US News quotes the following about an interview with rapper Eminem:
"After his second album he was in the jewellery store. He really liked a watch, but was worried that he'd not be able to afford it, so called his manager, Paul Rosenberg, to check he had enough cash. The watch turned out to be $15,000. At the time, Em was one of the hottest artists on the planet. He was worth millions. So Paul told him not to be silly, and just buy the watch.
"But Em was like, 'I don't want to run out of money, I want my daughter to be able to go to college.' That's really tells the kind of guy he is. I think fame surprised him. I don't think he really had realised who he was what kind of money he had, and what he'd achieved, until suddenly he woke up one day as the biggest star in the world. Whoever you are, that's going to make you a bit nuts."
Kudos to him! He's doing a LOT better than these famous people (many of whom are rappers). Yeah, he might not be "frugal" (after all $15k for a watch is a bit over the top), but at least he's able to spend less than he earns -- which is more than I can say for many celebrities.
As much as I don't care for what he raps about, I honestly think he's a good person at heart with a good head on his shoulders.
Posted by: Wise Money Matters | February 20, 2009 at 08:54 PM
I think he should have better control over his money. that is how many of them get ripped off by their managers. he should know where every dime is that he has.
Posted by: jimbo | February 21, 2009 at 10:20 AM
But it also tells you what kind of a parent he is. He thought about his daughter's future before his own 'wants'. Regardless of his income, many guys buy bikes and boats and jepoardize their income quicker than this guy will.
Posted by: Money Mom | February 21, 2009 at 02:43 PM
This is going to make me seem like a bad person, but while I DO like his music, and I DO like him as a person, I don't think he's technically frugal. To me, to truly qualify for frugal status would require that he understands his finances and yet consciously decide what he can or can not afford with his money.
The fact that he does not know whether he should buy a watch or not... really means he's financially-challenged. Granted, I'm very GLAD that he's thinking about his daughter's future, and that him more of a man than a lot of other so-called fathers out there.
But geez, see, now I feel like a jerk for even saying that. So, if you would prefer to just dismiss this particular comment, I won't blame you at all.
Posted by: E. Krabs | February 22, 2009 at 12:19 AM
Like a few others, I don't listen to his music, or even the genre. The fact that I don't hear about him much in the news is a good thing.
One thing I've found is that many times big time celebrities aren't really who the media, or their own line of work, make them out to be. There are many performers who sing about topics that I don't really approve of, or use language that I find offensive. However, when the camera is brought into their personal lives, there is no reflection of their professional lives to be seen.
I also agree with Money Mom that I wouldn't necessarily call Eminemm "frugal". However, there are some people that flat can't manage their money, and it's in their best interest for someone else to do it. I'm a big proponent of being able to look after your own funds and hold yourself accountable, but if it takes someone else to manage the numbers, so be it.
Posted by: Grant | February 22, 2009 at 11:24 AM
I like Russell Simmons as an example: used his talent/income to create jobs, do philanthropy, and to improve the social conditions of his music -- without the legal/drug troubles I see with other performers.
Posted by: anna | February 22, 2009 at 06:46 PM