Kanye West’s big spending ways are well known. While his lifestyle is a glamorous one, the debt he’s accumulated in living it is not a good thing in the long run. Celebrities who like to live the good life are not uncommon, of course, but in doing so they should consider the following advice so that they don’t let their lavish lifestyles ruin their finances.
Avoid debt if possible
Using a credit card or two to buy an item or two is by no means a sin. However, if you do use credit cards look for ones with low interest rates, and make sure you pay back as much principal and interest each month as possible to keep the interest fees from eating up your budget.
Stay within your budget
Whether you’re a celebrity or an ordinary Joe, sticking to your budget is essential if you want to avoid taking on excessive debt or jeopardizing your financial future. Take the time to plan a family budget that everyone involved in spending the family’s income understands and supports.
Choose an experienced financial advisor
“Managing your assets, especially for a celebrity, can be a complicated task”, says Celebrity Financial Advisor Samuel Rad. If you’re too busy to oversee them yourself, bring in an experienced financial advisor to help with the process. Your financial advisor can also help you draw up a plan that takes into account your long term financial goals and objectives.
Focus on goal-oriented investing
Make sure that your investments are designed to work for you, rather than simply being made in a piecemeal fashion. Your financial advisor should be able to help you set up a plan that results in investments that are structured to meet your goals, whether that is current income, long term growth or whatever is most appropriate for your particular circumstances.
If you have any questions about designing an investment or financial plan that takes into account the issues addressed above, please do not hesitate to contact me. I specialize in assisting investors deal with complex financial issues in a way that helps them meet their financial objectives.
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Samuel Rad is an award winning fee-based Financial Planner with Affluencer Financial Advisors in Los Angeles, California. Mr. Rad has multiple licenses in the investments, real estate and insurance fields. He has spent a considerable amount of his career lecturing at universities and companies, on financial topics such as financial planning, retirement planning, and estate planning.
He currently lectures at UCLA and West Los Angeles College.