Friday, December 27, 2013

10 Money Tips from Celebrities

So many celebrities have made it BIG in the industry. However, most of them don’t have enough means after the spotlight becomes dim. A lot of them become money-spending monsters – spending even more on top of the heaps of “Cha-Ching” they make.
Setting aside the ‘Riches to Rags’ stories of several well-known icons, there are few who intend to keep their finances up even after they retire from the flashy and glamorous life of being a famous celeb. Here are ten:
money tips celebrities
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  1. Diversify Your Savings
Boy Abunda, famous TV host and celebrity manager, cleverly said in an article with Philstar “buying life insurance is also a way to diversify your savings practices, and the more ways you employ to save for the future, the more effective your savings program should be”.
  1. Look beyond Present Comforts
Famous actor and recording artist, Piolo Pascual shares his story on how his sister, who works for an insurance company, serves as her financial advisor. He learned to always look beyond present comforts. 
He said in an article with Brighter Life, “I’d like to believe that through my partnership, I can help educate more Filipinos about the importance of looking beyond present comforts to see the bigger picture. Our financial priorities are not all there is to us, but it’s a powerful expression of what we consider important”.

  1. Save Money for No Worries
Being known internationally as an actress and host, Anne Curtis has one very important tip – to save. She was even chosen as the endorser of PSBank for encouraging Filipinos to set aside some money. 
In one of her commercials for the said bank, she quoted “Save up money so we don’t have to worry. That’s what I’m doing, what about you, baby?”
  1. Consider the Fear of Going Back to Being Poor as Motivation
Even practically being the most famous comedian in the Philippines, Vice Ganda still fears of going back to the hardship of having inadequate means. 
He said on an interview in KrisTV, “Yung fear mo na bumalik sa hirap” [The fear of going back to being poor] is what motivates him to invest and save for his future.  
  1. Hack Your Spending
Miriam Quiambao, former beauty queen and TV personality, reveals her piggy-bank-like way of saving. Currently, she has 8 jars to boot. 
These 8 jars correspond to Tithe (for Church), Growth (Investments), Taxes, Learn (Education – Masters), Live (Everyday necessities), Save (Emergency Fund), Play (Leisure) and Share (Charity). 
All of which come from a percentage of her income - 10%, 20%, 12-15%, 5%, 35-50%, 5%, 5%, and 5% respectively.
  1. Don’t Spend to Impress
Comedic and dramatic actor, Will Smith advises to spend carefully and to not buy things to impress. He said in a tweet, “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like”.
  1. Take Financial Chances
Everyone can learn from an intelligent and gorgeous woman like Tyra Banks. She has a business empire and a network yet she manages to stay frugal. 
Another thing to note from her is the investment chances that she makes. An example of which is her joint venture with Ashton Kutcher for an online social shopping website. The site now has become popular and gained significant piece of the online shopping market.
  1. Use Money for Your Needs
Having said that “you [can] use your money to buy privacy because during most of your life you aren’t allowed to be normal”, Johnny Depp has a clear advice: it is safe to say that he encourages you to spend for something that is needed, and for him, it was privacy.
  1. Invest the Majority Unused Money
A very fine woman with a voice of an angel, Beyonće is someone to adore. Beyond that, her finance management is also something to admire. Even with working less to focus on her baby, she still has more than enough because of her investments. 
She has her own clothing line business. She even said “I have a lot of property. I’ve invested my money and I don’t have to make any more, because I’m set. I’m now able really to be free and just do things that make me happy”.
  1. Own Common Stocks from Index Fund
For the last one, here’s a finance tip from a famous business magnate and practically a celebrity in his field, Warren Buffett, “the best way to own common stocks is through an index fund”.

Author Bio:
Sil Silvestre is iMoney Philippines’ Country Manager, he loves to travel and has a passion for food. Follow him on Twitter.

Fired up to manage your money yet? Contact your trusted financial advisor (or me! :) ) to help you get started. 

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