We all turn to celebrities for fashion and lifestyle advice. But did you know your favorite celebs can also teach you a thing or two about personal finance? Over the years I’ve picked up some great money management and business tips from famous stars like Will Smith and Jay Leno. Today I thought I’d pass on that knowledge by compiling some of my favorite personal finance advice and quotes from celebrities.
Know What You’re Worth
Nicki Minaj has an important reminder for my fellow freelancers and business owners—always know your worth and don’t be afraid to charge accordingly! In an interview with Time, she said:
One thing I learned along the way in business is the necessity for you to be unapologetic about asking for how much money you deserve.
Even if someone tells you that your rates are too high, you should stand firm and refuse lowball offers. Your work has immense value, and there are clients out there that will respect what you do and give you proper compensation. It took me a few years of freelancing and some helpful advice from Nicki Minaj to learn this lesson!
Melissa McCarthy also has some helpful advice on the subject of charging what you’re worth.
When you finally are like, ‘Thanks so much for asking, but I’m going to pass’—that’s power. That’s easier said as you get a little more power, but as you start up the ladder in whatever field you’re in, you have to walk if people won’t give you what you’re worth.
I totally agree with Melissa on this one. Once you climb the career ladder and gain skills and experience in your field, you should pass on jobs and business opportunities that don’t give you the level of pay you deserve.
Spend One Income, Save The Other
I’ve also incorporated advice from Jay Leno into my financial plans. He believes it’s important to have more than one stream of income and recommends you save the bigger one and live off of the smaller one. He told CNBC:
When I started to get a bit famous, the money I was making as a comedian was way more than the money I was making at the car dealership, so I would bank that and spend the car dealership money.
I think this is a super smart financial strategy and something my partner and I have implemented in our own finances. All of our bills come out of my partner’s income and we save all of the earnings from my freelance writing business. We’d love to get to a point where we’re able to save my partner’s bigger checks and spend my smaller ones, but we’re not there yet. We’re currently in the process of paying off our mortgage to lower our monthly expenses and free up more cash for investments.
Don’t Spend Money to Impress People You Don’t Like
Will Smith has some wise words about the perils of spending money to impress others.
Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.
When I was growing up, I watched my parents spend a lot of money on gifts for friends and family they didn’t have good, healthy relationships with. My mom would pay to bring her sister along on family vacations, but she’d complain the entire time and ruin the trip for everyone else.
Because of my aunt’s ungrateful behavior, my parents don’t have much of a relationship with her anymore—but they’re still left with the debt being overly generous caused them to rack up. After watching my parents go through this, I promised myself I would never spend my money on someone who wasn’t grateful for the gifts I gave them.
Although it’s a wonderful feeling to be able to share your resources with loved ones, you shouldn’t spend money to try to impress or please people who feel entitled to your money and aren’t all that nice to you. It’s also a bad idea to try to keep up with the Joneses in general. You shouldn’t feel the need to compete with those around you over who has the nicest car or biggest house. Anyone who cares about what kind of car you drive isn’t a true friend or loyal family member anyway.
Who’s your favorite celebrity to get personal finance tips from? Do you have a favorite celebrity personal finance quote? Let me know in the comments section below!
Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.