Reasons Nollywood veterans become broke after stardom

In the last few weeks a number of Nollywood veterans have come on social media to solicit for help for one reason or the other. These includes, Margaret Bandele popularly known as Iya Gbonkan, Lalude, Alapini and many others.

These veterans glazed our screens big time, formed part of our childhood and adulthood memories. Yet it is surprising that they are living in penury.

On Sunday, a wealthy Nollywood veteran, Jaiye Kuti, slammed, her colleagues who come online to beg for financial support.

She noted that they are denting the image of the industry and making it look as if Nollywood is responsible for them.

In view of this, Glamsquad have put together reasons Nollywood veterans become broke after stardom, all for your reading pleasure. They include;

 

Mismanagement of Finances

One of the main reasons why Nollywood veterans become broke after stardom is poor financial management. Many celebrities in the industry fail to properly handle their income, spending extravagantly and not investing wisely. They may live a lavish lifestyle without realizing that their stardom might fade.

 

Lack of Consistent Income

Nollywood actors and actresses might experience a decline in roles and opportunities as they age. With fewer roles and reduced income, it becomes challenging to maintain their previous lifestyle. Inconsistent income can lead to financial instability.

 

Expensive Lifestyle

Some Nollywood veterans tend to live beyond their means. They might buy expensive houses, cars, or indulge in luxurious vacations without considering the long-term consequences. The high cost of maintaining such a lifestyle may negatively impact their finances in the future.

 

Lack of Proper Financial Advice

Many celebrities do not prioritize seeking professional financial advice. This can result in poor investment choices or falling victim to fraudulent schemes, which can lead to substantial financial losses.

 

Dependence on a Single Industry

Nollywood actors and actresses might solely rely on income generated from acting and endorsements. By not diversifying their income sources or exploring investment opportunities outside the industry, they leave themselves vulnerable to financial instability if there is a downturn in the local film industry.

 

Health Issues

Health problems can impact an actor’s ability to work consistently, resulting in a loss of income. Without a proper financial safety net, medical bills and treatment costs can quickly deplete their savings.

 

Family and Social Pressures

Some Nollywood veterans may face financial strain due to societal expectations or pressures from family members. They might feel obliged to provide for their extended families or maintain a certain status within their social circles, leading to poor financial decisions.

 

Lack of Retirement Planning

Many Nollywood veterans fail to plan for their retirement or save for the future. As their career slows down or comes to an end, their income significantly decreases, leaving them financially vulnerable in their later years.

Overall, a combination of factors such as mismanagement of finances, lack of consistent income, expensive lifestyles, and poor financial planning contribute to Nollywood veterans experiencing financial difficulties after their stardom.

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