At the beginning of each year, people set goals for themselves and resolve to improve certain parts of their lives. One of the major resolutions individuals make is to better their finances. Many of us look to Hollywood for how we want to mold our lives, but what about our money? Should you model your finances after them too?
Should You Model Your Finances After Celebrities’?
In all honesty, it depends. A lot of the time it won’t make sense for you to model your finances after celebrities’ because your money doesn’t mirror theirs. You can always take notes from them in a few areas, including:
Diversifying your portfolio: Many celebrities find different ways to invest their money and have numerous businesses and active investments at one time.
Hiring help for your finances: Most celebs don’t manage their money by themselves, they have financial advisors to lean on.
Investing in yourself: Some of the wealthiest celebrities in the world are entrepreneurs, Kylie Jenner is the first-ever self-made billionaire.
When it comes to the way they spend money or how much they put into homes or cars, you probably shouldn’t model your finances after any celebrity, unless you’re earning the same amount they are. Even then, you shouldn’t necessarily spend the same way they do.
Celebrities to Take Note Of
If you suddenly find yourself with the wealth of a celebrity or with substantially more money than you’re used to, there are a few celebrities you can take notes from.
Kylie Jenner
As mentioned above, Kylie Jenner is the first-ever self-made billionaire. One of the best things she’s done for her finances is investing in herself more. When she earns money, she is sure to put some of it back into her business. Not to mention, she is constantly looking for new ways to make money. Investing more time and even money into earning can only help you improve your financial outlook.
Sarah Jessica Parker
Sarah Jessica Parker isn’t one of the richest celebrities in the world by any means, but she is one of the most frugal. Parker has been able to maintain her wealth, without working much, by living a down-to-earth lifestyle. She has even come out and spoken about how she buys secondhand clothing for her kids. Keeping your lifestyle dialed down is definitely a great way to better manage your money and something everyone could take note of.
Jeffree Star
Jeffree Star is another celebrity that puts a lot of time and money back into his brand. He also owns his business top-to-bottom. Star handles production, shipping, and handling, eliminating any overhead costs. Because of this, Star has accrued wealth in the millions. Even though he lives a really glamorous lifestyle, he puts more back into his business than he does into his cars or infamous designer bag collection.
Chrissy Teigen
Chrissy Teigen earned her fame modeling but didn’t limit herself to one source of income. Eventually, she branched out as a social media influencer, TV personality, and even launched her own cookbook. Expanding her sources of income has helped her grow her wealth in recent years (not to mention, she married pretty well).
It isn’t always a good idea to model your finances after a celebrity (or anyone else for that matter). Everyone’s money situation is a bit different and needs to have a personalized approach to managing it. While there are some celebrities with good money habits we can all take note of, it probably isn’t a good idea to devote your personal finance goals to be like them 100%.
Readers, do you have a celebrity whose financial habits you admire? Let me know in the comments!
Amanda Blankenship is the Director of Social Media for District Media. In addition to her duties handling everything social media, she frequently writes for a handful of blogs and loves to share her own personal finance story with others. When she isn’t typing away at her desk, she enjoys spending time with her daughter, husband, and dog. During her free time, you’re likely to find her with her nose in a book, hiking, or playing RPG video games.
Wondering how your wealth stacks up to the biggest celebs? Put it to the test with this fun calculator! See if you can outshine Brad Pitt or Jay-Z and find out just who's really rolling in dough. Apples vs oranges never sounded so exciting!
Staying on top of your finances starts with understanding them. Check out our Personal Finance tips to get the know-how you need for financial success!
You can check our Privacy Policy if you want to know how your data is used.
Speak Your Mind