What Money Mistakes Should Famous People (And Everyone Else) Avoid? Hear From A Celebrity Financial Advisor
When it comes to money management, everyone is likely to struggle, regardless of their gender and professional background. Of course, famous people, celebrities, and athletes are no exception. When it comes to celebrities, their lifestyle, and income, we make quick judgments, envying their rapidly-growing wealth and become jealous of just how quickly they make millions of dollars.
It is believed that celebrities and athletes have the magical wind of building a strong net worth in a short period of time, however, this assumption is simply not entirely true. Only part of that is true, given the high-paying salaries of these athletes and celebrities but in reality they are just as inefficient with money management as other common people.
“This is a major issue among common people,” argues Eszylfie, a professional advisor to rock stars, athletes and celebrities. “Athletes are by no means efficient with money management. They make terrible financial decisions. Consequently, they fell victim to bad money management strategies.” Furthermore, Eszylfie suggests that athletes and celebrities need to be more ‘money active’ than average workers.
Thus, the financial advisor to rock stars lists a series of mistakes that these famous people make. As you read on, keep in mind that these mistakes are found among common people as well. So, make sure that you do not make those mistakes.
Solely Relying On Accountants & Managers
“One of the gravest financial mistakes almost all rich people make is relying thoroughly on their team,” Eszylfie argues. It makes sense that celebrities have a very tough schedule, and they do need a manager or an accountant to look after their money. “But this does not mean that you completely take off your hands from your money,” he suggests.
Furthermore, Eszylfie argues that as these athletes and famous people totally rely on their money-management team, they have no clue where their money goes. In the long run, this backfires badly and they become a victim of financial loss.” So, if you really need a manager to look after your money, good for you. But make sure that you have a fair track of your money.
Looking At Short Term Goals
Eszylfie notes short-term goals as another financial mistake that famous and rich people make. “They do not see the bigger picture,” he says. Essentially, athletes and celebrities have a window of massive earning. “Some athletes have a two years massive earning window. Others have 6, 7, or even 10 years. All is fine. But the real issue is that they fail to look beyond their earning window.”
Thus, as they see the short term they fell victim to financial loss in the longer run. So, if you ever find yourself in that position, look at the bigger picture. Visualize yourself after retirement. Assume how your life will be after retirement. In turn, you will effectively manage your money.
More in Star Advisor
Prince Harry and Meghan Markle’s Shockingly High Cost of Living
Prince Harry and Meghan Markle are undoubtedly the most discussed members, er, former members of the royal family. A few years...January 5, 2023
To Cope With The High Cost Of Hiring Lawyers, Some States Are Letting “Non-Lawyers” Offer Legal Advice
Hiring a lawyer or a personal attorney is expensive. Most American households lose cases by default because they can not make...December 29, 2022
The Guide To Finding The Best DUI Lawyers
If you have committed the crime of drunk driving, then you should look for a good DUI lawyer. A DUI conviction...December 19, 2022
Best Way to Prepare Yourself for Retirement
The days when you could take up a job with a company, work for 20 or 25 years, and retire with...December 10, 2022
How Borrowers Can Use Credit Risks For Their Advantage?
When lending out money, there are hundreds of things – if not thousands – the lender thinks about. From cash flow...December 8, 2022
Great Ways to Jumpstart Your Legal Career
Are you considering a legal career but don’t have any idea where to make a beginning? The industry for legal services...December 5, 2022
Legal Advice for Landlords to Evict Tenants
Evicting tenants is a process which is fraught with legal pitfalls unless the landlord can do so by following the eviction...November 30, 2022
Five Reasons why Your Retirement Plan Can Fail
Even the best-laid retirement plan can fail to trap both the individual and the practitioner because in most cases they are...November 25, 2022
Career Experts Weigh In On The Best Ways To Make The Most Of A Work Conference
Whether you work in the corporate field or not, work conferences are common for every field. They are about giving people...November 23, 2022
You must be logged in to post a comment Login