While the celebrity life may seem luxurious, many have made mistakes when it comes to managing their money. Here are five famous faces, their financial faux pas and the lessons they’ve learned over the years.
Westlife’s Shane Filan on how losing everything and going bankrupt changed his perception of money
“Money is a very dangerous thing and you’ve got to know how to look after it. When I had money I felt pressure, whether it was to invest it or do good with it, and I couldn’t let it fizzle out. It was like I needed to prove to myself that I could look after it, only I did the opposite. I think if you can be content with just having normal stuff, even if you do make money, it’s a safer place.”
After many gambling losses, singer Macy Gray reveals the financial decision that changed her future
“No matter how much you have, you can spend it very easily. Spending money is the easiest thing in the world. One little smart thing I did was, I had my accountant put aside a very tiny percentage for each of my kids, and it looked like peanuts, but over the years, it’s added up and it’s really taken care of a lot of things that they needed when they got older. I have learned a lot about money and now that I’ve been through all the ups and downs with it, I think I treat it with a lot more respect.”
The Osmonds singer Jimmy Osmond on how losing $80m forced him to learn how to manage money
“We lost about $80m, maybe $100m in today’s money – but it’s actually the best thing that ever happened to my brothers and I because it made us really appreciate how to manage money and it forced us to refocus. We’d got to the point where we could have our own airplanes and your attitude changes when you have that kind of money. It didn’t leave us destitute but we had to start over. It was a wonderful thing, because my brothers are the most humble guys you will ever meet.”
BBC DJ Jo Whiley discusses how her children have changed her shopping habits for the better
I have no will power to say no. There was a time when I was doing more television work and I used to walk into shops that had very, very pricey labels and get an adrenaline rush from buying things. A financial hangover would kick in about six hours later and I’d feel awful and guilty. When you have four children, you don’t want them to be struggling throughout their lives and paying for your mistakes, so I now try to be as prudent as I possibly can.
Sky TV presenter Kay Burley shares how matters of life and death have shaped her attitude to spending
“My worst buy has to be a wardrobe full of dodgy clothes including an expensive designer jacket with the iconic Rolling Stones lips and tongue motif. What on Earth was I thinking? Today, I save in order to buy something I really want. My parents both died too early, so I think what’s the point in hoarding cash? I save into my pension scheme but I also save to take wonderful holidays and buy the occasional luxury. Save what you can and buy only what you can afford.”
Source: The Telegraph