Top 3 Financial Lessons You Can Learn from Celebrities
May 16, 2017
Celebrities make money more than regular mortals do. But ironically, they tend to get into financial troubles more easily and frequently. Everyone can learn a thing or two from their experiences when it comes to personal finance.
Here are some valuable financial lessons that you can learn from embattled celebrities:
Paying taxes on time and correctly
Running away from one’s tax obligations can have serious consequences—take it from the experience of actor Nicolas Cage and rapper Jay-Z who were slapped with tax evasion cases. It’s best to keep yourself informed and updated on tax laws. If you are running a business and have no time to take care of your taxes, then hire an accountant or auditor who will make sure you’ll make timely and correct tax payments.
Living within one’s means
A lot of celebrities are known for their lavish lifestyles—after all, they earn large bucks and continue to do so. So it’s easier to overspend rather than save money. Even non-celebrities can fall trap into this bad money habit, regardless of how much they make in a year. Do a reality check: how much are you actually making? What kind of lifestyle can you really afford? Once you’ve come up with honest answers, decide on the expenses that you can prioritize and those that you can let go.
Having a pre-nuptial agreement
This may sound like the most unromantic thing to do, but arranging for an agreement on how you’ll go about your finances as a married couple is a practical move that can protect the assets of both parties. And when your marriage ends up in a divorce, the suffering and adverse effects won’t be as painful.
What other things can we learn from people in the limelight about handling finances? Share your ideas in the comments!