Nearly every week there’s a new spread in the supermarket tabloids detailing celebrities and their extravagant lifestyles of buying new cars and spending hundreds of thousands of dollars on toys and non-essentials.
This could bring us to the conclusion that all rich and famous celebrities are all terrible with money and that they never give a thought to saving pinching pennies. But that’s not entirely true, there are a few frugal celebrities who are thoughtful of their spending.
Paul McCartney may make more money in one month than most of us can make in a decade, but it doesn’t stop this knighted music icon from asking his friends and family to pay for their own drinks and meals when going out. He’s even asked his daughter to pay her way through secondary school. I suppose having a net worth of $800 million isn’t achieved by spending frivolously.
She may be the richest woman in all of the U.K., but this doesn’t stop her from being frugal when it comes to upkeep and repairs within Buckingham Palace. Her Majesty has been known to down-right refuse to pay for expenditures if it is not first budgeted and then negotiated for the lowest price possible.
Using the motto that he had when he was younger of “maintaining two jobs”, Jay Leno refuses to touch any of the money he made on the Tonight Show. Instead all of the funds go straight into his bank account. He spends and lives off of the money he makes from his stand-up appearances.
This practice is something he’s always done, since his youth of working one job at the Ford factory and another at McDonald’s. One job would pay the bills while the everything from the other job went into the bank.
From his early days as Nirvana’s drummer, to his sensational rise as singer for the Foo Fighters, this rock god knows his stuff when it comes to saving money. He admits to having a ton of money but claims he’s afraid to spend it. Apparently, not having a high school education to fall back on and appreciating what he owns, has given this celeb a mindful sense when it comes to cash.
This celeb should not surprise anyone at her frugality. She says she doesn’t want her 3 little ones to grow up feeling entitled so she dresses them in hand-me-downs from her family. Everything from toys and bikes to cloths and cast-offs.
What can we learn from these hard-working and frugal celebrities? No matter how much or how little you earn, you should always stick to the basics of saving and giving. Never spend more than you earn and you’ll be well on your way to financial freedom.
If there’s a modern billionaire that shares many qualities with Warren Buffett, it’s Mark Zuckerberg. He’s not big on flaunting his wealth, rarely wears suits and drives a car that wouldn’t turn anyone’s head. In 2010, Zuckerberg pledged to give away half or more of all his earnings and is a big believer of investing in the future and next generations. He has dropped $100 million to start a school improvement effort called Startup: Education.
This actress will not be going hungry any time soon with an estimated net worth measuring in the tens of millions, but it doesn’t stop her from being smart with her money. Jennifer Lawrence praises her middle-class parents for her upbringing and instilling smart financial ideals. She even takes it as far as driving the same economical car -- that costs a tenth of what other celebs drive -- for many years.
It’s nice to see someone in the spotlight with a level head on their shoulders. With all the unstable celebrity personalities in the world, it’s refreshing to know that there are individuals who are smart with their money. We might even be able to learn a thing or two from their frugal habits.