Dax Shepard at the grand opening of Halo Bello’s Distribution and Manufacturing Center in Waco, Texas on October 26, 2021.
Rick Kern | Getty Images
Even Hollywood’s A-list isn’t without financial woes.
Dax Shepard is a successful actor with countless credits, a leading role in television and film, and married to Kristen Bell of ‘Frozen’ fame.
But despite living what many believe is the wealthy dual-income family that such success brings, Shepard admits he’s also experiencing extreme financial stress.
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“I’ve been in a financial anxiety spiral that’s completely out of control for about two months now,” Shepard recently said on the podcast The Armchair Expert.
With negotiations between the Motion Picture and Television Producers Alliance and members of the Screen Actors Guild, the National Federation of Television and Radio Artists and the Writers Guild of America, which have been on strike since May, failed, Mr. are doing,” he said. It’s the fear of “I’m going bankrupt somehow, I’m going to lose everything, my podcasting will end, or there’s an actors’ strike and I’m not going to act.” “
He admitted that his intense fear was “silly,” but it’s hard to shake off. “It has nothing to do with reality. It’s because he grew up in a poor environment,” Shepard said.
“People are worried about money.”
“If Dax Shepherd feels financially insecure,” said Jason Van de Roux, chief client officer at Edelman Financial Engines, which describes the current situation. “We all worry about money.”
“It’s a common experience for people of all socioeconomic levels,” adds Boulder, Colorado-based psychologist and certified financial planner Brad Klontz.
Fewer Americans, even millionaires, feel confident about their financial situation these days.
Sustained inflation makes it difficult to cover even daily expenses. Households are facing soaring childcare costs, ballooning auto loans, high mortgage rates and record rents.
About 70% of Americans admit to feeling stressed about their finances, according to CNBC Your Money’s Financial Confidence Survey conducted in March.
And only 45% of adults said they have an emergency fund. Of those with emergency savings, a poll found that about 26% said they had less than $5,000 in savings, which would be enough to endure prolonged periods of no pay, such as the extended Hollywood strike. Not enough.
But Krontz, managing principal of YMW Advisors and a member of CNBC’s Council of Financial Advisers, said most people will experience some kind of loss of income at some point.
The key, he says, is to “keep things in perspective.” Krontz recommends visualizing worst-case scenarios and how to overcome them.
“Things like this happen to a lot of people, economic tragedy happens, and then you start rebuilding,” he said.
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