It’s a dream of many to escape the rigors of a mundane daily existence and to become rich and famous.
For those to whom this fantasy becomes a reality, some new real-life considerations will inevitably present themselves.
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Because celebrity frequently involves newfound wealth, the question of how to deal with changing financial circumstances becomes necessary.
Celebrities are sometimes willing to share the advice they have received and the approach they take navigating their finances.
Here are a few examples.
Oprah Winfrey on the red carpet.
Oprah Winfrey’s rise to fame began when she took over a local Chicago talk show in 1984, which soon became The Oprah Winfrey Show. In 1985 she earned critical acclaim and an Oscar nomination for her role as Sophia in The Color Purple.
She is perhaps best known for her talk show, which ran in national syndication for 25 years, from 1986 to 2011.
Oprah transformed her talk show into a media and business empire. She has a net worth of about $2.5 billion.
She advises people to be receptive to the idea of change and to think big.
“The greatest discovery of all time is that a person can change his future by merely changing his attitude,” she said, according to GoBankingRates.
She also believes in aligning your ideals with the way you spend money.
In her book “What I Know for Sure,” Oprah wrote, “I hope the way you spend your money is in line with the truth of who you are and what you care about.”
Jay Leno poses with his car.
Jay Leno, comedian and longtime host of NBC’s (CMCSA) – Get Free Report The Tonight Show, believes in making two sources of income and only spending the smaller one.
“When I started to get a bit famous, the money I was making as a comedian was way more than the money I was making at the car dealership, so I would bank that and spend the car dealership money,” he said. “When I got The Tonight Show, I always made sure I did 150 (comedy) gigs a year so I never had to touch the principal.”
Baseball star Alex Rodriguez.
Alex Rodriguez, who played Major League Baseball for the Seattle Mariners, the Texas Rangers and the New York Yankees, was famous for his athletic talent and also for signing huge contracts during his career.
Among the experts he received financial advice from is Warren Buffett, chairman and CEO of Berkshire Hathaway (BRK.A) – Get Free Report. Buffett advises keeping money out of banks and in investments.
“On the business side, it was always non-recourse debt. Don’t personally guarantee it. And cash is like oxygen: you need it, but you don’t need too much of it. You’d rather have your money in great businesses,” Rodriguez said.
Comedian Ellen DeGeneres.
Ellen DeGeneres is an American comedian, television host, actress, writer, and producer. She starred in ABC’s (DIS) – Get Free Report sitcom Ellen from 1994 to 1998 and hosted the syndicated television talk show, The Ellen DeGeneres Show from 2003 to 2022.
DeGeneres says she doesn’t approach money issues from a philosophy of frugality.
“I just was like, ‘I am never going to have that attitude about money,’” she once said. “I am always going to just get what I want, I’m going to do what I want. Because I know there is an abundance and I will always have enough. That’s how I live my life.”
“You shouldn’t live your life in fear of money,” she said.
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