Celebrities may have more money, but they follow the same principles, budgeting, saving and planning for the long term.
Celebrities seem to live in their own stratosphere. But they often work for years with low, basic wages before hitting it big with huge windfall earnings.
And yet some have a hard time shaking old habits, still thrifty and careful with their money, holding to money lessons learned when they were nobodies.
Tiffany Haddish had some hard times before she hit it big. She reportedly lived out of her car while trying to break into comedy. Her advice is to save, save, save: “I’m probably going to be cheap with my money for a long time… You know I’ve been homeless, so it’s like, ‘Yeah it’s here now but will it be here in 5 years?’ I don’t know.”
She’s also, semi-famously, a fan of Groupon and says she’s tried to get celebrity friends to use them at dinner. “I love Groupon… I just got a pedicure because of Groupon and it was the best pedicure ever. I’m going to write a review!”
From an 2019 interview with Money magazine, Dax Shepard sat with partner Kristen Bell and advised on keeping things in perspective: “First and foremost, people need to actually be aware of where they’re spending their money. It’s easy to get hyper-focused on things that aren’t really moving the needle.”
He pointed to an overpriced grocery item Kristen freaked out over. Then he compared it to a big-ticket she’d made recently. “If you clean up that aspect, then you can never think again about how much lunch is.”
Mark Wahlberg likes to crow about the importance of planning and thinking big picture. He’s been one of the highest-paid actors in Hollywood as well as a successful businessman. (He’s co-owner of the fast food chain, Wahlburgers, the water brand AQUAhydrate, a supplements brand and a fitness franchise.)
But he also dropped out of school in the 9th grade, and there was a time when he spent money like it was burning holes in his pockets.
In a 2019 interview, Wahlberg said he wished he’d spent his early earnings on going back to school to study business. Now, with success under his belt, he talks about the importance of asking questions. “I don’t venture off into things that I don’t necessarily utilize and connect within my everyday life.”
Oprah Winfrey, the master of life-improving advice, talks about making sure the ways we use our money aligns with our beliefs and aspirations. In her book What I Know for Sure, Oprah wrote, “I hope the way you spend your money is in line with the truth of who you are and what you care about.”
One of the pillars of Winfrey’s advice is to crusade against limiting our own potential. “The greatest discovery of all time is that a person can change his future by merely changing his attitude,” she said. When it comes to your checkbook, the right attitude, with the right habits and budgets, can indeed be transformative.
Personal finance tips to keep you on track.
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With a postgraduate degree in commerce from The University of Sydney, Pranay has his finger on the pulse of the finance industry. Breaking down complex financial concepts is his forte.