Celebrities live very different financial lives than most of us. But they still start businesses, pursue investment opportunities, and make financial mistakes just like the rest of us.
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Some of the business and finance lessons shared by celebrities can be helpful if you're looking to improve your money situation. Here are his six pieces of advice from LeBron James and others.
LeBron James: The Power of Saving Money
James became a millionaire due to his success on and off the basketball court. He founded a school, launched a number of businesses, and even landed a lifetime contract with Nike reportedly worth $1 billion. However, many former NBA players have gone bankrupt even after earning millions of dollars throughout their careers. James has avoided that scenario and built wealth over time thanks to important lessons he learned in his childhood.
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James says the first money lesson he learned was the importance of saving. His uncles gave him his $1 and told him to save $0.65. Because of this, he got into the habit of always keeping most of the money he earned. This approach helped James build enormous wealth over time, rather than gradually losing money due to lifestyle frenzy.
The average person could build wealth faster by taking a similar approach to saving money.
Kylie Jenner: Leverage your unique assets
Although Kylie Jenner was born into a wealthy family, she has also amassed a fortune of her own, with a net worth of approximately $700 million, according to Celebrity Net Worth. She leveraged her large social media following to launch her first business, Kylie Her Cosmetics. A few years after launching her brand, she sold a 51% stake for $600 million.
The lesson for the average person is to leverage what you have when building wealth. You may not have a huge social following, but you may have a good professional network or special public speaking skills.
You know your strengths better than anyone. Jenner's story is a good reminder to make sure you're using them.
Ryan Reynolds: Trust your instincts
Ryan Reynolds earns millions as one of Hollywood's most famous actors. However, his business ventures earn him much more than that. Mr Reynolds amassed a $1.35 billion fortune through successful investments in Aviation Gin, Mint Mobile and Wrexham Football Club.
Reynolds only invests in brands he loves, even if he knows nothing about the business. And he shares his passion for the companies he acquires through sometimes risky marketing efforts. Following this process greatly built Reynolds' fortune over time.
The lesson is to trust your intuition. Reynolds' investing philosophy, like his marketing style, is guided by what he enjoys. By staying true to his tastes, Reynolds became a millionaire. This is an approach to life that also helps you build wealth in a variety of ways.
Dwayne 'The Rock' Johnson: Beating Others
The Rock rose to fame in wrestling and transformed into one of the most famous movie stars in the world. There are several money lessons you can learn from his story, but the most important may be the power of hard work.
Johnson constantly participates in various entertainment projects. From movies and TV shows to his work in WWE and United in his league, he's very busy.
Johnson believes his work ethic is the secret to his success, saying: It's a matter of consistency. Continuous effort leads to success. ” The average person doesn't need to be smarter or more popular than their peers to earn more than their peers.
Martha Stewart: Become an authority
Martha Stewart was America's first female self-made millionaire. She did so by building a vast media empire, selling cookbooks and pursuing various home decor and furniture businesses.
Stewart says one of the reasons for her success is her desire to learn. She researches everything she wants to share with her audience thoroughly before telling it. The effort she puts into her research turns Stewart into an authority her viewers trust. She uses that trust to sell her products.
Stewart's story shows how valuable it can be to become an authority on a subject in your professional life. The more you learn, the more confidence you have in the workplace, which can lead to promotions and increased wealth.
Kim Kardashian: Make sure you're building a future
Kim Kardashian's net worth is said to be approximately $1.7 billion. Although she was born into a financially privileged background, her parents taught her the importance of saving from an early age.
Kardashian said, “I love spending money, but I also love working hard and saving money. I think it's really important to build a future and be careful not to be too extravagant all the time.'' please.”
For the average person, this is a good reminder that building your future should always be your financial priority, even as your wealth grows. If you have too much luxury, you will not be able to increase your wealth.
Keanu Reeves: Never stop living within your means
Keanu Reeves is a legendary movie star who has amassed a net worth of approximately $380 million over his decades-long career. He also has his own production company and co-founded Arch Motorcycle.
Despite his wealth, Reeves has lived a fairly down-to-earth lifestyle for most of his career. He lived in hotel rooms and trailers for his first 18 years in the spotlight, and he said health is more important than wealth.
The lesson for the average person is that once you reach your financial goals, you shouldn't stop living within your means. Like Reeves, you might be more satisfied with your life if you focus on your health and overall well-being instead of maximizing your lifestyle.
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This article originally appeared on GOBankingRates.com: 7 Money Lessons from LeBron James and Other Celebrity Business Moguls
