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Lobby General Discussion topic #12814522

Subject: "what would you want to see happen to the money earned by child stars?" Previous topic | Next topic
BigJazz
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24443 posts
Tue May-26-15 12:22 PM

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"what would you want to see happen to the money earned by child stars?"


  

          

for the sake of discussion, say a kid got in the business in kindergarten and worked steadily every year up until they turned 18. in that time span, they earned roughly $13 million after taxes.

the kid's parents didn't hold down regular jobs while this was going on. they hung out with the kid and looked after him. another person held the title of manager and got the kid gigs. another person served as the accountant and kept the books. while an entirely separate person gave legal counsel.

of that $13 mil after taxes, what shoulda happened to the money? how much to spend on lifestyle? how much, if any, should be sitting there waiting for the kid once they turn 18? how much should the parents have taken, if any, for watching over the kid during their career?




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Topic Outline
Subject Author Message Date ID
doesnt' 15% automatically go into a trust fund for child actors?
May 26th 2015
1
yes, in four states:
May 26th 2015
2
i was gonna say trust fund, but maybe a higher percentage.
May 26th 2015
3
Hmm, this is tough
May 26th 2015
4
Finance, taxes, and money management should be required
May 26th 2015
5
if you had a million before 18 you wouldnt try and learn money mgmt eith...
May 26th 2015
8
      he be like this: https://www.youtube.com/watch?v=lFXHaai3srA
May 26th 2015
9
there should be at least 8 million in a trust
May 26th 2015
6
The parents should be treated like spouse or a child are in a divorce
May 26th 2015
7

Fishgrease
Member since Feb 13th 2006
34443 posts
Tue May-26-15 12:37 PM

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1. "doesnt' 15% automatically go into a trust fund for child actors? "
In response to Reply # 0


  

          

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b.Touch
Member since Jun 28th 2011
20514 posts
Tue May-26-15 12:59 PM

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2. "yes, in four states:"
In response to Reply # 1


  

          

http://www.sagaftra.org/content/coogan-law

  

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KiloMcG
Member since Jan 01st 2008
27485 posts
Tue May-26-15 01:29 PM

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3. "i was gonna say trust fund, but maybe a higher percentage."
In response to Reply # 1


  

          

  

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-DJ R-Tistic-
Member since Nov 06th 2008
51978 posts
Tue May-26-15 01:31 PM

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4. "Hmm, this is tough"
In response to Reply # 0


  

          

I feel like they should have some access, but surely need to have a GREAT amount saved for later. Like 50% because who knows what they'll ever make again.

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ShinobiShaw
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48533 posts
Tue May-26-15 01:42 PM

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5. "Finance, taxes, and money management should be required"
In response to Reply # 0


  

          

course completion for any person under 18 with over 1 million dollars.

Would of rather learned that than Earth Science in HS.

http://soundcloud.com/djshinobishaw
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BrooklynWHAT
Member since Jun 15th 2007
81749 posts
Tue May-26-15 02:30 PM

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8. "if you had a million before 18 you wouldnt try and learn money mgmt eith..."
In response to Reply # 5


  

          

shit you thought earth science was boring.

you got a MILLION DOLLARS.

<--- Big Baller World Order

  

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BigJazz
Charter member
24443 posts
Tue May-26-15 02:31 PM

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9. "he be like this: https://www.youtube.com/watch?v=lFXHaai3srA"
In response to Reply # 8


  

          

https://www.youtube.com/watch?v=lFXHaai3srA

  

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legsdiamond
Member since May 05th 2011
70707 posts
Tue May-26-15 02:01 PM

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6. "there should be at least 8 million in a trust"
In response to Reply # 0


          

I can see the first mill or 2 being up in the air due to living expenses, rent, stipends, paying off old debt from the money spent trying to get their career off the ground.

We gonna live in a nice ass house too because why not? We family.

We gonna get 1 mill for US for birthing a star.

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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Buddy_Gilapagos
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46262 posts
Tue May-26-15 02:12 PM

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7. "The parents should be treated like spouse or a child are in a divorce"
In response to Reply # 0


  

          

That is, they are entitled to a certain amount of it just like the spouse or a child of an earner. Theory being they wouldn't be seeing any of that money if the parents didn't do what they did to put the kid in that position.


**********
"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson


"One of the most important things in life is what Judge Learned Hand described as 'that ever-gnawing inner doubt as to whether you're

  

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