denial even exist?  Especially with young children to raise?  Below is an excerpt of a web post about former television star Joey Lawrence ("Blossom", "Melissa & Joey") filing for bankruptcy.

====
The financial details are painful. In the filing, Joe claimed an average monthly income of $6,966, which includes acting residuals. This is sort of a comedown from 2015 when he claimed he made $534,000. His last job was on a series with Melissa Joan Hart (imaginatively titled Melissa & Joey) that ran for four seasons on Freeform. It was canceled that year. Chandie is officially unemployed, but they have two daughters (11 and 8) and that’s a job right there.

The Lawrences were really trying to stave off posts like this one because they had all of their glad rags up for sale before being forced to file.

The pair, who tied the knot in 2005, sold items of clothing, accessories and furniture prior to filing for bankruptcy. The court docs claim that made $4,325 by selling their clothing to Buffalo Exchange and $436 by selling purses and wallets on eBay.

It could have been worse; it could have been teeth. Speaking of holes where things used to be, here’s why there was a yawning crevasse in their checking account.

The Dancing With the Stars alum’s debts include $132,000 in credit card debt, $88,000 in back taxes, $32,000 in unpaid loans, nearly $100,000 for owed automobiles and $54,000 in unpaid rent, according to the docs.

The documents reveal that the duo’s monthly expenses leave them $18,000 in debt each month. The expenses include $13,500 in monthly rent, $2,400 on food and housekeeping needs, $1,281 in water and sewer bills, $2,348 on one car lease, $498 on a second car lease and $1,000 on entertainment.

$1,000 in entertainment? Howabout Netflix and chill, Joey? In addition to all of the tragedy above, they’ve had a Bentley, a BMW and a 2015 Ford Flex picked up by the repo man. As of now, their debt has been discharged but the bankruptcy is still pending.

Hell, you're halfway to a Ask a Mustachian Case Study. Got his email address?

[driftwood]

The insanity there is astounding. My first instinct with a windfall, or a ridiculously high-paying job is to buy financial security first.  After that's done I would understand spending each and every dollar above your FI accounts on whatever weird/expensive stuff you want. 

[Travis]

The insanity there is astounding. My first instinct with a windfall, or a ridiculously high-paying job is to buy financial security first.  After that's done I would understand spending each and every dollar above your FI accounts on whatever weird/expensive stuff you want.

Especially with younger actors. I don't know how old Lawrence was when he had his one or two hit shows in the 90s, but the younger acting crowd doesn't seem to have a high success rate.  I cringe whenever I see the latest crop of child stars that come out of Disney each year either as actors or singers. Once they reach 16 or so and Disney has no further use of them you might see one or two of them acting as adults.

[crispy]

The insanity there is astounding. My first instinct with a windfall, or a ridiculously high-paying job is to buy financial security first.  After that's done I would understand spending each and every dollar above your FI accounts on whatever weird/expensive stuff you want.

Especially with younger actors. I don't know how old Lawrence was when he had his one or two hit shows in the 90s, but the younger acting crowd doesn't seem to have a high success rate.  I cringe whenever I see the latest crop of child stars that come out of Disney each year either as actors or singers. Once they reach 16 or so and Disney has no further use of them you might see one or two of them acting as adults.

He was on Gimme a Break when has around six years old so he has had a longer career than most.

[StarBright]

whoa

this is the correct response - Well Played Sir!