The limelight can be quite deceiving and lead you into thinking that you will be at the top, your entire life. It can also prompt you to make silly and unwarranted mistakes that will always emerge in the future to somehow remind you that second chances are rare. Drake Bell has learned this lesson the hard way after seeing his life hit rock bottom despite having been at the top for most of his life. According to The Garnet Mine, Drake was once Nickelodeon's main man rocking the big screen with the hit show, "Drake and Josh" among other shows. The popular show was a mind-blower to Nickelodeon fans between 2004 and 2007 earning him and his co-host Josh Peck a lot of popularity.
Furthermore, the financially struggling star has basked in the warmth of the limelight since a tender age of five, and clearly, money has never been one of his problems. Drake is multi-talented and has been successful in the worlds of both acting and music. Nevertheless, the star is currently holding onto a straw as he faces a bankruptcy storm that has already shaken his career. His downfall can be attributed to a lot of things, some of which he might not have had control over while he is entirely to blame for others. Here are some of the reasons why the music and acting star is only worth $400 thousand despite having been in the spotlight for more than twenty years:
Net Worth $400 Thousand
Name Jared Drake Bell
Born Newport Beach, California
Birth Date June 27, 1986
Source of Wealth Actor, Voice Actor, Singer, Songwriter, Musician
Country United States
He was involved in a car accident
Drake Bell was in 2006, engaged in a horrible car crash that left him needing pro-longed medical care. Consequently, this could have been the onset of his haunting financial problems. According to Fox News, the star was driving in the company of a close friend when fate struck. A stray Mercedes Benz hit his vintage 1966 Mustang head-on as he paused to take a turn from the Los Angeles' Pacific Coast Highway. The accident left Drake with a broken jaw, severe cuts, and loss of teeth. He had to undergo a costly corrective plastic surgery to mend his broken jaw; such operations cost between $20,000 and $40,000. The accident also adversely affected his music as he could not perform over this period causing him to incur significant losses both in time and money.
The end of "Drake and Josh" Show
The end of "Drake and Josh" was a heart breaker for Drake Bell but the urge to try new things overwhelmed the young stars leading to the untimely termination of the hit show. The truth is, the termination of this show was a terrible blunder that now unfortunately solely haunts Drake since Josh Peck turned out just fine with a current net worth of about $ 9 million. First of all, the show was never canceled by the producers or Nickelodeon. Instead, the stars part ways by mutual consent even though the show was at its prime. According to Quora, it was called off at the "Really Big Shrimp" episode which was by then the most-watched episode.
Consequently, the show was by then at its highest rating ever, what more success would anyone want! The immature termination of the show took away a reliable and frequent top pay source from Drake and his friend Peck. It is evident that Drake did not get over the show as a year later, the stars forced in a Christmas edition of the show, "Merry Christmas Drake and Josh." He might have realized that the show played a huge role in his success because now there are talks of a "Drake and Josh" reboot.
Frictions with the law are usually costly and bound to relieve you of your hard-earned money in terms of fines. According to his Wikipedia profile, on 21, December 2015 Drake Bell was arrested and charged for drunk-driving in addition to speeding. He was, however, released on a $20,000 bond but later found guilty and given a four-day jail term alongside four years' probation. Luckily, he was released after one day due to good behavior but forced into a program on alcohol education to put his alcohol intake in check. Such an instance massively sucked into his bank account as he had to hire an excellent lawyer to represent him.
Unstable music career
Instability in Drake's music can also share the blame for his flop from the top. According to NetworthBuzz, back in 2005, his album "Drake and Josh" garnered a whopping $500k in returns. Furthermore, the following year his other album "It's Only Time" earned him $178k. However, his music popularity to some extent disappeared with the "Drake and Josh," show because he took eight years to release his next album "Ready Steady Go!" His music also suffered big time when he hurt his wrist after shallow diving in a pool back in 2014. He was rendered incapable of plucking the guitar strings for a long time.
The world came crumbling down for Drake Bell in 2014 when it became clear that his financial records were not adding up. It dawned on him that he was bankrupt and he consequently filed for it. At the time, the star had accumulated around $600k worth of debts, which handicapped his operations. As of 2013, the actor was earning an annual cash flow of about $408k, but the following year this amount dropped heavily to about $14k. The celebrity owned a $1.575 million mansion, but an unpaid $1.6 million mortgage was giving him sleepless nights. The star is a spendthrift; he was earning a monthly salary of about $2.8k against his expenditure of an estimated $18.7k.
Is there hope for future prosperity?
Amongst, the above constants that have contributed towards the downfall of Drake Bell, his expenditure could be his main problem. His spending overtook his income, creating a massive imbalance in his financial records. As of June 2019, his net worth stood at $400k, yet at his peak days, it was around $2.7 million. As such, competent financial advisors should be a necessity in a celebrity's life if they intend to overstay the party in the limelight. Drake Bell's low net worth is due to his undoing; from friction with the law due to drunk driving to living beyond his means. If he only learns from his mistakes, Drake will prosper financially.
Written by Dana Hanson
Read more posts by Dana Hanson