There are considerable benefits to being a celebrity. There is the money, the adulation of fans, and the doors fame opens. There is also the fact that most celebrities are doing something they are very passionate about. At the same time, there are some very significant downsides for celebrities especially as they excel.
The following is a list of the adverse consequences of being an accomplished entertainer, and the percentage of 165 talent agents and managers who identify the issue as a major concern of their highly successful clients:
• Loss of privacy (77.6%)
• Being subjected to hyper-criticism (70.3%)
• Fear and anxiety that the success can go away anytime (66.7%)
• Dealing with lies in the media (57.0%)
• Being taken advantage of by professionals they employ (37.0%)
• Targeted by criminals (27.9%)
• Saying goodbye to “everyday, normal life” (24.8%)
• Stalkers (13.9%)
• Anxiety over feeling like an imposter (12.7%)
These percentages must be viewed only as the general perceptions of the talent and business agents. Of course, the particular concerns of an accomplished entertainer vary based upon his or her unique circumstances. In any scenario, being able to constructively address these issues is a function of the psychology of the celebrity and his or her support network.
What is evident is that more than nine out of ten of those surveyed report that they are regularly involved with helping their successful entertainment clients deal with many of these concerns. They tend to help their clients deal with the psychological issues like coping with a lack of privacy and the worry that everything can just vanish. Other experts many times manage the more tactical solutions.
According to Rick Flynn, managing partner of FFO Business Management & Family Office and author of The High-Functioning Single-Family Office, “Aside from dealing with tax and financial considerations, drawing on the same expertise we bring to the super-rich and family offices, a critical role we often play is helping some of our celebrity clients address non-financial matters. An example of this is bringing in the appropriate healthcare concierge for a musician going on a world tour. Another example is contracting with a personal security specialist and overseeing the process to fix an identify theft.”
While there are some negative consequences to becoming rich and famous, the upside seems to offset them in a big way. With respect to the negatives, successful entertainers that leverage the expertise of others can usually do a good job of managing the personal costs.