Get All Access for $5/mo

Ben Affleck and Matt Damon Went 'Broke' 6 Months After Selling 'Good Will Hunting': 'I Thought We Were Now Rich For Life' Affleck sat down with Drew Barrymore and talked about the struggles of the early days of his and Damon's careers.

By Emily Rella

Opinions expressed by Entrepreneur contributors are their own.

Getty Images
Ben Affleck and Matt Damon attend Amazon Studios' World Premiere Of

Would you share a bank account with your roommate? It worked for Ben Affleck and Matt Damon.

Last week, Affleck dialed into "The Drew Barrymore Show" to share what he and his screenwriting buddy did to survive and how they really blew their first big paycheck.

"We did share a bank account and always thought it was perfectly normal," Affleck said, explaining that the two were both living in Boston at the time and needed to be able to take the train into New York City to audition.

"We would work a little bit, do extra work, or a line here or there, the occasional Burger King commercial, and then take that money and put it in the account. We were friends and we wanted each other to succeed," he added.

Affleck then shared how he and Damon eventually sold the script for their breakthrough hit "Good Will Hunting" for $600,000 and thought they were now "rich."

Their $600,000 payday in 1997 would equal roughly $1.128 million today, according to inflation calculators.

However, the script earnings weren't exactly tucked away, neatly, in the joint account.

"I thought we were now rich for life," Affleck said. "My needs are over, I'll never have to work again, I'm rich forever! We sold it for $600,000. We split that, $300,000 each, and then the agents got $30,000, so we had $270,000. We paid about $160,000 in taxes so we had $110,000. We each bought $55,000 Jeep Cherokees and then had $55,000 left."

The pair of best friends also decided to rent a $5,000 party house near Hollywood.

Affleck admitted that he and Damon both went broke in six months.

It all worked out, though. The two went on to win the Oscar for Best Screenplay for "Good Will Hunting," which was released in 1997. The movie also earned Robin Williams an Oscar for Best Actor in a Supporting Role.

Affleck and Damon have gone on to be two of Hollywood's biggest stars.

Affleck's net worth is estimated to be around $150 million and Damon's is an estimated $170 million.

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

Meta Makes $1 Million Dollar Donation to Donald Trump's Inaugural Fund

Meta CEO Mark Zuckerberg also reportedly gave Trump a pair of Ray-Ban Meta smart glasses.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Marketing

Your Most Powerful Marketing Weapon Is Hiding in the Finance Department — Here's Why

Transform your marketing leadership by turning finance from a barrier into a strategic ally. Learn how aligning with your finance team can drive unprecedented growth and innovation.

Starting a Business

They Bought an Ice Cream Truck Off eBay for $5,000. Now Their Company Has 70 Shops and Sells Treats in Over 12,000 Stores.

For the episode of "The Founder CEO," the co-founder and CEO of Van Leeuwen Ice Cream explains how one ice cream truck grew into a successful nationwide brand.

Growing a Business

How Connecting With the Right Audience Drives Long-Term Business Success

Here's how targeted lead generation can help you unlock higher conversions, stronger brand loyalty and scalable growth.