How Do You Become 'Broke and Famous'? Just Ask Willie Aames

Aames was inspired to help others in similar situations, so he is studying to be a financial adviser. In our full interview, Aames talks about the "painful process" of tackling his problems in public, explains how "bad habits" cost him dearly, rules out a return to Hollywood and talks about the "happiest days of my life."

In 'Broke and Famous,' you look like a broken man ...

I think what people will see is a man in pain. When they approached me to do the show, they warned that it was going to be a painful process. I was definitely ready to be the most vulnerable and honest I could be. I just had no idea where I'd end up a year ago.

You did two editions of 'Celebrity Fit Club' with varying degrees of success. Why do another self-help type show?

First off, there was the opportunity to make some money. When your bank account is at negative $60 and you've been sleeping in parks and parking garages and you don't have electricity and you don't have heat and no way to get to a job ... you can't be picky. Secondly, when people comment on celebrities who lose their money, it's so easy for the comment to be "they spent wildly, they're out of control, they have no regard for the future." And that's not really accurate. That's not the thought process.

We know why you're 'Famous.' How did you go 'Broke'?

There are so many events that people aren't aware of when talking about celebrities with money problems. It's up to whoever's in the position of fame, in this case me, not understanding how it all works. You don't really understand that 50% is gonna be gone in taxes. Fifteen percent to a manager. Ten to an agent. Five to a business manager. Well, add it up ... ya may have made $1.5 million in a year, but you sure didn't realize it. After all other expenses, you're looking at like $200,000, which is still a lot of money but not for that lifestyle. Of course there's the drugs and alcohol and partying and just living the wild lifestyle. That was there.

There had to have been some bad investments along the way.

When I was 19 or 20, I went to my accountant and told him I wanted my money invested. I took his advice. That investment was disallowed by the IRS about six years later and because it was a limited partnership, I could not get out of it so it went to court. The other parties decided to fight, so instead of being able to move on, I was locked in this thing for 17 years. So my $43,000 investment became hundreds of thousands of dollars in attorneys fees and tax liabilities. I did the right thing -- I was a kid. The advice, from one well-intentioned person who was not qualified to give the advice, gave it and I took it. But I never really recovered from it.

What did Sarano and the show teach you?

I learned I was completely ill-equipped to handle money of any kind, let alone large sums. Nobody explained to me how these things work. This show really woke me up to those life-long habits that it didn't make how much money I was going to make, I was never going to out-earn my bad habits.

What was the hardest part about doing the show?

The most difficult part was dealing with the shame. I was trying to earn a living, and it wasn't just the entertainment business. I was sending out my resume for ANY job for over a year and could not get one. And then it all came crashing down where I had to file for bankruptcy. Then I went through a divorce and the house was foreclosed on. The shame and lack of self-esteem that comes with that is intense, let alone having it splash across the news. I don't blame anybody else. It's me. I did it. I'm the one who didn't take the time to learn. When you realize it was your lack of diligence that cost you your wife and daughter ... That's so painful.

What kinds of opportunities have arisen?

After the show, Sarano put me in touch with some mentors to help me learn how to handle my finances and really move things forward. Soon, there were people who wanted me to go out and be a speaker and talk about the recession and what happened to me. I couldn't understand why. Just look at where I was even in this show! Why would anyone listen to me? While the money was tempting, I knew it was a huge mistake. I hadn't learned anything yet. Basically I'd just be a poster boy for "Don't Be Me". Why would that have any value?

You're studying to be a financial adviser?

As I began talking about it more with my mentors, it became clear that if I really wanted to take my past mistakes and use them for good, I had to try and protect other people from ending up in the same position.

Do you miss Hollywood? Do you consider getting back in the game?

No. I don't miss it. It's not what it used to be. There are so few opportunities to do scripted material that really what you end up doing is reality.

You were involved with 14 network shows and played some great characters, but Buddy Lembeck stands out for sure.

You know, 'Charles in Charge' were some of the happiest days of my life. My only goal on that show was to make Scott Baio laugh. It didn't make any difference where or how, that's what I lived for. Nobody loves Scott more than I did. I was so fortunate to have that many shows ... but to end it with something like 'Charles in Charge' was just brilliant. I have nothing but great memories about that show and really, all of the shows I was on.

When's the last time you spoke with Baio?

I've kept in touch with some of those old friends, but in the past two years ... not so much! (laughter) Being famous hasn't been a lot of fun lately, have ya noticed?! About a year ago I did get a really nice note from Scott that said "Willie, I'm sorry you're going through so many troubles." But I've purposefully kept a low profile lately. I don't go out much at all. All I really do is study. I study all day until my brain is mush, and then I go to bed and get up and do it all over again.

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