Jimmy Osmond says losing eighty million dollars was a good thing for him. The singer known for his number one hit “Long Haired Lover from Liverpool“says it was also the best thing for his brother The Osmonds. He along with his six brother found fame when they were young says that the entertainment side of showbiz came easy for them but the business side was not good. They learnt a valuable lesson when they lost so much money from people who had been hired by them to look after their money.
He told the Daily Telegraph newspaper:
”We lost about $80 million, maybe $100 million in today’s money – but it’s actually the best thing that ever happened to my brothers and me because it made us really appreciate how to manage money and it forced us to refocus.
”It didn’t leave us destitute but we had to start over. It was a wonderful thing, because my brothers are the most humble guys you will ever meet.
”We were taken advantage of by our advisers but my dad would never sue them. He was never that kind of man. His handshake was as good as a contract and he was a great example to me.”
Osmond was just nine years old when he had his first solo, and became a number one hit in the UK but says he made no money form it. He added:
”I never made a penny from it. Our business is not a fair business … when that record came out I got nothing. The record company would cross the sales of the records off against other costs.
”They’d say one of the brothers’ albums didn’t make money, or we had to pay for promotions. They always found a way to balance it out.”
The now fifty year old says now his finances are in much better shape. He said:
”I make more money on record sales today that I never made in the heyday of the Osmonds because I own my own label.”