Money Management Tips for the Rich & Famous | The Frugalista

Money Management Tips for the Rich & Famous

by frugalista on September 20, 2011

Hello! I ran into this article in the Hollywood Reporter that interviewed the money managers of fabulous celebrities! From celebs asking for separate accounts for their mistresses to reminding their clients that their careers won’t last forever, these celeb fortune managers have their hands full. I know I’ve written about several celebs and athletes who have ended up in dire financial straits.

I know I’ve been watching the T.O. Show. He’s been complaining quite a bit about money. Terrell also has been dealing with his aging body and had to undergo extensive surgery. He also has a few children. The average span of an NFL player’s career is 3.3 years. That’s not very long on the job. Sometimes I think it’s better to be a government worker! It’s less money in the beginning but sometimes slow and steady wins the race! Pensions are sexy!

Here are some of the tips from the celeb business managers in the article:

*Set aside a large sum of money for a “tax account” so that clients don’t think that they have more money than what they really do.
*Life insurance is important to protect the family and it’s also a way to trick the celebrity client into socking away cash reserves because many policies allow holders to draw from them later in life!
*Point out the spending habits. One actor loved to shop at Barneys. The money manager showed the client that he was spending $600,000 on clothing in one year.

Check out the video below about Terrell Owens’ financial issues. Too bad Terrell didn’t have one of these fortune managers to help him with his money! I think we all can learn from their tips, even if we aren’t millionaires. Paying taxes are important! What do you think about celebs and their spending? Do they spend to much? Are they just like us? Do you feel bad for T.O.? Do you watch his reality show?

Yachtfan, Flickr

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