Celebrity Tax Tuesday - 4 Mega-Stars Considered to be Cheap
Celebrity excess. We love to see it. But we also love to watch it all come crashing down. Our obsession with it all explains the front cover of every tabloid magazine. It’s expensive to maintain that Hollywood image, so it’s never too surprising to hear about celebrities going bankrupt after their 15 minutes of fame are up.
Many celebrities, though rich now, grew up under drastically different conditions. Keeping that in mind, perhaps their stinginess is a deep-rooted way of making sure they don’t return to their roots. But just because the majority of celebs are spending money like the gravy train is in perpetual motion, it doesn’t mean that all multi-millionaire stars follow suit. In fact, there is a group of celebs in Hollywood known for their frugal way of life, even when it’s clear that they’re rolling in dough.
So, who are some of these people? Here are 4 celebrities who are famously aware of how they spend their moolah.
Eric Clapton’s one of the most prolific, celebrated, and revered artists of the past 50 years. He's been a millionaire since he was in his early 20's. As one of the greatest guitarists and singer-songwriters ever. And even now at 73 years old, his royalty checks are quite healthy, but he's not exactly one to buy islands or basketball teams.
He’s had frugal celebrity status after being seen in 2011 at an L.A. laundromat scrubbing his own clothes, and then bundling them into the washing machine and waiting around for the load to finish. Apparently he does this frequently, and most people don’t even recognize him because his guise is just totally unlike what you’d expect a man of Eric’s stature and status to be. He wears scruffy clothes, old jeans, and basically doesn’t like to stand out from the crowd when out and about.
He’s still perpetually good looking and has starred in some of the greatest movies of all time. According to IMDB, he hit the exclusive $20-million-per-film mark back in 2000.
Nowadays he chooses his films carefully, and he can afford to do so too, because the amount of cash he makes from one movie is probably the same as the accumulative earnings of a lot of the other guys in the industry.
His net worth is estimated to be a staggering $245 million. So, he obviously enjoys the fruits of his labor in some ways. Leo doesn’t mind sprinkling a little cash on his luxury yachts, often hosting parties on them in Cannes and the Mediterranean. However, he’s very frugal in many ways too. How many other stars in Leo’s position, earning that kind of dough, would you see driving a Toyota Prius? DiCaprio was famously cheap in his club-hopping days, and known for not tipping in bars.
Worth an estimated $90 million, you’d never guess that Tyra Banks is a penny pincher and believer in the DIY ethos. When moving into her offices for her TV show, the unit apparently needed a face-lift. But instead of shelling out for new carpet, Banks decided to give the offices an update with a fresh coat of paint instead, to save money. She’s also notorious for taking shampoo and soap from the swanky hotels at which she stays.
But despite the fortune she has amassed through her modeling, TV work and business pursuits, Banks has always been more of a saver than a spender, she revealed in an interview with MONEY."I had a budget to spend frivolously for the year, every year," she said. "I needed that to feel safe."
"I was always more interested in experiences over things," she told the magazine. "Things didn't make me happy. I saved, saved, saved. But I saved to a fault. About 15 years ago, my accountants pulled me aside, and they were like 'Tyra. You're not spending money. Nothing. You're just giving it away to the government. You need to spend some damn money!'
Halle Berry earns $10 million per movie. But she says that she would rather shop from sales racks than fly to Paris for a fitting. A proud penny-pincher, she says that she saves because she’s uncertain about the future. The critically-acclaimed actor isn't one for showing off her considerable net worth.
The actor told The Daily Record that she is not "someone who has to have 10 cars and lots of diamonds." Berry reportedly also saves a lot because she's "always worried about when this trip is going to stop." Her attitude makes sense, as Berry had a widely-publicized, difficult home life when she was growing up with her father, who reportedly beat up her mother in front of a young Berry. This instilled in her a desire to be a "woman of strength," which clearly extends to her financial responsibility too (particularly as Berry is now a mother herself).
So what can we learn from these famous folks? Our habits are going to dictate our financial health. Be humble. Learn to budget and don't fall into "keeping up with the Jones. And remember, if you're spending, you're not saving. Don’t give into “30% OFF!” sales that only distance you from putting more in your rainy day fund.