We tend to assume that our favorite superstars like to live large on those big paychecks they take home. They’re rich, we agree, and they’re also famous, and with that level of fame comes the pressure to maintain a certain kind of an image in the public eye.
But there are some of them who are focused more on saving than on spending. The mantra “spend it like you earned it” doesn’t apply to each and every one of celebrities.
What of their saving habits?
According to Christopher Tracy, the media is unfortunately awash with stories of celebrities overspending, but not much information is out there concerning their saving habits.
Being the president of Mvelopes’ financial wellness, Tracy feels that we should hear more about proper money management practices from these celebrities that we can apply to our own lives.
Of all the skills we can learn, Tracy says that there are four we need to pay close attention to: celebrities’ saving plans, their spending habits, how they deal with debt and borrowing, and how they plan all three of the above.
Looking at Warren Buffett, the billionaire is as frugal as one can ever be, yet he is the third richest man on the planet.
Buffett still lives in his $31,000 home, one which he acquired in 1958. In the documentary on how he became a billionaire, the man revealed that he hardly spends over $3.17 for breakfast.
Tracy says that what we can learn here is the art of refraining yourself from spending more simply because of an increase in your income. The extra money could be saved up for a rainy day.
Actress Gwyneth Paltrow has grown leaps and bounds into being one of the most successful businesswomen around H-town. She owns Goop, a multi-million dollar lifestyle company, and she’s doing extremely well for herself.
Despite having the finances to hire interior designers, she revealed that she has previously tried to redesign her house twice — all on her own. The lesson here? Never outsource what you can do yourself. This way, you get better at doing it while saving money in the process.
Reducing overall expenses
Guess what car Leonardo DiCaprio drives? If you thinking of some high-end luxury vehicle, you are dead wrong.
The Academy Award winner cruises around in a Toyota Prius. This way, he reduces his overall expense, say, in terms of gas money and vehicle service.
Where you have the option to choose a cheaper and efficient way to go about things, why go for the more expensive alternatives simply because you can afford it?
Last year, Forbes ranked Ed Sheeran ninth on the highest earning entertainers list. Being among the top ten means that the guy is seriously loaded, but he doesn’t spend all his earnings.
He has previously revealed that all he has for himself is a monthly allowance. Isn’t this a great way to manage your finances?
Kristen Bell and Dax Shepard are a couple we all want to emulate. But do you know that the two only spent $142 on their wedding? Society pressures people into spending big for special events.
However, there’s no need for that 10-tier cake, a 5-course menu or hiring some expensive catering company when you can do with a minimalistic affair and get your whole family to pitch in for help.
Without a doubt, these are some extremely useful financial skills we can learn from celebrities if we are keen enough.