7 Money Lessons From LeBron James and Other Celebrity Business Moguls
Celebrities live very different financial lives than most of us. But they still start businesses, pursue investment opportunities and make money mistakes like the rest of us.
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Some of the business and financial lessons celebrities share can be helpful if you’re trying to improve your money situation. Here are six pieces of advice from LeBron James and others to get you started.
LeBron James: The Power of Saving
James has become a billionaire for his success on and off the basketball court. He’s founded a school, started plenty of businesses and even earned a lifetime Nike contract reportedly worth $1 billion. But plenty of former NBA players have gone broke even after earning millions throughout their careers. James has avoided that scenario and built his wealth over time thanks to an important lesson he learned as a kid.
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James says the first money lesson he learned was the importance of saving. His uncles would give him a dollar and tell him to save $0.65. This got him into the habit of always putting away most of what he earned. This approach has helped James build a vast fortune over time instead of gradually losing money to lifestyle creep.
The average person may build wealth faster by adopting a similar approach to saving money.
Kylie Jenner: Leverage Your Unique Assets
Kylie Jenner was born into wealth, but she also has built a fortune of her own, with a net worth of around $700 million, according to Celebrity Net Worth. She leveraged her large social media following to launch her first business, Kylie Cosmetics. A few years after creating the brand, she sold a 51% stake for $600 million.
The lesson for the average person is to take advantage of what you have when building wealth. You might not have a large social following, but maybe you have a great professional network or a special skill for public speaking.
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 has earned millions as one of Hollywood’s most famous actors. But his business ventures have earned him significantly more. Reynolds has amassed a $1.35 billion fortune through successful investments in Aviation Gin, Mint Mobile and Wrexham Football Club.
Reynolds invests only in brands he loves, but he’ll do so even if he knows nothing about the business. Then, he shares his passion for the companies he buys through marketing initiatives that are sometimes risky. Following this process has built Reynolds’ fortune tremendously over time.
The lesson is to trust your instincts. Reynolds’ investing philosophy is guided by the things he enjoys, as is his marketing style. Remaining true to his tastes has turned Reynolds into a billionaire. It’s an approach to life that could help you build wealth in various ways, too.
Dwayne ‘The Rock’ Johnson: Outwork Other People
The Rock took his wrestling fame and turned himself into one of the most recognizable movie stars in the world. There are several money lessons to learn from his story, but the most important may be the power of hard work.
Johnson is always participating in a diverse array of entertainment projects. From his movies and TV shows to his work with WWE and the United Football League, he stays extremely busy.
Johnson credits his work ethic for success, saying, “Success isn’t always about greatness. It’s about consistency. Consistent hard work leads to success.” The average person doesn’t need to be smarter or more popular than their peers to out-earn them.
Martha Stewart: Become an Authority
Martha Stewart was the first female self-made billionaire in the United States. She did it by building a vast media empire, which she used to sell cookbooks and pursue various home decor and furniture ventures.
Stewart says one reason she has been successful is her willingness to learn. She extensively researches anything she wants to introduce to her audience before ever bringing it up. The effort she puts into research turns Stewart into an authority the viewer trusts. She leverages that trust to sell products.
Stewart’s story shows how valuable it can be to become an authority on a topic in your professional life. The more you learn, the more trusted you’ll become in the workplace, which can lead to promotions and more wealth.
Kim Kardashian: Make Sure You’re Building a Future
Kim Kardashian reportedly has a net worth of around $1.7 billion. She was born into a great financial situation, but her parents still taught her the value of saving from a young age.
Kardashian says, “I love to spend but I also love to work hard and save. I think it’s really important to build a future and just make sure that you don’t overindulge all the time.”
For the average person, this is a good reminder that building a future should always be a financial priority — even as your fortune grows. If you overindulge in luxury, you can’t make progress with 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 in his multi-decade career. He also has his own production company and co-founded Arch Motorcycle.
Despite his wealth, Reeves has lived a pretty down-to-earth lifestyle for most of his career. He lived out of hotel rooms and trailers during his first 18 years in the spotlight and says that health is more important than wealth.
The lesson for the average person is that you shouldn’t stop living within your means once you reach your money goals. Like Reeves, you may find yourself more satisfied in life if you focus on health and overall wellness instead of maximizing your lifestyle.
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