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Money Lessons Learnt From Celebs With Big Bank Accounts

The life of celebrities is a fascinating world for us. No wonder we are always looking for stories that involve our favorite stars. It is probably our own coping mechanism against the mundaneness of our ordinary lives. After all, celebrities failing to pay up taxes or going bankrupt make them seem normal, just like us. But, the truth is there are many ways that differentiates them from us. For example, did you know that Ellen DeGeneres doesn’t know her ATM pin, and Oprah hasn’t been inside a bank in 29 years? We hear if they need to get cash, the bank usually delivers it to their doorstep every month or week. How convenient would it be to have an ATM right at home! However, their busy careers and huge bank accounts also meant that they needed to have a dedicated manager who could take care of all their needs and also be realistic.

Here are five lessons about money management learned the hard way from celebrities.

Find Out If Buying An Island Is Good For You

The extraordinary lives of the rich and the famous make amazing stories. The list of things they can buy range from beautiful houses and cars to private jets and even private islands! However, you truly need to cut your coat according to your cloth. If you are planning to buy an island, you should also have money for its upkeep! When Johnny Depp recently declared bankruptcy and sued his management company, all they had to say is that Depp himself was responsible for all the expenses. Well, before blaming others, Depp could have looked into his own luxurious lifestyle. $30,000 each month on wine, $4 million on a failed record label, $18 million to buy a yacht, and this one takes the cream – $3 million to fire Hunter S. Thompson’s ashes out of a cannon. Just be within your means, is all.

Beware The Wheel Of Fortune (Which Can Turn Any Day)

Of all the professions, being in the show business can be almost like gambling. One day you are earning in millions and in the next moment, you are losing your fame and glory. Hence, having a solid plan for the future is intrinsic. Creating a trust fund, having a super fund, or a retirement fund is necessary for them, too. Also, since most stars depend a lot on their appearance, investing in themselves is critical, and we don’t just mean getting plastic surgeries or makeup essentials. Invest in your health and take care of it so that you have a longer and healthier life. Essentially, that means more working years!

Listen To An Expert

There have been many cases when celebrities haven’t listened to sound advice from their business managers who have either asked them to cut down on their expenses or make investments for the future. For example, Depp should have clearly listened to his management company when they told him about his expenses. For, lesser mortals like us who can do without a financial advisor, listening to anyone else who knows and understand the matter better than we do helps.

Money Truly Can’t Buy Happiness

Money definitely makes life a lot better and smoother. But the truth is it still can’t buy happiness! Celebrities often get sidetracked in their quest to earning money. Sometimes, it seems as if there’s nothing else they do but rake in more and more cash, working from one project to another. But life is not all about just the money; we think they should definitely be more realistic and grounded. If you’re young and entitled to a substantial amount of money, then you should be very careful about how you use your money. Celebs, as well as normal human beings, must give their quests a bit of rest, and try to live their life instead. Work will get you more money, but if you don’t have time to spend it, then there is no reason to earn more!

So, now you know, that as much as your favorite celebs seem to be people from another planet, they are as normal as us, and they do worry about money, too. They make mistakes just like us, but it is important to learn from those mistakes and move forward in this journey called life. Take it from Miley Cyrus who is not just a celebrity but has been a celeb kid, too. “Getting more money, having more hits, being the lead in the movie—those things might stimulate you, but they don’t make you happy. I’ve experienced it all already, and I’m telling you firsthand, it doesn’t.”

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