The Rachel Cruze Show - What Celebrities Get Right (and Wrong) About Money

Starting point is 00:00:01 So there are countless stories about celebrities or anyone who comes into money quickly about squandering their wealth, right? And they're having to start over from scratch. And we see those train wrecks at times. But then also, we do see some people that actually do really well with their money as celebrities. You know, these public figures, though, when it comes to personal finance, it's very fascinating lessons that we can learn from them. So today I'm going to react to a few lessons from your favorite and my favorite celebrities. And stay tuned till the end because I'll share my number one tip for building wealth, regardless if you're a celebrity or not. And before we get started, make sure to subscribe and share this episode with a friend who loves pop culture. All right, first up, let's start with LeBron James. So his net worth, are you ready for this, $1.2 billion. But what he's done with his money is pretty incredible. He founded a school.

Starting point is 00:00:55 He has started multiple businesses, and he's signed a lifetime Nike contract. And he said his first money lesson that he learned was very important, and that was the lesson of saving money. His uncle would give him a dollar and tell him to save 65 cents of it, and he still owes his wealth to learning that habit early on when it comes to saving. I mean, well done, LeBron. Well done. Next up, it's our girl, Kylie Jenner, so her net worth is $700 million, and she was born, you know, into a very well-to-do family, the Jenner's. But then she really created this four. fortune on her own. She used social media, thank you free marketing, to launch Kylie Cosmetics in 2014 when she was only 17 years old. And a few years later, she sold a 51% stake for $600 million.

Starting point is 00:01:46 And one lesson from Kylie is that, you know, you can use influence, you can use networking. And if you have a skill or an expertise in a certain area, lean into that, right? Now, her celebrity factor obviously helped her in this too. But she loved. loved makeup and cosmetics and look at that girl go. I mean, unbelievable. All right, before I reveal the rest of this list, I do want to tell you about one of our sponsors, Delete Me. I saw a headline recently that really caught my attention that one third of the U.S. population's background info is now public. So for 115 million of us, data breaches mean that our info is just out there for anyone to find. And this is stuff like our names and addresses and phone numbers. This is why I love

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Starting point is 00:02:57 It's not worth as $800 million. And The Rock started, you know, that familiar name with wrestling, right? He was in the wrestling world for years. And then he started saying, yes, the other opportunities, like brand deals, kids' movies, the United Football League, hosting gigs, and all of that. So he stays really busy, and he says the secret to his success is consistency. So you don't have to be great at everything that you try, but the idea is that you consistently show up and try new things.

Starting point is 00:03:26 So Dwayne the Rock Johnson, love that. Number four is more of a lesson rather than a tip, but it comes from the one and only Mariah Carey. So sources say that she's technically worth around $350 million, but it's also been reported that Mariah mortgaged her apartment to get some extra cash. A recent report found that Mariah Carey is more than $18.5 million in debt because of taking out loans against her $30 million home in New York City. So this is a lesson that we can see. say we don't want to do, right? And people will do this. They will pull equity out of their home, take on a second mortgage or get a helock. But taking and borrowing money against your home is not a

Starting point is 00:04:09 great idea because, number one, you're taking on more debt. You're taking the equity that was building and actually, like, advancing your net worth and using that money for other things. And so it's just not a wise thing to do. So, Mariah, pay off your debt, girl. Pay off that debt. All right. Number five is Keanu Reeves. His net worth is $380 million. and he owns a production company and co-founded Arch Motorcycle. So he lives a pretty modest lifestyle compared to some of his peers, and he really values his health and wellness over maintaining a lavish lifestyle. So I think he's a great one to say, yeah, the lesson here is to live within your means.

Starting point is 00:04:47 Easy to do when you have that much money, I'm sure. And also I like that he prioritizes other things in life versus just like this fancy lifestyle. Number six is the one and only Oprah Winfrey, and her net worth is two. $2.6 billion, and the Oprah Winfrey Charitable Foundation has donated over $400 million. You guys, I mean, unbelievable. She is a very generous person, and we see this all the time with her giving away scholarships and, you know, doing things internationally all over. And then another great thing, one of the things I loved growing up was her episode on Oprah's favorite things. And she would invite people into her studio audience with them not knowing that this was the

Starting point is 00:05:27 specific episode. And she would. would give away, like, crazy amounts of money, right? Through gifts and different things, like that one year she did a car. Everyone gets a car. You get a car. You get a car. You get a car. But generosity is a priority for her. And I think she, like, really believes that and lives that out. I think it's important to see. And it's a great example. Now, of course, we are not at this level of, like, fame and fortune as these celebrities. But there is one tip that I think is really important when it comes to building wealth over time, regardless of you're a celebrity or not. it's this idea of being proactive with your money. So when you have your income come in and choosing

Starting point is 00:06:03 to be very, very intentional with it, is so key. And what that is really is a monthly budget. And every dollar is a great budgeting app. You can check it out because it gives this power to saying, okay, yes, this is the money I have coming in. And what do I want to do with it? Because we all want to build wealth, right? I mean, there's something about having margin, changing your family tree, being able to be generous with others. That is so, so key. There's a piece of mind there that's so important. If you want to check out every dollar, I'll put a link down in the description. Now, to check your personal financial progress, check out my episode.

Starting point is 00:06:34 How do you compare financially to the average American? You can click right there. Or if you're listening on podcasts, I will put a link in the description. All right, you guys, remember to take control of your money and create a life you love.

The Rachel Cruze Show - What Celebrities Get Right (and Wrong) About Money

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