Financial Tips We Could Learn From The Rich and Famous - KTEN.com - No One Gets You Closer

Financial Tips We Could Learn From The Rich and Famous

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Hollywood A-listers and sports stars make millions, but many of them are still money-conscious. Believe it or not- we could learn something from the financial habits of several celebrities!

Financial professional Scott Maxwell from Talis Advisors is here with money-saving tips straight from the lifestyles of the rich and famous.

Coupons Add Up

Think clipping coupons isn’t worth the time and effort? A bunch of celebrities disagree- including Hilary Swank, Lady Gaga, Kristen Bell and Carrie Underwood. It may seem like coupons don’t save that much money- but saving 50 cents here and a dollar there will add up in the long-run. You can even take it a step further and put your savings in an interest-bearing account to grow those savings.

New Wheels Aren’t a Necessity

Not all celebrities drive Porsches and Corvettes. Alfred Morris, running back for the Washington Redskins, still drives his 1991 Mazda which he nicknamed “Bentley.” He reportedly bought it for $2 from his pastor when he was a college student. A reliable set of wheels is important, but you don’t need the fanciest car on the lot. When you are shopping for a new car, you may be able to save a lot of money by buying a certified used vehicle.

Find Fashionable Deals

Some of Hollywood’s leading ladies are known for buying budget-conscious clothes- even wearing them to big events. Both Helen Hunt and Penelope Cruz showed up at the Oscars in gowns from retailer H&M. Sharon Stone walked the red carpet in a charcoal turtleneck from the Gap!

Get Cooking

Nothing breaks a budget like going out for every meal. You can save $8 a day or $160 per month if you bring your own lunch to work. You can also cut the bill by having friends over for dinner rather than eating out. Many celebrities prefer to cook at home- Taylor Swift, Selena Gomez and Emma Stone are known to get together for baking parties at each others’ homes.

Don’t Spoil Your Kids

Sting recently made headlines by saying he doesn’t want to leave much of his $300 million estate to his kids. Billionaires Bill Gates, Warren Buffet and Ted Turner also plan to only leave a portion of their estates to their kids. It’s important to set your kids up for financial success- and that starts with talking about money at an early age. I have a great guide on how to talk with kids from ages 3-18 on my website, talisadvisors.com.

Live on Less Than You Earn

No joke- Jay Leno shared a little secret when he recently retired from more than 20 years of hosting the Tonight Show. Leno never spent any of the income he earned from the show (which was $15 million annually in the final years.) Instead, he lived off the income from his stand-up comedy act. While most of us aren’t making Jay Leno kind of money, we can apply the same principle by living on less than we earn and putting away extra income into savings.