Most of the media generated stories about celebrities consist of shock and awe showing situations resembling the Titanic sinking into the ocean. When it comes to personal finances, we read about those who didn’t pay their income taxes, stars that spent themselves into bankruptcy, and estate plans that went decidedly south after their death. However, there are celebrities who understand a thing or two about money and here are five famous people who know how to improve their bottom line.
- Teri Hatcher Understands Used Cars– Teri Hatcher became famous through the Superman shows she did with Dean Cain and then hit a home run with the Desperate Housewives television show. She’s reported to have a net worth of over $50 million dollars. “I don’t spend my money on sports cars or new million-dollar houses. I drive my cars for 10 years until they have 100,000 miles on them.” (source www.msn.com) Used car buying is a smart money move that can help every family.
- Jay Leno Does Not Outlive His Means– Even though Jay Leno has hit the pinnacle of the talk show circuit with many years at the helm of the Tonight Show, Leno only lives off the earnings his makes as a comedian. Leno always had two jobs as a kids and still has the same work ethic as a superstar. “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 live on the money I make as a comedian, and I put all the TV money in the bank. I’ve never spent a dime of TV money—ever.” (source: www.yahoo.com)
- Kristen Bell Uses Coupons- If you have ever watched the Showtime series ‘House Of Lies’ you’ll quickly realize just how savvy the character Kristen Bell plays as a consultant when it comes to being shrewd about deals. She also can teach us a thing or two about making sure you use coupons as well. Kristen’s most favorite coupons are the big Bed, Bath, & Beyond coupons, but she looks for a discount whenever she goes shopping.
- The Oracle Warren Buffett- We know that constantly moving from one home to another can be a very costly strategy. By the time you have closing costs out of the old home, closing costs into the new home, moving costs, furniture, and upkeep, you can really eat into growing your wealth. Despite Buffett’s title of on again off again richest person in the world, he has stayed in the original house he bought in Omaha in 1957.
- Jennie Garth Mixes and Matches Clothes– Jennie Garth has us all entertained in the Beverly Hills 90210 days. Now, she’s become savvy on how to save a few bucks. “We usually buy new things that can be mixed and matched with their existing wardrobe,” said Garth. “Back-to-school is a great time to clean out their closets, and anything outgrown we donate or [sell].” (source: yahoo.com)
Stay in your first house, buy a used car, live within your means, use coupons, and buy some new clothes to mix in with existing clothes. It is any wonder that money saving ideas can be universal no matter what your net worth. What tips do you use to save money on your bottom line?
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Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®, is co-CEO of oXYGen Financial and is a top ranked personal finance blogger (www.yoursmartmoneymoves.com). He is a regular contributor to Investment News, The Wall Street Journal, and The Atlanta Journal Constitution. Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS.