Most celebrities have much more money than they actually need, or can ever actually spend. While some of them are savvy investors, many celebs just fritter away their greenbacks and splurge on things that they actually don't need. There are even a few reality shows that put some light on how extravagantly celebrities live. Spending millions of dollars on totally useless things has pretty much become a part and parcel of the celebrity culture. What kind of purchases do celebrities typically make you're wondering? Here’s a rundown on the most common:
Blowing Money On The Usual Stuff
Let’s start with the basics. What do you wish to do if you get an eight-digit advance paycheck for working on some album or for appearing in a Hollywood film project? Most celebs blow their money on usual stuff – fancy cars, renovating their homes, shopping for new clothes, or hiring a new manager. They want to throw a party every other day, hit the clubs and bars with friends, and buy drinks for just about anyone. They tend to get a bit carried away when they are among friends and colleagues, which is quite natural for someone raking in millions of dollars. But the problem arises when they cannot stay within their means. This is when they need a personal finance manager to look after their finances and to take care of their ‘investments’.
The Kardashians Lead The Pack
The constant pressure to follow in the footsteps of the Kardashian clan is huge, and many celebs simply do not understand that other celebrities, who are part of various reality shows, get a lot of stuff totally for free! These are celebrities who get paid just for sitting court-side at basketball games, who receive six-figure paychecks for posting an ad on Instagram, and even get an insane amount of money for just appearing on a show for two hours or so. They usually tend to get their clothes shipped directly to their doorstep absolutely free so they can wear the right outfits during the filming of the reality shows. Many celebs simply want to emulate the extravagant lifestyle of the Kardashians, and sometimes they don’t understand that they are burning up their money. Talk about peer pressure.
What Do Celebrities Pay Their Top Dollars For?
Celebrities tend to get pulled in many different directions. According to various personal finance managers of Hollywood A-listers and struggling actors and musicians, they often spend absurd amounts of money on vacations, and a little too frequently at that. Perhaps they want to escape from all the razzmatazz of 'Tinseltown' and to have quality #metime far from the blinding camera flashes of the notorious paparazzi. Female celebrities spend a lot on designer bags and other types of accessories. Some celebs are quite passionate about pets. Take, for example, Miley Cyrus. The pop icon has so many pets that she can start her own zoo. Celebs also hire personal walkers and even buy cars for their pets and love to spend a lot on pet spas. Never have we wanted to be a celebrity pet more! It’s quite natural for Hollywood’s busy celebs to get burnt out, and some of them even end up gaining a lot of weight. As you can assume, these celebs hardly think twice before hiring personal fitness trainers and chefs so that they can stay in shape. They also splurge on private jets, private islands, private golf courses…you name it!
Can Celebrities Find A Way To Save Money?
The only thing that comes really cheap for most celebs is health insurance. The members of the Screen Actors Guild‐American Federation of Television and Radio Artists are entitled to possibly the best health insurance for only a fraction of the actual cost. To put it into some perspective, the average deductible for individual health insurance plans stands at around $4,500 for a full year, whereas celebs just need to pay around $1,200 to $1,500 to get the best health insurance coverage. They can take their plans to anywhere and get instant access to emergency healthcare and even mental health care. Isn’t it amazing? Well, it is. Sadly, many celebs do not know how to cut back on the regular expenses, and most of them forget to pay taxes, as per some of the most sought-after personal account managers in Hollywood. As a result, in very extreme cases, some of them even have had to file for bankruptcy.
Celebrities are human beings, and like all of us, they get carried away by emotions and impulses. At some point, their wealth almost becomes abstract for them. The best way to build up a good credit score, as most celebs like Ashton Kutcher have already figured out, is to appoint a good money manager. Wouldn't it be nice though if we had the same paycheck as famous celebs? Here's to wishful thinking!
