Who better than the rich and famous to take money advice, right?
We’ve all spent time reading what they’re doing in the headlines, but when was the last time you looked at how smart they manage their personal finances? Everyone needs a little advice, especially as we head into a recession in the coming months. And it’s not just limited to celebrities.
Only 35% of Americans work with financial advisors according to a recent report compiled by Northwestern Mutual because they turn to other sources for financial advice. 30% said their most trusted source of financial advice was themselves. Another 16% said their spouses or partners and family members (13%) were other people they would listen to for financial advice.
So why not take a look at what your favorite artists have to say about their financial journey? We’ll take a look.
01
Oprah Says You Should Spend Like You Care
“I hope the way you spend your money is consistent with the truth about who you are and what you care about.” In her book, What I Know For Sure, she emphasized the importance of investing your money in what you truly believe in. If you’re building a new investment portfolio, aim instead to direct your money to companies that ethically align with your core beliefs. to simply chase after a potential gain.
02
Queen Latifah’s mother told her this…
“My mom was always my champion. She was very smart and down to earth. She said, ‘Save your money. Pay your taxes. Don’t put everything in one basket,’ but she let me explore and be The music and theater icon is said to have amassed $60 million over his three-decade career.
03
Steve Harvey says this advice is best for married couples
“If one person works in the house, or two people work in the house, it doesn’t matter,” he said in a video shared on his social media. “You need four bank accounts.” He shares that the first account should contain shared money. for “everything that maintains your lifestyle”. The second and third are personal accounts for the spouses. The fourth is a savings account.
04
Tyra Banks’ mother changed her view of how faith affects your finances
“There was this Merrill Lynch adviser that my mom used to call when I was 19 and he would only take an account if you had a million dollars or more to invest,” she explained during a speech at the 2016 ESSENCE Festival. “My mom had $5,000 of my money and she went to him and said, ‘My daughter is going to be really successful and I only have $5,000. i read about you [and] I know you’re really, really good. Will you accept this account? He called my mom and said ‘I’m so sorry, I can’t’ and my mom said ‘Well, it’s your loss.’ He called back and he took it and I’m still with him to this day.
05
Michelle Obama thanks for this advice she followed as a young professional
In an interview with Oprah Winfrey published in Town & Country, the FLOTUS alum shared: “In the book, I take you on the journey of who this little star-getter became, what a lot of hard-driving kids become. : a box checker. Get good grades : check. Apply to top schools, get into Princeton : check. Go ahead, what’s your major? Uh, something that’s gonna give me good grades so I can get in going to law school, I guess? Check. Going through law school: checking. She added some key advice her mother shared with her after realizing she hated being a lawyer: “Earn money, worry about being happy later.” She continued, “When she said that, I thought, Wow – what – where am I from, with all my luxury and passion? decide – when she couldn’t get back to work and start reuniting until she put us through high school. yes. It was hard.”
