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    Here are some financial lessons to learn from celebrities

    Here are some financial lessons to learn from celebrities

    Here are some financial lessons to learn from celebrities
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    By Rishabh Parakh   IST (Updated)

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    A lot of us keep hearing about the lives of celebrities, and the amount of wealth they create. At the same time, there are many celebrities who have lost their wealth as well, and some who have gained it back after losing it. There are lessons to learn from all those stories.

    A lot of us keep hearing about the lives of celebrities, and the amount of wealth they create. At the same time, there are many celebrities who have lost their wealth as well, and some who have gained it back after losing it. There are lessons to learn from all those stories. Here, I am going to share three interesting stories to learn from.
    Boris Becker (Rise and Fall)
    Boris Becker was a top tennis player with a reported net worth of $167 million at one point in time. However, by 2017, he had declared bankruptcy, being forced to auction his trophies and souvenirs to get money.
    Amitabh Bachchan (Rise, Fall, and Rise)
    Amitabh Bachchan is one of the richest Bollywood celebrities. However, do you know that there was a time when, at the age of 57, his company ran out of money? There were no savings, and there were loans which he could not repay. One of the biggest superstars of Indian cinema had become virtually bankrupt. However, eventually, he reinvented himself as an actor and earned back all that money and even more. As of 2019, his net worth is estimated to be $400 million.
    Shah Rukh Khan (Rise and Rise)
    Shah Rukh Khan has an estimated net worth of $600 million. This number makes him one of the richest actors in the world. He has multiple ventures, right from his own production company to ownership of an IPL team, which removes his dependence on income from films.
    Lessons to learn 
    1. Spending beyond your means can only lead to financial trouble, irrespective of the amount you earn.
    2. Delaying repayment of loans is not advisable. The interest keeps building up.
    3. Never dip into your retirement savings.
    4. Avoid setting up a business and spending money on it without research or a proper plan.
    5. Diversify your investments and portfolio to mitigate any risks through market volatility or changes in industry conditions.
    6. Rishabh Parakh is a personal finance strategist and Chief Gardener of Money Plant Consultancy, an established firm providing tax and wealth management services across Maharashtra, Singapore and the UK.
      Read his columns here.
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