Joanie from Happy Days has passed RIP

[zibazinski]

It was brief and they both were young.

[thyme4change]

Apr 24, 2017 5:33:37 GMT -5 zibazinski said:

All you have to do is look at those who received money, a lot of it, at an age where they weren't able to handle it. I always think football players who have very little real education and relatives galore to latch onto the meal ticket. Do you know Ron Howard's parents put his and his brother's money into a trust and supported their children on their own? Never moved out of their middle class neighborhood and the kids did sports and went to school. Granted not a normal childhood all the time but as much as humanly possible. Only 10 per cent of a child actors earnings by law have to be kept for them. I think the law ought to be 90 per cent. People who earn lots of money at too young of an age have no clue how to deal with it and too many hands out waiting to divest them from it.

Although 10% does sound low, there are expenses to having a child who acts or models or whatever. It is difficult to keep a traditional job, sometimes you have to move to an expensive area, transportation, tutors, etc. It would be nice is families could afford to pay for everything and leave all their child's money for them, I would understand if some families needed some of their expenses reimbursed. It only goes terribly wrong when parents start living high on the hog, courtesy of their unsuspecting child.

[thyme4change]

Google tells me that 10% number is not correct. In California 15% of the income goes into a trust, which becomes property of the kid at 18 YO. The child's income is also responsible to pay for taxes, the agent, the manager and other business expenses.

[zibazinski]

OH, woop, 15 per cent. Not nearly enough for the one that works. How would you like to keep 15 per cent of your salary? I'm sorry but I feel children should be supported by their parents. It's not like these kids decide to be "stars" their parents groom them so they can live the high life. 

[thyme4change]

Apr 25, 2017 15:12:42 GMT -5 zibazinski said:

OH, woop, 15 per cent. Not nearly enough for the one that works. How would you like to keep 15 per cent of your salary? I'm sorry but I feel children should be supported by their parents. It's not like these kids decide to be "stars" their parents groom them so they can live the high life. 

If an agent and/or manager takes 15 or 20 percent, and taxes take a third, and expense take a bit too, 15% isn't too bad. A 15% savings rate is quite admirable. There are many times I didn't have 15% left after paying bills.