From $420 a Week to Broadway Stardom: Anthony Ramos' Financial Journey
Monday, Nov 25, 2024 9:47 am ET
4min read When the hit Broadway musical "Hamilton" first began, actor Anthony Ramos was struggling in New York City on a mere $420 a week. His character, playing dual roles of John Laurens and Phillip Hamilton, barely kept him afloat in the expensive city. However, as the show moved to Broadway and gained traction, Ramos' financial situation took a dramatic turn.
Ramos' earnings skyrocketed with the Broadway debut, with ensemble members taking home approximately $1,800 per week. Yet, the sudden influx of wealth presented new challenges. With expenses like taxes, manager and agent fees, and increased personal spending, Ramos found himself grappling with the reality of managing his finances. He admitted, "I thought I was way better with money than I actually was. But I think the more money I made, the worse I got with money."
The actor's wake-up call came when he nearly had to cancel a vacation to Hawaii due to overspending. His business manager informed him that he would no longer be able to afford the trip, sparking a realization about the importance of financial responsibility. Ramos reflected, "That was something I was looking forward to and now I can't do it. I don't want to feel like I can't do a thing because I was irresponsible."
Ramos' experience serves as a valuable lesson for individuals, especially those in the entertainment industry, on managing finances amidst fluctuating income. Hiring a business manager to gain a clear understanding of finances and implementing a conscious spending plan, as suggested by self-made millionaire Ramit Sethi, can help maintain financial responsibility and make the most of one's earnings.
By dividing income into fixed costs, savings, investments, and guilt-free spending, individuals can prioritize their financial needs and wants, ensuring a solid foundation for their future while also enjoying the present. Ramos' story is a testament to the importance of financial education and adaptability in the face of changing circumstances.
Ramos' earnings skyrocketed with the Broadway debut, with ensemble members taking home approximately $1,800 per week. Yet, the sudden influx of wealth presented new challenges. With expenses like taxes, manager and agent fees, and increased personal spending, Ramos found himself grappling with the reality of managing his finances. He admitted, "I thought I was way better with money than I actually was. But I think the more money I made, the worse I got with money."
The actor's wake-up call came when he nearly had to cancel a vacation to Hawaii due to overspending. His business manager informed him that he would no longer be able to afford the trip, sparking a realization about the importance of financial responsibility. Ramos reflected, "That was something I was looking forward to and now I can't do it. I don't want to feel like I can't do a thing because I was irresponsible."
Ramos' experience serves as a valuable lesson for individuals, especially those in the entertainment industry, on managing finances amidst fluctuating income. Hiring a business manager to gain a clear understanding of finances and implementing a conscious spending plan, as suggested by self-made millionaire Ramit Sethi, can help maintain financial responsibility and make the most of one's earnings.
By dividing income into fixed costs, savings, investments, and guilt-free spending, individuals can prioritize their financial needs and wants, ensuring a solid foundation for their future while also enjoying the present. Ramos' story is a testament to the importance of financial education and adaptability in the face of changing circumstances.
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