“Nothing is starting. Everything is gone”
An “Instagram-worthy” lifestyle costs money: this is why many influencers end up broke
Today, December 10, 2023 | 6:31 p.m.
Many influencers and YouTubers face financial problems. They present a world of luxury and wealth online, but behind the scenes things often look different. German YouTuber ApoRed (29) recently admitted his high debts. “First of all, I'm sorry to everyone. I always said, I'm doing great, the cars are at the start, the millions are at the start. I'll be honest: nothing is starting! Everything is gone,” he said in a video. However, he is not the main culprit for the debts of millions, but rather his financial advisor. He told him to buy lots of cars and clothes because then he could deduct them from his taxes as business expenses.
According to “Blick.ch”, financial problems among influencers have two main causes: a luxurious lifestyle and tax debts. Many YouTubers would live beyond their means to live an “Instagram-worthy” life. This includes expensive cars, luxurious apartments and designer clothes.
Self-employed people like YouTubers have to pay their own taxes
However, the debts of influencers and YouTubers are often tax debts. While in Germany the wage tax is deducted directly from the salary, self-employed people, who also include influencers and YouTubers, have to pay their taxes themselves.
According to Blick.ch, to save taxes, some influencers and YouTubers are moving to countries with lower taxes, for example, to Dubai. There is no income tax, only corporate tax. However, you will have to change your main residence to Dubai and spend at least 183 days a year there.