Jimmy Osmond Confessed That 'Losing $80m Was the Best Thing That Ever Happened’
Pop singer, Jimmy Osmond opens up on financial turbulence he once faced and how it helped shape him.
The former child star revealed in an interview with “Daily Telegraph” that “The Osmonds” as a group were never keen on business but were rather all about the entertainment.
Jimmy Osmond explained that while growing up, his father had been quite keen on imbibing the value on finances on him and his brothers while they were yet young performers.
The “Long Haired Lover from Liverpool” crooner went on as he mentioned that his father had been at the helm of affairs in the aspect of “The Osmonds” wealth management, so the group just carried on with their singing passion.
However, things took a different turn when the Osmond Brothers hired finance officers to help oversee their wealth accumulation. Jimmy said:
“We amassed a lot of money but were good at entertaining and not business. We ended up hiring people to look after the money, and then we wondered what happened.”
He also continued mentioning that if the loss hadn’t occurred, the Osmonds would have probably lost the values of good behavior. He said:
“We lost about $80m, maybe $100m in today’s money [about £60m at current exchange rates] – 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.”
Jimmy added by saying:
“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.”
Although the brothers were duped, Jimmy said that no legal actions were taken against the culprits as they as a family decided to let it go. Osmond made it known that his record-breaking single “Long Haired Lover from Liverpool” did not earn him money as the record company in charge kept using the money made from sales of to either fix running costs or promotions.
The pop singer included that the situation of things have changed as more money is gathered these days from record sales. He chipped in:
“I make more money on record sales today that I never made in the heyday of the Osmonds because I own my own label.”