My twin nephews were child actors--you wouldn't know who they were because they were only in commercials (Beef: it's What's for Dinner and a few Christmastime "feel good everyone's coming home" type of commercials). Identical twins are in hot demand in The Industry because infants and children are limited to how many hours they can perform so having twins would extend shooting time. My sister took them out of the business when they were quite young because she was appalled by the "stage parents" she would encounter. She said that the parents were simply using the kids to fulfill their own twisted goals. The grounded parents make sure that their kids go to school, stay grounded, have curfews, etc. Rarely do these kids end up making headlines other than "where are they now?" One of my nephews graduated early from college and is now in his second year of law school at a well-respected institution. My other nephew is graduating this year and will start law school in the fall with plans to become an entertainment lawyer. (I recognize my nephews aren't representative of famous child actors...I just wanted to share)
As a side note, one time my brother-in-law went with my sister to a shoot to help with the boys. The producer liked his look so much that he hired my BIL to be in the commercial. After that twist of fate, my BIL had a nice side-career for about 10 or so years as an actor in some very famous commercials. Go figure.
Edited to add: My sister and BIL put the boys' income into college funds. They figured the boys earned it, the money was theirs. But my sister commented that they were only required by law to put a small portion of the boys' earnings into fund for them. They could legally claim the rest for themselves. It just reinforced for her how there were a lot of parents enslaving their children so that they could get money off of them--especially if the kids became famous.