During an appearance on the Trading Secrets podcast, Peck said that while he made “a great amount of money” from the show, he didn’t make enough to be “set up for life” as many people believed.
“I can only speak to my experience,” he said. “But I think it’s quite public that if you were on a show like Two and a Half Men or Modern Family, and you were the kid on a massive network, syndicated show, the case could be made that you’d have enough money to last you for the rest of your life.”
“The reality is that, when we were making the show [Drake & Josh], we did 60 episodes and we made about $15,000 an episode.” He continued, “So, when all is said and done, we were sort of left with – after agents and managers and taxes – with about $450,000 over five years, which breaks down to a little less than $100,000 a year.”
Adding that he and his mother “lived on” much of the money to maintain a middle-class lifestyle, Peck said that they owned a used BMW 5 Series and lived in a two-bedroom apartment with amenities.
“So, when the show was over, ‘Oh well there’s no residuals on kid’s television’. It was like, we had eighteen months of runway, you know.” He said, “It’s as though someone had lost their job.”
Asked his perspective on whether money could bring a person happiness, Peck responded: “I think money allows you to focus on the things that will truly make you happy.”