When you’re earning millions of dollars for just breathing air, it’s oh-so-tempting for Hollywood stars to just throw away their money with not a care in the world. After all, they think they can always earn it back in the next breath—or so many of them mistakenly assume.
Celebrities are just some of the countless people in this world who don’t know how to manage their money well. Yes, there are those admirable ones who live below or within their means and make the conscious decision to be prudent with their fortune.
But there are many who are just downright ridiculous when it comes to spending. And some of their purchases are so ludicrous, it should be a crime, considering the millions of people in the world who live below the poverty line! But many celebs have no qualms about flaunting their wealth. Predictably, some have had to file bankruptcy as a result of their lavish lifestyle.
We should learn from these people and make sure we don’t fall into the same spending pattern as them. Because aside from the number of people who can’t even put food on the table, we have to realize that surprise, surprise, money doesn’t grow on trees.
Brad Pitt and Angelina Jolie
Yes, their total net worth is over $200 million and they give loads of their time and money to charity. But Brad Pitt and Angelina Jolie’s regular expenses are still bordering on crazy. It was reported that they spend close to $10 million a year on their six children. They’re a very busy couple so they’re heavily dependent on nannies, which costs around $900,000 a year to maintain. And since they choose to keep their kids out of the limelight and take them around with them on location shoots, they spend $1 million on private tutors. Other expenses include $5 million for private jets, $96,000 on clothes, $36,000 on groceries, and $7,000 on birthday parties. What privileged kids!
She’s in her mid-forties and looks as hot as she did (or even hotter now!) in her Friends days. Of course, when you’re a celebrity with millions of dollars to blow off, this is achievable. Aniston reportedly spends as much as $10,000 a month to look the way she does. She has weekly private yoga lessons with a highly-paid yogini, each session costing around $900. She gets laser peels which can cost an average of $1,000 and facials for at least $600. And as the cherry on top of her age-defying regimens, Aniston uses lots of rejuvenating creams which can cost a total of $800 a month!
J. Lo’s diva ways are certainly not limited to her career and businesses. They extend way into her personal life as well. When her twins were born, she reportedly hired a masseuse to be on-call 24/7 in case she had the sudden urge to soothe her tense muscles. Aside from the exorbitantly expensive toys she buys her kids (diamond-engraved rattles and Shetland ponies, no less), Lopez also pays as much as $600,000 to a team of body guards to watch over her kids day and night. Now that’s overprotectiveness taken to a new level!
He’s as well known for his signature shaggy, yet styled tresses as he is his recent bad boy ways. And with all the wealth he’s amassed, it’s no surprise that Justin Bieber is quite extravagant in his personal tastes. At one point, he reportedly used to pay his hairdresser $750 to maintain his famous haircut! As if that expense wasn’t enough, he also managed to sweep then-girlfriend Selena Gomez off her feet by renting the Staples Center in Los Angeles, where they had a romantic dinner and watched Titanic, all by their lonesome. The date was said to have cost more than $400,000.
If you’re worth $250 million, it’s pretty hard not to splurge. Tom Cruise reportedly spends loads to maintain his homes, ensure protection via a band of security personnel for himself and his kids, and to keep a private jet. In 2007, he jetted around so much that his fuel consumption for his private plane skyrocketed to $1 million.
Beyonce and Jay-Z
They’re one of the most powerful and wealthiest celebrity couples in the world, so it’s no surprise that Jay-Z and Beyonce’s spending habits are proportional to their net worth. In an awards show in 2007, Beyonce wore a pair of gold-sequined leggings from Balenciaga and it retailed at $100,000. Not to be outdone, Jay-Z loves to celebrate and entertain by serving his guests bottles of Armand de Brignac, a luxury champagne that costs $250 per bottle!
How can 55-year-old Madonna look the way she does? Apparently, it’s possible without having to go under the knife. The pop icon regards water as the fountain of youth. She reportedly spends $10,000 a month on specially anointed Kabbalah water not just for her, but for her family as well. Drinking lots of water is one of her fitness secrets and she believes that the blessed water is what keeps her feeling and looking young and energized.
Posh Spice really lives the high life as a designer, socialite, and wife of David Beckham. Her indulgences are said to be bags and personal hygiene. She’s rumored to own at least thirty Hermes bags, most of which cost a whopping $5,000—that’s $150,000 on Hermes bags alone, not including other brands she surely owns! Beckham also spends as much as $44,000 on teeth whitening treatments. Guess she’s obsessed with flashing a posh smile!
Retired NBA superstar Shaq O’Neal’s spending habits came under scrutiny when he and his ex-wife were in the midst of divorce proceedings. He was forced to present a list of his expenses and this is what the divorce courts drew up: his monthly expenses were a little less than $1 million! The list itemized, among others, $110,000 on vacations, $60,000 on gifts, $46,000 on child care, and mortgages on three houses worth a collective amount of $460,000. It’s a good thing he’s doing other things to earn in his post-basketball career!
The celebrity who tops the list as the most exorbitant spender is none other than Nicolas Cage. Until he ran into financial troubles, he made astounding, completely frivolous purchases until he had the following number of assets under his belt: a private jet, two yachts, 50 sports cars, 15 mansions, three castles, and two islands in the Bahamas. And to top it off? He bought a dinosaur skull at an auction, where he bid for and won the 65-million-year old piece for a whopping $276,000.