“You can be on top one day and out of work the next,” says Rich Winer, president of Winer Wealth Management in Woodland Hills, Calif., whose clients include affluent individuals in the entertainment industry. “You don’t know if a show will get canceled or a record company will drop you from their roster,” he explains.
While many high-net-worth individuals can count on a fairly steady income from an ongoing business or a successful professional practice, entertainers can have highly variable incomes. The same can be said about professional athletes, who might be cut from the team or see a promising career shortened by injury.
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