Kenan Thompson knows how it is to start over.
The comedy legend recently revealed that he once lost $1.5 million to a trusted advisor early in his career.
Appearing on SoFi’s Richer Lives podcast with Vivian Tu, Thompson opened up about the lessons he learned as a child actor.
”I wish I understood what fame was…I like to just be a normal person,” Thompson said. “It would be nice to experience life a little more, not necessarily unseen, but unbothered. It’s a double-edged sword because it is my passion, my performances, my blood, sweat, and tears. I am doing these things for the sake of a positive reaction from people. At the same time, it gets a little intrusive. It’s an interesting paradox that I wish somebody would have had a conversation about what to expect.”
Thompson’s first break in the business happened when he was paid $800 for his role in a commercial. He joked that it felt like $10,000 to a 12-year-old kid. As the money rolled in, his family sought an accountant but ignored some warning signs. The accountant was granted power of attorney, giving him final say on all of Thompson’s finances.
”I was still a kid, and I hadn’t gone to business school,” Thompson explained. “Here he comes, and he wanted a power of attorney. We signed it and gave it to him. That was kind of like falling off a cliff without us really knowing it. Because there is some validity to it, because it allows him to make a lot of decisions without having to come and ask me every little thing.”
Following his tenure with Nickelodeon, Thompson wanted to purchase a house in Atlanta. He would be rejected because his accountant ghosted him at the closing meeting. Eventually, he discovered that his $1.5 million check from the company was gone.
“I had to file for bankruptcy. It took a long time to fix my credit,” he confessed.
That moment changed everything for Thompson.
“I definitely watch my money every day,” he told Tu.
Thompson’s period of financial turmoil occurred just before his unprecedented run on “Saturday Night Live.” He’s been a cast member on the show for a record-breaking 23 years.
“It was like a two and a half year period of uncertainty. That’s the life of an actor, which is why I’ve been doing ‘SNL’ for 23 years,” Thompson said. “ I know the importance of holding on to steady work.”