Save like a celeb: Money lessons from people who have a lot of it
From Jay Leno to Jay Z, we distill their smart moves down ones we can all use
Originally published July 19th, 2017
When you think of celebrities, lavish parties and expensive cars might come to mind. In which case, you might be surprised to know that rather than burning money faster than they (or anyone) could make it, many celebrities are actually spendthrifts. Think of the crew that have built businesses, for starters, or in other words, invested their money. Plus there are more who invested more traditionally and have become financial experts of sorts; basketball superstar LeBron James is hosting a show that showcases athletes' perspectives on all things, including money. With all of this in mind, maybe there's a thing or two we can learn from some celebs on money, which they clearly have a LOT of.
He may be best known for being a world renowned rapper and Beyoncé's husband, but the musician doesn't just rely on his musical talents. In what can only be described as the most over the top side hustle, he owns, Roc-A-Fella-Records, Rocawear clothing, the 40/40 club and the Brooklyn Nets. He was also an early investor in Uber and owns several alcohol brands. Just to name a few. If we were to hypothesize: he knows putting all his money in one investment is setting yourself up for failure. The money lesson: Diversify your investments to grow your wealth.
You may remember Jaclyn Smith as an original Charlie's Angel, but the beauty made most of her money after she left the spotlight. She partnered with Kmart to create a clothing and accessory line that later parlayed into everything from sheets to shoes. She was one of the first ever celebrities to put her name on a brand. The discount line that carries her name is a big draw for those who grew up watching the bombshell. The money lesson: Don't rely on what you are doing today (even it pays really well) always be looking forward to how you can use your talents and influence to make money in the future.
With a net worth of more than $16-million the last thing you would expect this Hollywood actor to worry about is what's on sale at the grocery store. But that is exactly how Kristen Bell shops. She clips coupons, she shops the deals. Recently, she told Conan O'Brien, "I use a lot of coupons. The best coupon you can get, possibly in the world, is the Bed Bath & Beyond coupon." The Frozen actress is so frugal, she wore a $45 target dress to a red carpet event and her and her husband Dax Shepard spent a total of $142 dollars on their wedding. The money lesson here: No matter what it costs, always look to see if you can do it cheaper.
Sir Paul McCartney
The former Beatle is reportedly worth almost one billion dollars. But that doesn't stop him from watching every penny. He once had a cash bar for his invited guests at his Birthday party. His daughter has called him cheap too. He famously would not pay for her college tuition unless she went to an affordable state school, when he could afford to send her virtually anywhere in the world. The money lesson here: Just because you can buy it, doesn't mean you should.
Former host of The Tonight Show, Jay Leno, has enough money to do whatever he wants. The retired host of the long running show is worth reportedly north of $300 million dollars. He has saved every penny of his Tonight Show income, a show he hosted for more than 20 years, and lives off his stand-up comedy gigs. It's not like he doesn't like to spend; a car enthusiast, he has a collection of 130 classic cars. The money lesson here: If you make saving a habit, you can easily afford the things you love in life.