Spare a thought for celebrities, will you? Sure, they make millions on their various acting/modelling/sports/socialite jobs, they get free gifts galore and they get paid just to show up to an event, but managing all that excess money can be hard work. Just ask MC Hammer, who, in 1996, blew through a $30 million fortune in six years with a high-velocity lifestyle that included 17 cars and an entourage of his 40 closest friends. Or you could talk to Nicholas Cage, who owes literally millions of dollars in taxes to the US Government. Instead, we suggest you take a lesson from these modest celebrities who’ve successfully avoided blowing their fortunes on frivolous things.
Zooey Deschanel is nothing like the flaky free spirit she plays on TV. During her recent divorce proceedings, the New Girl star was forced to detail her income and expenses, during which she showed the world just how financially savvy she is. She saves about 76 percent of her income, she has zero debt, and she has $1.58 million in the bank and even more invested in stocks and bonds. Sure, she spends $22,250 a month on expenses but when you make $95,000 a month, you can afford to while having lots left over to pad your savings account.
Lesson learned: Aim to save more than you spend.
Although she spent $1.5 million on her 2007 wedding to Tony Parker, Eva Longoria has a definite practical streak, and she comes by it honestly. Longoria claims that her father used to take her camping with no food as a child to teach her how to ‘live off of the land’. "He would tell us that we could live off the land. I can skin a deer, a pig, a snake ..., “ she said in an interview.
Lesson learned: Longoria would be an excellent person to join forces with in the event of an apocalypse.
Sarah Jessica Parker
Unlike Carrie Bradshaw, whose addiction to Manolos left her perpetually struggling to save money, Sarah Jessica Parker is much more modest in her spending. Born into humble beginnings as one of eight children in a family on welfare, Parker and her husband Matthew Broderick strive to bring their children up without spoiling them. “[My son] only wears hand-me-downs because I’ve got all these older nephews,” she told People Magazine. “I think it’s incumbent on my husband and me to really stress and to show James Wilkie by example what it means to owe your community something and that he is not entitled to the benefits of our hard work.”
Lesson learned: Nobody likes a spoiled, entitled rich kid.
Although he’s one of the biggest movie stars in the world, Leonardo Dicpario keeps his spending pretty low-key. He chooses to fly on commercial flights rather than hiring a private jet, and he only owns one car – a Toyota Prius. Sure, that Prius happens to be a $100,000 model designed specifically for him, but it’s a hybrid and that’s all that matters to this eco-conscious celeb.
Lesson learned: It’s ok to be a bit extravagant if it helps the environment.
As the future Queen of England, Duchess Katherine could be waited on hand and foot if she wanted to. Instead, she does her own grocery shopping, she wears outfits more than once to public appearances (the horror!) and she shuns the services of a personal dresser, choosing instead to shop on her own at department stores.
Lesson learned: Even royals aren’t above picking their own produce.
He’s one of the richest men in the world (second to Bill Gates) and yet Warren Buffett lives in an unpretentious five-bedroom house in Omaha that he purchased four decades ago for $30,000. What’s more, he has a habit of buying used cars. They’re fairly nice cars, mind you, but used nonetheless.
Lesson learned: If you want to be rich like Buffett, you’ve gotta save like Buffett.
He’s one of the most famous rock stars of all time, but Foo Fighters frontman and former Nirvana drummer Dave Grohl doesn’t let that go to his head. "You can't take your lifestyle for granted," he said in a 2003 interview. "I've got tons of money, but I'm afraid to spend it. Knowing I don't even have a high school diploma to fall back on, I'm going to be really careful with what I've got."
Lesson learned: It’s important to save up for a rainy day.
Despite a career that’s gone from strength to strength since her time with Destiny’s Child, Beyonce Knowles doesn’t spend much. "I haven't bought a car since I was 16 or any diamonds since I was 17," she told the UK Mirror. "I have a lot of property. I've invested my money and I don't have to make any more, thank God, because I'm set. I'm now able really to be free and just do things that make me happy. I want to have a long career, be respected and not go off track.” We’re betting she’s especially enjoying her financial stability now that she has little Blue Ivy Carter to look after.
Lesson learned: Work hard now, enjoy financial freedom later.
Sponsored by TD Insurance: To find out how you can be more confident in your daily life, visit TD Insurance