American singer and songwriter Billy Joel currently has a massive net worth of $225 million. Although this is a pretty good amount, he could have higher net worth if he looked out for himself earlier in his career.
The singer confessed to not caring about his finances during his early years in the industry. It resulted to him losing millions due to his carelessness.
The Uptown Girl singer is one of the best-selling music artists of all time and reportedly earns a minimum of $2 million per show. He also earns millions from the annual music publishing royalties. He may have enormous amount money now, but he used to be on the verge of bankruptcy.
The singer lost millions over the years. He was nearly broke after a multi-million dollar divorce settlement from his ex-wife in addition to the mishandled funds by his former manager Frank Weber worth $30 million.
These are the results of his refusal to handle and know details about his finances. Take a look at the real reason why Billy Joel stayed away from handling his finances for a long time.
Billy Joel’s Massive Success In The Music Industry
Billy Joel who started in the 1970s as a solo artist has thrived in the music scene for decades now. He has sold over 150 million records and is widely known as one of the most popular recording artists. He also reached the status as one of the most respected entertainers in the world.
One of the reasons why he flourished so well in the music scene was because he writes his own song. The singer writes about his personal endeavors, and he has the ability to touch people through his songs.
His main goal when writing songs is to transcend and mirror his feelings so that the listeners can feel how he felt during a certain period of time.
He’s had a commercially successful music career that earned him accolades including twenty-three Grammy nominations with thirty-three songs topping on the top 40 hits.
He was able to earn a Grammy Legend Award in 1990. He was then inducted to the Songwriters Hall of Fame in 1992. He was also inducted to the Rock & Roll Hall of Fame in 1999. Through the years, he has received several recognitions from different award giving bodies.
Why Billy Joel Stayed Away From Handling His Finances
Billy Joel admitted that during the early years of his career, he does not know how much money he makes and how much he spends.
He never really paid attention to the business aspect of his career since he does not want to compromise the artistry of his craft. He also wanted to prove the reports that he’s only in the industry for the money.
He tells Washington Post "I stayed away from it on purpose, as if it would compromise my 'artistry.' For a long time, I was overly sensitive to this accusation that I was a hitmaker-meister just grinding it out for the money. So I proved I wasn't doing it for the money because I didn't know nothing about my money -- and that way I'd know that I had 'integrity.'
The She's Always a Woman singer later regretted his decision to not meddle with his finances as he was scammed by the person he trusted so much. His manager at the time named Frank Weber, who’s also his former brother-in-law, stole millions from Billy Joel’s account.
Apparently, Weber siphoned $30 million from the singer and used the money to invest in some opportunities for his own sake without thinking about the best interest of the singer. The singer lost millions and told the Washington Post "I shoulda looked out for the money."
A Decision That Resulted To A $30 Million Loss
Frank Weber was not the original manager of Billy Joel. The position was initially handled by Joel’s first wife, Elizabeth. However, things changed in 1982 after the ex-couple decided to part ways and go through a vituperative divorce. Elizabeth no longer held the position and Joel turned to Elizabeth’s brother for help.
That’s when Weber took over and became Joel’s manager. Their working relationship only lasted until 1989, the year Billy Joel realized that something is not right and that he needed to do something about it. In 1989, Billy Joel filed charges against Frank Weber for breach of fiduciary duty in the amount of $90 million. The suit claims that the former manager mishandled about $30 million of Billy Joel’s money, and he is seeking $60 million in damages.
Weber filed a countersuit in damages for $11 million. The singer received a favorable summary judgment, however he was only awarded an initial damages of $2 million. Unfortunately, Weber was only able to pay him $250,000 and then declared bankruptcy the following year.
The singer can only sigh in despair. A pretty expensive lesson to learn. There’s really nothing he can do but to move forward, as he believes he is the one to blame. He tells Washington Post, "I hooked up with the Borgias! What a family to pick! "
