See if this makes you feel better about sticking to a budget.
Even celebrities get told to stop spending money, says celebrity accountant Kristin Lee, who manages the finances of top entertainers, athletes and musicians.
Here’s some of her insider tips for helping her rich and creative clients stay on top of their financial game:
Forget trying to keep up with the Kardashians. Even celebrities are under huge pressure to emulate other celebrities’ lifestyles. That’s hard to do, says Kristin, when social media stars are getting boxes of designer duds for free and get paid thousands for personal appearances. Live your own life and forget what others are doing.
Want something really expensive? Put it in writing. It may not stop you from spending, but it will slow you down and force you to explain why it’s so important to you.
Take ownership. It’s your money, and up to you to decide how to spend it. But sort out what your real priorities are, and realize that extra spending in one area may mean cutting back elsewhere.
It doesn’t last forever. Sometimes the money you earn has to last a long time. That’s true for musicians, athletes and everyday people preparing for retirement. Think of it like a marathon and not a sprint; the trick is making your resources last for the long haul.
The Takeaway: Read more of Kristen’s down-to-earth observations of what it’s like to work for the rich and famous, and why entertainers who can’t always remember their Social Security number still need to make good decisions about how to spend their millions.