What do Ozzy Osbourne, Eric Clapton, Don Henley, Dave Grohl, Elton John, Bono, and Jon Bon Jovi have in common? To be certain they are all at the top of their music game, but they are all also good with their money. Rock stars, movie stars, television stars, and other celebrities have higher salaries than most of us but that does not always mean they are able to hang on to their money. In fact, there are plenty of stars that make it all and then lose it all but there is also a good amount of celebrities that have been smart with their money and found ways to save. Even if you do not make a superstar’s salary, you can take some cues from their behavior and sock away some money for a rainy day.
Some good ideas and tips on how to save money like a rock star include:
- Invest in real estate: buying rental properties is a good idea because you can rent out the property for more than the mortgage payment and still turn a profit. And, when the market is right, you can sell real estate for more than it cost you.
- Look at investment options with proven track records: if you have a nest egg earmarked for investment, do your homework before throwing it all at something. Investments are always a risk, but if you do your research and diversify where your money goes, you can grow your initial investment to a healthy amount.
- Curtail spending and live within your means: not all superstars spend all the money they make; the money-wise ones try to maintain a normal life and practice thrifty spending.
If you are able to put aside a certain amount from your paycheck every pay period you can accumulate a savings pretty quickly. Once you have a decent amount of funds saved back, you can decide which type of investment or money management plan to make. Even if you do not invest your savings, putting some back every pay period will help you establish an emergency fund and allow you to avoid using credit as unexpected expenses arise.
For help getting out of debt, contact us today at www.law-ri.com. We will help you get prepared for what comes after we file your case, and have multiple locations where we schedule appointments.