We hear a lot about how celebrities can earn millions from their work in movies, top-flight sports and in the media. Over time celebrities can get richer with companies paying fees for their endorsement of different products from footwear to investment funds. Celebrities can afford to live in big houses and wear clothes from top designers, but it is not always clear how celebrities can afford their lifestyles on sometimes fleeting income streams, particularly when their monthly bills can be more than the average person earns in a year.
It is worth noting that celebrities often do not have as much money as we think since most have around 45 per cent of earnings deducted by the taxman. Many celebrities also have an obligation to pay a mortgage for their own home and those of other family members. Britney Spears, who at 38 years of age has stated she will not work again, is said to have about USD57.4 million in non-cash assets, as well as USD2.7 million in cash assets according to a court filing dated 31 December 2019, money not just earned from royalties, but also from her Las Vegas residency and endorsements.
Entertainment, Gifts, and Vacation
Money is easily spent on entertainment, gifts and vacations. Beyonce reportedly spends USD500,000 per month on rent for her vacation home. Matt Damon and his close friend Ben Affleck are equally passionate about playing casino tables and having been trained by the legendary player Johnny Chan, Damon is often seen at casinos winning against the house both at brick-and-mortar sites and online at top casino sites listed on bestcasino.org. Celebrities usually hang out with other rich or famous people and may be persuaded by peer pressure to spend more than is sensible, but Damon and Affleck appear to have fun at each casino trip.
Celebrities like to look after their health and wellbeing, with the cost of psychological support to deal with the pressures of celebrity very expensive. Beautiful celebrities can earn small fortunes through sponsorships and endorsements and most celebrities will pay for a personal trainer, with Beyonce paying up an estimated USD7,000 each month to be put through her paces. Kim Kardashian and Kanye West reportedly spent USD1.3 million on six limited edition Savoir Royal State Beds for a good night’s sleep.
Fashionable clothes, bags, and shoes are expensive. A basic Louis Vuitton handbag retails at USD2,000 and of course, most celebrities feel the need to have a much bigger wardrobe than the rest of us mere mortals. It is estimated that since her marriage to Kanye West, Kim Kardashian spends in the region of USD100,000 per month on clothes, whilst the Duchess of Cambridge Kate Middleton has a clothing budget of around USD54,000. Most celebrities claim that clothing costs are all part of their work.
Groceries and household supplies
If you are wanting to buy only the finest organic produce in order to eat healthily and look good, it’s going to be expensive. Household costs can also include wages for a maid and for security guards. The divorce papers of Johnny Depp from Amber Heard in 2016 revealed he spent USD2 million a month, with USD30,000 being spent on wine, USD150,000 for the security of his children, and USD300,000 to pay the wages bill for his staff. Heard agreed a settlement of USD7 million in the divorce, which would have seen her richer than before, but she donated the money to the American Civil Liberties Union and the Children’s Hospital of Los Angeles instead.