Money Mistakes of the Rich and Famous

Motley Fool Answers

The Motley Fool

Taxes, Saving, Money, Investing, Planning, Retirement, Personalfinance, Finance, Education, Business

4.4 • 823 Ratings

🗓️ 11 August 2015

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

We highlight a multitude of celebrity money sins so that us little people can learn from their mistakes. Death, taxes, and all that other fun stuff.

Transcript

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0:00.0	This is Motley Fool Answers.
0:04.8	I'm Alison Southwick and I'm joined by Dejana Yoakam and Robert Brokamp, personal finance experts
0:10.2	here at The Motley Fool.
0:12.9	Today's episode is brought to you by the letter S, which stands for smug satisfaction
0:18.9	and schadenfreude.
0:22.5	Good German there.
0:23.0	Yeah.
0:27.8	Celebrities. They're just like us, except even worse with their money.
0:31.5	And today we're going to talk about some of the biggest money mistakes made by famous people and offer up our best advice for avoiding their same fate.
0:36.8	It should be a fun show.
0:38.3	I think so.
0:39.2	Yeah, it should be.
0:40.3	And of course, the thing we find shocking about all this is how much money they made.
0:46.7	And destroy.
0:47.8	And destroy.
0:48.5	Right, right.
0:49.1	So the bottom line here is, right.
0:51.4	And I once interviewed Thomas Stanley, the co-author of The Millionaire Next Door,
0:56.6	and he said, only, income only explains about 30% of your wealth. 70% is all based on your habits.
1:04.0	And they demonstrate this, these celebrities.
1:05.9	Very bad habits. All right, so, Deanna, you're going to bring us our first story.
1:13.2	And it's about... Kareem Abdul-Jabbar.
	...

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