Contrary to perception, reality stars experience many of the same things as everyone else.
I recently learned of allegations of insurance fraud involving Real Housewives of Potomac reality star Wendy Osefo, and her husband Edward. The couple were arrested and booked on 16 charges, including 7 felonies. Revelation of their arrest was shocking.
Osefo was previously a visiting assistant professor at Johns Hopkins University and a media commentator. Her husband, an attorney, runs a cannabis business called Happy Eddie. Suffice it to say, few were expecting the pair to face criminal proceedings.
Certainly, the couple should be considered innocent until proven guilty. As tragic as their predicament is, it is a reminder that being on a reality show, or on television, doesn’t mean a person is wealthy, or financially responsible.
Not Always Further Along
Too many times, the public can be lured into a reality of wealth that simply doesn’t exist. There is a perception that the people we see on television or on our social media feeds are so much further along than the rest of us. That’s not always the case.
Reality stars must manage their budgets like everyone else. While they may have more coming in than the average person, they still must make difficult financial choices. Few people – regardless of income – can spend whatever they want, when they want, without forethought and planning. Most people will never get to a place where they aren’t making choices about what they buy, when they buy it, and the opportunity cost for doing so.
In explaining her disbelief about the Osefo’s legal troubles, fellow Real Housewives of Potomac star Candice Dilliard Bassett said the pair had a ‘very successful marijuana business.’ I’ve heard others, in expressing their shock, note that ‘Eddie is an attorney.’ I want to break down why these labels have very little bearing on financial health.
What is a Successful Business
On the first point, having a business doesn’t make it successful. The only way to determine if a company is successful is to look at its financials, including profit and loss, retained earnings, and bank account statements. Additionally, some companies are so debt-laden that every sale is earmarked for servicing debt. The public – and even friends – have little way of knowing the status of a business, unless they see its financials.
Not All Lawyers Are Rich
There is also a misconception that all lawyers are rich. According to the American Bar Association, the average wage for a lawyer was $176,470 in 2023. If you make $60,000 per year, $176,470 per year may seem like a wonderful salary. While admirable, this salary is not what all lawyers command. Depending on one’s industry and experience, the average wage for a lawyer could be far lower. What is more, if a lawyer has tons of law school debt, a portion of whatever they earn must be directed to serving debt, reducing their discretionary income.
Additionally, a $176,000 salary, while nice, does not connote true wealth. A high-net-worth individual has between $1 million and $5 million in liquid assets, according to NerdWallet.
Same Economic Reality
In closing, many people must manage what they have – whether that is a $75,000 per year salary or a $750,000 annual income. If history has taught us anything it is that reality stars live with the same economic realities as the rest of us. In any industry, there are standouts, but most people are a few life circumstances away from financial ruin.
This matter presents a choice for the rest of us: we can live within our means, and question para-social relationships with reality stars and celebrities. Alternatively, we can try to keep up with the jones, even if doing so costs of us everything.
I pray we shun the temptation to live above our means or pursue ill-gotten gains.
Jennifer R. Farmer, aka The PR Whisperer®, is an author, lecturer and strategic communications expert. See her other blog posts and subscribe for updates.