Here is Rufus Wainwright:
What’s the biggest financial mistake you’ve made?
Signing a publishing deal years ago and asking them to throw in a piano. I thought they were gifting me a piano, when in fact I was just paying for the piano. I was confused by the big leagues—financially, it was a no-man’s land. That happens to most musicians. They get screwed by the industry. It’s a rite of passage. Don’t ask for a piano!
Here is Lee Daniels:
What do you wish you’d known about money before getting into showbiz?
That half of it goes directly to the government. And another 20 percent goes to your representatives, so that’s 70 percent of your income right there. You’d better make some money, honey! You’ve got to put $15 of that $30 away for your retirement.
Is that what you did?
No, of course not! That was the learning experience. It took me 34 years to find that out!
It is striking that none of them refer to “The d word,” namely diversification. (Priyanka Chopra does mention she bought land in Goa and Mumbai, and that it worked out very well for her.) Though you also have to wonder if that is not part of the reason why they rose to the top of their respective crafts. Rather than setting for a sufficiently happy and complacent normal existence, perhaps many kept doubling down on what might have been fundamentally unsound bets.
Here is the full piece from Bloomberg.