Contrary to what many people have been led to believe, celebrities and other famous people can also be financial dwarfs.
It’s not a secret that celebrities have a huge influence on our lives. How we dress, talk, eat, drink, spend and even invest is majorly influenced by these people.
Tabloids and social media platforms are awash with celebs flaunting their flashy spending on everything from designer clothes to lavish vacations and fast cars.
However, not all the rich and famous are making it rain like there’s no drought tomorrow. Some A-list celebs are known for being frugal and working wisely with their income, saving where they can, and investing carefully.
Celebrities may seem completely different from “normal” people, but they fall into the same traps that everyone else does. By learning from their high-profile mistakes, you can keep yourself from making similar mistakes in your own financial life.
Below are 6 ways celebs are misleading you financially.
1. Always look flashy no matter the cost
Celebrities have forced this Instagram culture on us that we should always be flashy and flamboyant.
So many have been led to believe that looks matter more than any other investment, something that has left youths in deep debt.
It’s true; looks do matter.
However, you need to be smart, rather than flamboyant. Spending hundreds of thousands on clothes yet you can’t even meet your basic needs like rent should be considered a crime.
2. “Ball” when they receive lump sums of money
It has now become a culture thanks to these people that once you get a lump sum of money, you need to blow it all off. What we typically call “balling.”
Celebs have managed to convince the masses that rich people spend money without care which is actually the opposite of it all.
3. Getting rich is an overnight process
Famous successful investors have been used over and over again to convince us that getting rich is realistically a slow process that involves a lot of hard work and dedication.
Many have however preached ignorantly about overnight riches, misleading the youth into believing that they don’t need years but just a few days to become rich.
4. Get A Sponsor
The culture of getting a sugar daddy or mummy has been there for ages. But now more than ever, it has been made popular and adored thanks to some of these celebs.
Many celebrities have confessed openly that they went for a richer partner to acquire their riches. It has worked for some but for many others, it has turned into a living nightmare.
YOLO is an acronym for “you only live once.”
The #YOLO attitude is a lifestyle choice that young people often buy into, and is epitomised by the Instagram culture which mostly involves celebs.
You heard them sing about how you shouldn’t bother investing that small amount of money you have because it can’t help you.
They misled many to go for instant gratification and avoid delayed wins which are always bigger.
There’s an emphasis on taking on debt to fund your lifestyle, which leads to sometimes unnecessary student loans, and high-interest consumer debt.
6. That you can still have your cake and it too
Socialites and a majority of our celebrities have lied to us that you can lack discipline, be reckless, careless, ignore your health and still win in life.
That’s not how the world works. For every win, there must have been a sacrifice. Majority of young people have become convinced that you can have it all without breaking a sweat. By just sitting and meditating, visualizing or manifesting, they’ve been told they can get it all.
“You can’t eat your cake and have it, too.”