When Tony Bennett passed away on July 21 at the age of 96, much was said about the legendary crooner’s illustrious career, which spanned more than seven decades.
He performed up until 2021 — five years after being diagnosed with Alzheimer’s disease. Concert venues were constantly sold out, as the nonagenarian didn’t seem to miss a step. He even released two hit albums with Lady Gaga. At the time of his death, the “Rags to Riches” singer had a net worth of $200 million.
But the Bennett of yesteryear wasn’t always living “The Good Life.” Zenger News readers would be wise to study the story of how Bennett improved his income and wealth management while finding an unlikely financial advisor — his punk rock son.
“For 45 years, I had an ax over my head,” Bennett told the New York Times in 1999. ”I thought I was going to go bankrupt. I was spending more than I was making, on advertising, publicity and all.”
Enter Danny Bennett. The elder Bennett’s son was an aspiring musician in his own right. But he had a knack for managing finances. So he came to his father’s rescue in the 1970s, “crunched the numbers,” rewrote the budgets, built him a stock portfolio, and helped revive his father’s popularity with a brand makeover and regular TV appearances (“The Simpsons,” Conan O’Brien and “SNL”). They even created an Emmy-winning program together with Sony (NYSE: SONY) called ”Live by Request” on A&E.
The Times wrote that “the money followed the restored magic.” By 1999, Tony Bennett was making an estimated 100 live performances a year, earning $50,000 a concert, and, as a skilled artist, would sell his paintings and drawings for up to $80,000 apiece.
The father-son collaboration continued being a successful one. Just 10 years ago, Bennett became the oldest living artist to record an album that debuted at #1 on the Billboard 200 chart. “I don’t just handle a career,” Danny said on WNYC radio. “I manage a legacy.”
So if you’re wondering why you’re floundering financially, consider Bennett’s story as a lesson on the importance of fiscal responsibility and old-school charm — that even the most renowned person can struggle. But by focusing on factors like your income-to-expense ratio, paying down debt and diversifying your investments, your bank account will look like “Night and Day.”
Produced in association with Benzinga
Edited by Jason Reed and Newsdesk Manager
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