Money, influence, and status are some of the perks of being a celebrity. Many probably imagine high-profile names like Jay-Z and Oprah Winfrey as big spenders; after all, they do have a hefty net worth attached to their names. However, celebrities can go broke, even if they’re making millions. That was almost the case for basketball star Shaquille O’Neal, who blew his first million-dollar paycheck on cars and jewelry until he learned a valuable lesson from the president of his bank on taxes and fellow NBA player Magic Johnson.
Shaq learned these lessons in finance and improved his business acumen. Now, he’s worth $400 million from a vast business empire that includes restaurant franchises, branded products, and partnerships. Stars like him are inspirational and influential, with many looking to them for financial motivation.
Here are four key finance lessons from other celebrity influencers:
Know what you’re worth, and ask for it – Nicki Minaj
In her early years after moving from the Caribbean to Queens, New York, Minaj experienced a life of violence and struggle. Rather than let that drag her life down, she focused on her songwriting and performing skills to eventually launch her career as one of the most successful rappers today.
However, Minaj learned early on that she had to ask for what she was worth. The genre of music she performed was at the time dominated by male artists, and the disparity in pay was evident in her earnings. After realizing how other rappers earned more for the same standard of work, she decided that she would be unapologetic about asking to be compensated well for the stellar performances she put on. Today, Minaj has a net worth of $80 million, illustrating how we owe it to ourselves to know our worth and ask for it.
Diversify your investments, Jay-Z
Jay-Z became a household name in the mid-1990s when he founded Roc-A-Fella Records in 1995 and released his debut studio album, Reasonable Doubt, the following year. It received widespread critical acclaim and propelled his career forward. Alongside that, he continued his various business ventures, including buying the brand Ace of Spades and founding the entertainment company Roc Nation.
He has certainly branched out from just music. AskMoney.com, which features many articles on successful celebrities, identifies him as one of the wealthiest sports franchise owners in the world, with a net worth of $1.4 billion. He currently calls the shots for the NFL’s Super Bowl Halftime Shows, and he’ll continue to do so for the foreseeable future; he also owns part of the Brooklyn Nets NBA franchise. If there’s anything that can be learned from the way Jay-Z has earned his money, it’s that one should diversify their investments. It’s best not to put all your eggs in one basket, so branch out as much as you can.
Generate new income streams – Eminem
While Eminem may have earned a reputation for being quite a controversial artist in the music industry, he is undoubtedly an influential figure. With big hits come big earnings, and he has understood the value of protecting one’s finances knowing that making money can be finite.
TheDefiant.com reports that Eminem has also ventured into new financial opportunities. He recently dropped his own non-fungible tokens (NFT) in an event called “Shady Con,” featuring open editions with instrumental beats and collectible action figures. The rapper said it was inspired by his own love for collecting. With this, he has found another way to earn.
Spend with care and invest – Oprah
Oprah Winfrey is perhaps one of the most famous and richest self-made women in America. Her influence is also significant in media as the first black woman to own a production company. While she is known for sharing her wealth generously and spending money with care, she also ensures that the money she does keep is well taken care of through investments.
One of the investing life hacks Oprah provides in her book titled “What I Know for Sure” is to invest in things and causes that you believe in. Putting principle before profit might not grow as quickly as an investment with larger gains. But sticking to an investment that matters to you will motivate you to grow your wealth for the right reasons. Many people let go of their investments because they are driven by short-term gains. Choosing a meaningful investment will help you earn while enriching lives, including your own and others’.
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