A lot of people think that the life of a celebrity is perfect. That is why some people idolize them even when it comes to money advice. But whatever you do, there will always be some differences between celebrities and ordinary people. For instance, some celebrities haven’t stepped inside a bank for years now. Some are not aware of their ATM pins.
Some people may also think that they can act like celebrities by buying huge mansions or islands. But what people don’t know is that these celebrities have financial managers, who help them decide if what they are planning to purchase is ideal or not.
Since not all of us can afford a financial manager, some celebrities shared some money advice that you will surely find helpful.
Money Can’t Buy happiness
Yes, money can make things easier for everyone, but it still can’t buy happiness. Celebrities usually get distracted when it comes to earning money, and they think that they don’t have anything else to do but work and make money from one project to a new one. But what they don’t know and a lot of people don’t see is that money is not everything. If you are earning money, it would be good to focus on yourself more instead of focusing on your money. Let your money grow by investing it and live life.
Ask For An Expert’s Advice
Celebrities usually hire financial advisors to help them manage their money. You don’t exactly need to hire one, but listen to one. The best thing that you can do is to ask an expert’s advice on finances. It would be best to listen to one who understands and one who knows about money. This will help you to manage your wealth better.
Avoid The Wheel Of Fortune
The wheel of fortune goes by earning vast chunks of money and spending it the moment you get it. You should avoid becoming a one day millionaire by planning on how you’re going to spend your money. You can start getting a trust fund, or a retirement fund instead of spending your money to things that you don’t actually need. Also, instead of spending too much on your appearance, it would be best to invest with your health. This will surely help you to live longer and help you enjoy your money longer and meaningfully.
Know If An Island Is Ideal For You
Most celebrities live on an island, and there is nothing wrong with that. But if you have a massive chunk of money and you’re thinking of purchasing an island, you need to make sure that you have the means to maintain it.
One of the celebrities who decided to sue his management company is Johnny Depp because of the mismanagement that had happened with his money. But the truth is, he could’ve personally checked his own spending. He spent $3 million to fire the ashes of a friend out of a cannon. He also splurged on wine worth $30,000 every month, which inevitably affected his funds.
These are the money advice from celebrities with huge bank accounts that you should keep in mind. Remember that you don’t have to spend your money in just one place in just one go. You can always spend but make sure to save and put some for investment. This will not only protect your money but will grow it for your retirement as well.
Photo Sources: Femine Fortress, Verywellmind.com, Private islands
Based on Materials from Finance Nancy