How To Be A Millionaire: Empire-Building Tips From Thrifty Celebrities
Got big financial plans for next year? Make 2015 your first step on the road to wealth with these money-saving tips from thrifty celebrities.
Don’t Waste Money Eating Out
How much more of your empire would you hold on to if you stopped sharing with expensive restaurants?
Last week Yeezy raised a few eyebrows on his flight out when he passed on his in-flight meal for one he packed from home: caviar and a cookie made by Kim Kardashian.
Have A Financial Plan
Even multi-millionaire celebrities can go bankrupt. Just ask the celebrities on this list.
Gwyneth Paltrow says she makes sure to stay permanently off of the celebrity repo list with a strict financial plan. Gwyn carefully tracks money coming in and out and planning for short and long-term financial goals to make sure her empire is always in the black.
Ditch The Labels
Even supermodels can designer label their way into serious Black Card debt.
That’s why Tyra banks says she only wears uber-expensive labels when she’s paid to. When her wardrobe is on her dime, she only spends on the more-affordable versions of fresh-off-the runway looks.
Live Below Your Means
There’s no reason to ball until you fall as soon as you’re able. Instead, take a page from Jennifer Lawrence’s book. The Hunger Games star spent her movie millions on a Chevy Volt and rent on the apartment she lived in when she first moved to LA.
The rest she puts right in the bank.
Always Shop Sales
“Why should you pay more for something that someone else is paying less for?”
It’s Buffy star Sarah Michelle Gellar’s motto. And even though she’s worth $15 million, Sarah still keeps track of all sales when she’s out shopping.
Get Smart With Food Shopping
First Lady Michelle Obama says she learned this tip from her mother. Planning meals for the week not only saves time in the kitchen, but take advantage of the right sales and you can save hundreds off of your monthly budget.
Save More Than You Spend
Staying rich doesn’t happen by accident. Jay Leno says that he stays solvent by living off of the money he makes as a stand up comedian but saving the millions he makes on TV.
Jay says it’s a lesson he picked up in his early years:
“When I was a kid, I had two jobs. I worked at a Ford dealership and at a McDonald’s. I’d spend the money from one job and save the money from the other. That’s still the way I am now. I’ve never spent a dime of TV money — ever.”
If You Don’t Have A Coupon, Don’t Buy It
You’re never too rich to love Extreme Couponing. Kristen Bell told Conan O’Brian that she keeps her empire in tact with the power of couponing: she simply won’t shop for something if she doesn’t have a coupon for it.
Start Building Your Nest Egg
It’s never too early. Everyone knows that Jay-Z is a multi-millionaire now, but did you know that the rapper had saved $100,000 by the age of 17?
The source of teenage Jay-Z’s money may have been illegal, but it was his under-the-mattress nest egg that gave him the collateral he needed to get his rap empire started.
Take Help Where You Can Get It
Jersey Shore star Nicole “Snooki” Polizzi may have several million in the bank, but instead of spending it on a celebrity nanny, she moved in with her in-laws when she was pregnant.
Down-sizing when she didn’t have to not only saved her thousands, but gave her a head start on saving for her little ones’ future.
“Don’t Drive A Bentley On A Benz Income”
That’s Stayve Jerome Thomas’ — also known as rapper Slim Thug — advice. What would he know about it? He literally wrote the book on financial planning for the newly rich: How to Survive in a Recession.
The basic message in his book? If you can’t afford to buy it three times over, then it’s really out of your budget.
Always Have A Cushion
Even A-list actresses like Halle Berry put money away for times when jobs aren’t as plentiful as they are now. Financial analysts suggest that you should have at least 6 months of living expenses stored away to carry you through any surprises in your employment future.
Don’t Spend It All On The Ceremony
Instead of spending all of the billions that he could spare on his wedding, Mark Zuckerberg opted for a backyard ceremony.
Follow in his footsteps and you could save yourself from starting out your married life in debt — or save your money for the honeymoon of your dreams.
Don’t Be Afraid To Rock It Again
Kate Middleton has been blazing a trail for frugal fashionistas by being unashamed to be photographed in the same outfit or shoes lots of times.
Why waste money upgrading from your favorite piece — especially when even royalty isn’t afraid to recycle.