Donny Osmond "lost everything" in the 1980s and almost went bankrupt.
The 65-year-old star - who has sons Don, Jeremy, Brandon, Christopher, and Joshua with wife Debbie - shot to fame along with his four brothers as part of the family music act the Osmonds in the 1960s before going onto a successful career on as a solo artist in his own right and even though he eventually fell on hard times financially, insisted that "happiness" does not come from having money.
He told this week's edition of CloserUS: "It hasn't been easy raising five boys. The more you show unconditional love for them, the easier it can be, but it never eliminates all of the big issues. We went through a time when we didn't have any money, although there was certainly a lot of love in the home. I lost everything in the '80s and almost had to declare bankruptcy. Money doesn't bring happiness. It's more important to have unconditional love that doesn't cost anything. We've tried to create that kind of environment in our home, and hopefully that attitude has spread in our children's homes. It has a lot to do with loving each other, loving our neighbor, loving God and being kind. We certainly need a little bit more of that in this world."
Donny - who now has a reported net worth of $18 million - achieved further success with his sister Marie when they teamed up as a pop duo in the late 1970s before the pair fronted a daytime talk show in the 1990s and would go on to star in an 11-year-residency in Las Vegas but explained that if he had to tell his younger self anything, it would be to "have patience" after suffering anxiety over the "pressure" of a show business career.
He added@ "I would tell myself to have patience. I went through a lot of terrible anxiety in my 30s. It started when I was about 11 years old. The pressure of show business came to a head when I was in my 30s while playing Joseph [in 'Joseph and the Amazing Technicolor Dreamcoat'] I didn't have enough patience to realize, "Donny, you're only human. You're going to make mistakes. It's OK." So many people beat themselves up when they try to be perfect. There's no way we can be perfect. We can only try."