(MONEY Magazine) – When people spot Malcolm-Jamal Warner on the street, they often yell, ''Yo, Theo!'' That's because Malcolm played Bill Cosby's son Theo on The Cosby Show for eight years, from 1984 to the last episode in 1992. But ''I am not Theo,'' says Malcolm, who is now 22 and went on from Cosby to star in his own show, Here and Now. Theo grew up in Brooklyn, New York. Malcolm grew up in Los Angeles. Theo had a big, wealthy family and was usually looking for the easy way out of situations. Malcolm was the only child of divorced parents. His real family did not have anywhere near as much money as his TV family. So Malcolm had to work hard and learn to play it smart. ''I remember wanting things and not being able to have them,'' he says. ''But both my parents instilled a lot of pride in me.'' Malcolm didn't intend to be an actor. When he was nine, he says, ''I was really into basketball. But when basketball season was over, I needed something to fill my time.'' So he joined a community theater group. ''The first time I performed in a play,'' he recalls, ''I was hooked. I loved being in front of an audience.'' An agent saw Malcolm perform and thought he had talent. Agents help actors find parts, and this agent helped Malcolm get small TV roles. Winning the role of Theo on Cosby was his big break. Malcolm, who was 13 at the time, and his mother, Pamela Warner, moved to New York City, where the show was taped. Malcolm's TV job made it hard for him to attend regular school, but that didn't keep him from getting an education. ''I would have to go home right after rehearsals to meet with my tutor,'' he recalls. ''I spent all my weekends and my days off studying. It was double duty.'' After getting his high school diploma, he kept learning. Malcolm, who had directed a few Cosby episodes, went to New York University on summer breaks to learn more about directing. Did you know you could study filmmaking at college? The course was intense. ''During the first summer, it was 13 1/2 hours a day, six days a week,'' he says.

Developing his skill as a director is Malcolm's way of playing it smart today. That's because being able to direct will help keep his career moving forward. ''Every actor has dry spells when he is not getting called for roles,'' he says. ''During those times, I can keep working as a director.'' Malcolm's mom is also his manager. That means she helps him choose which projects to work on. ''Being a mom and being a manager are pretty much the same job,'' Malcolm laughs. ''We disagree, argue, the whole nine, but we can do that and still be okay.'' Malcolm still lives in New York City with his mom. When he is working in a TV series, he spends most of his time at the studio. He is there 10 hours a day, five days a week, working on scripts, rehearsing and taping shows. Even though he is a TV star, Malcolm still plans to finish college. ''When you're older, you really begin to appreciate education because you see how much there is to learn,'' he says. ''Even if it takes me until I'm 42 to get my degree, it's something I want to do just for myself.'' Malcolm also hopes to get a chance to play different roles on TV. Malcolm made his rep playing nice guys, and he's easygoing in real life. So what kind of role would Malcolm like to play? Would you believe a villain? ''I can't wait!'' he says with a laugh. ''Playing different characters is how you have a long and interesting acting career. I want to play bad guys. I want to play jerks. And when I do, I'll freak everybody out!'' That's Malcolm: always looking for a challenge -- and playing it smart.

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Bet you didn't know you could learn to make movies at college!