What Charlie Sheen should do now

The highest paid actor on US TV, Charlie Sheen, was fired by Warner Brothers last week. So what should he do now? Robert Powell makes some suggestions...

The life of US actor Charlie Sheen has been anything but boring recently. This time last month he was the highest paid actor on US television earning $2m (£1.2m) for every episode of the hit comedy Two and a Half Men he starred in.

But after a series of bizarre, rambling video appearances he was officially fired from the comedy by Warner Brothers last week. The studios cited his refusal to enter rehab to treat an alleged drug addiction as the reason for the sacking.

So what should the man who recently proclaimed himself a ‘tiger-blood drinking warlock’ do now? Here are a few suggestions...

Get a savings account

Charlie Sheen’s personal fortune is estimated to stand at around $70m – or £43m! Not surprising when you consider that he signed a contract back in March 2010 that guaranteed him £1.2m ($2m) for every 21 minute episode of Two and a Half Men he films – that’s £952 for every second of the sitcom!

And the self-proclaimed man with fire-breathing fists certainly has a taste for the big bucks. In a national television interview last month he publicly demanded a pay rise to $3m per episode, stating that he was underpaid!

With all that cash kicking around, it seems a waste for Sheen not to be creaming a hefty wedge of interest on the top of it by using a savings account! After all there is always a chance that this highly-paid star could ‘do an MC Hammer’ and end up bankrupt – especially if his penchant for drugs and prostitutes rears its ugly head again.

Now, Charlie Sheen’s stomping ground is Los Angeles, but to be honest I have no idea what the savings account market is like over in the states. But over here in the UK, it’s not looking too bad – when you consider the base rate is still at 0.5% that is.

So here’s a run-down of six of the top savings accounts around today – along with the annual pre-tax interest that Sheen could expect to make if he invested his personal worth (£42m) and former per episode wage (£1.2m) in each account!

However, if Charlie Sheen did decide to relocate to the UK he wouldn’t actually be able to deposit his whole fortune in any of these accounts, as the upper investment limits on most of them range from £50,000 to £2m.

Not that you’d really want to deposit hundreds of thousands of pounds in one single savings account anyway, as the maximum amount of protection the Financial Services Compensation Scheme offers you in the event that your bank or building society goes bust is only £85,000. Head to the FSCS website to find out more.

An alternative to a regular savings account is a Cash ISA – this offers a tax-free return on your savings. But if you are planning on using one of these accounts you better get your skates on, as this year’s ISA allowances expire on 5 April – read There’s 19 days left to save £££ for some more information.

Update his home insurance

When it comes to taking care of his surroundings, Charlie Sheen hasn’t got a great record. Last October, police had to remove Sheen from his suite at the Plaza Hotel in Manhattan after he reportedly caused $7,000 (£4,400) worth of damage in a frantic bid to find his phone and wallet. Authorities told the press that a prostitute who had been partying with the actor alerted the hotel front desk after Sheen went into a drug-induced frenzy.

So considering this erratic behaviour, it seems only sensible that Sheen takes a good look at his home insurance policy and possibly increases the amount of cover he has! If he hasn’t already, it’s certainly also worth him adding accidental damage cover to his policy – as this is not usually covered in basic plans.

It would also be advisable for Sheen to go over the small print in his insurance contracts. As most providers stipulate that if a claim is brought on by careless or preventable behaviour (as drug binge-related damage is!), then they won’t pay out!

And if you need to update your home cover or just check the latest rates you can do by using our home insurance calculator. For some more advice to ensure you’re fully covered and getting the best home insurance rates read Don’t make this home insurance mistake.

Get some life insurance

The size of his personal fortune may make life insurance seem like a silly idea for Charlie Sheen, but he does have five children to take care of financially, as well as a sketchy record dabbling in drugs and violence.

But then again these less-than-healthy antics would in all likelihood push the actor’s life cover premiums sky-high. And I doubt his claims to be “impervious to the dangers of addiction” due to the “tiger blood running through [his] veins” would hold any water with life insurance providers!

However it’s still important to remember that maintaining a healthy lifestyle, avoiding smoking (and illegal drugs obviously) and steering clear of dangerous and risky activities can drastically reduce life insurance costs.

If you are after life insurance at the moment it’s currently a great time to buy it, as rates are at their cheapest in nine years. To get a quote quickly and easily just head over to our life insurance calculator.

Read up on employment law

Soon after Sheen was sacked from his multimillion dollar role on Two and a Half Men, he announced that he was planning to sue Warner Brothers for the wrongful termination of his contract. And when the Associated Press news agency questioned him about how much he was planning to sue for he replied via text with one word... “big”!

And he wasn’t lying – the lawsuit is reported to stretch to $100m (£62m) to cover wages for himself and the remainder of the cast and crew who are now out of work due to the scrapping of the remaining episodes.

I’d imagine Sheen already has a pack of lawyers on the case, but it would probably still be worthwhile for him to take a look at his original contract and have a read of a few basics relating to employment law.

Indeed it’s a good idea for everyone to know their rights as an employee so as to ensure they are not mistreated or exploited in the work place. Earlier this year I put a video together dispelling four commonly believed employment myths relating to sackings, dismissals and holidays that’s worth a watch if you’re after a breakdown of some basic employment do’s and don’ts. Or you can read Get your boss fired! to find out how to go about dealing with a lousy employer.

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