He used to be a famous acting star with a healthy income, but today he depends on donations: Heinz Hoenig (72) achieved his breakthrough in 1981, the famous war drama “Das Boot” , in which he played his radio host Hinrich. The film received six Oscar nominations and brought millions into the coffers of the production companies.
Over the years, Hoenig appeared in more and more German television series and films and was considered one of the highest paid actors in the television industry.
Heinz Hoenig: Donations are intended to cover clinic costs
But as he got older, the famous star struggled with personal bankruptcy, and there was talk of debts running into hundreds of thousands of euros. He ended up in a coma in the hospital – without health insurance.
As a result, a fundraising campaign was launched to pay for Hoenig’s stay in the clinic, the operation itself and medical care after the surgical procedures. More than 133,000 euros have now been received (as of April 8). This means that the donation goal of 150,000 euros would almost be reached. Many famous German people are also among the donors.
Another TV star, Rolf Schimpf (99), known as “Der Alte” on ZDF, was recently forced to move out of his retirement home because he didn’t seem to have the money for it. At best, Schimpf earned the equivalent of more than 20,000 euros per program. The late Ingrid Steeger († 76) also had to struggle with financial problems. She left behind a brilliant career, including as a renowned “Klimbim” star, but without enough money to bury her, as media reports regularly say.
These are just three examples of many. Many famous actors have financial problems as they get older and struggle to make ends meet. But why is it so? There are five possible reasons.
Financial problems in old age due to unusual lifestyle
The income of many TV stars is inconsistent. During their playing careers, some years they earn millions and other years they earn very little. Without sound financial planning, fluctuating income can mean that resources are used up in old age.
In addition to this there is an unusual lifestyle with high costs. Luxury goods, expensive properties and spending habits can quickly deplete your account. Studies show that actors and TV personalities quickly buy expensive property in a posh area after career success. Preferably with a large garden, pool and sports facility. However, workers are also hired to take care of maintenance. But if there is no income, these expenses can be a heavy burden.
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This is comparable to winning the lottery. Many people also ask themselves the question “Do I want to start eating now – with expensive cars, fancy watches and so on?” Because the point is: even if you win millions, of course you will use the money at some point,” says Munich psychologist Stephan Lermer.
At some point the audience has seen enough. As soon as levels drop, actors must react quickly. You need new roles and projects, or your television career will be over. The more successful a career, the harder it is to get back into the business. Like Horst Tappert, who became world famous as “Derrick”. For more than 24 years he was the chief investigator in the ZDF crime series of the same name. After the series ended, there were no major roles on television. If there are no questions, many actors have the challenge of finding new work.
Job opportunities in the media industry are often limited. So it is often difficult for actors to find a new, sustainable income.
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Instead of getting financial advice, they invest their money based on their gut instinct. Lack of financial knowledge can lead to missing out on important savings and investment opportunities. For example, a prominent and successful person who earns millions of euros in his career can invest in risky projects such as a restaurant without the necessary experience. It is doubtful that such projects are successful and bring in money.
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Health problems can lead to high costs. Many actors are self-employed or are not directly employed by the production company or television station. You have to pay for your health insurance entirely out of your own pocket. Because this is very expensive, many actors do not have adequate insurance. Medical expenses can make financial problems worse.
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It’s best to make sure you have a comfortable emergency fund. “For example, for extraordinary health costs,” advised Sylvie Ernoult of the Federal Association of German Bankers. The money should be available quickly in the checking or current account. “Plan for at least four to six months of income for this,” says Ernoult.
Furthermore, in many cases there is a lack of robust retirement provision. If actors do not take adequate care of long-term financial security during their active careers, they will be at risk of poverty in their old age. Although many are busy living extravagant lifestyles, they are not building adequate savings for retirement. This is necessary.
If you want to improve your pension, you can use the money to take out pension insurance which starts immediately. This will ensure that you have a pension that is paid for life. “Ultimately, you are betting on longevity,” says Ralf Scherfling from the NRW Consumer Center in Düsseldorf. If things go unfavourably, you will pay a lot and die some time later. If no death benefit has been agreed, the rest of the capital will remain with the insured community and will not go to the heirs.
The original for this article “Why TV stars in old age lack money” comes from “focus.of“.
2024-05-09 15:06:21
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