Every day we see articles, videos or publications that show us financial advice from celebrities. But be careful and be selective, try to follow their work ethic and habits instead.
They Tweet it, make a whole speech on IG, or even Tik Tok it to some music and maybe a dance.
Whatever the case may be, they are desperate to tell you all about it.
And not about how you make it either.
Not only do they want to show you how rich they are, but they want to flash it in your face.
Let me show you how much I have, and you don’t.
Let me show you how much money you will never see in your life, but make you think it’s going to happen.
This type of crap happens to millions of people daily, and there is not a single dang good thing that comes out of it.
But if you’re not careful, these rich folks might make life a lot more complicated than you think.
So before you follow the rich with your jaws hanging open, here’s why you should never follow the advice of most of them.
These are the 7 Reasons:
1. They Will Teach You Poor Financial Habits
They see the glory, but they don’t know the story.
That is used by professional athletes and other celebrities that make a lot of money.
With that reckless mentality and want to conform to the crazy world we live in, they go out there and act a fool.
“Look at how much money I have.”
“I’m not doing this to show off but rather to show you how I make my money.”
Yeah, fricken, right.
They do this to show off, and they have you thinking it’s okay to do when it’s not.
As an individual looking to make more money, this type of behavior is what you want to avoid.
I mean, what does laying out a million dollars on a table or carrying it in a gym bag do?
Does it show others how to make money?
Does it show them how to invest?
Of course not.
It teaches you absolutely nothing.
Then it makes you drool and leads me to the next reason why you should never follow financial advice from celebrities and some rich people.
2. They Teach You to Dream
Dreaming is cool and all, but it requires one other thing that most of us aren’t even good at doing.
It’s called work.
Without that other piece of the puzzle, you will be nothing more than a dreamer.
Dreaming of Lamborghinis and mansions.
You are thinking about how you’re going to be financially free and be your boss.
It feels great and all, but to most, that’s about where everything stops.
That’s also the same reason why there’s only 1% of successful people out there.
So keep looking for “motivation” in all these rich people, but remember that a business is not going to start by itself.
3. They Aren’t Financially Educated
It is sad but true, especially with the people we look up to the most.
Those that are usually in some kind of sport that we enjoy.
Not to say that professional athletes aren’t smart because they are a lot smarter than most.
They just aren’t educated financially. So why should we follow financial advice from them?
They usually come from an elite college that requires their GPA to be above average, or they simply can not play.
Now when it comes to managing money, you can bet that they were not prepared to handle the chunk that is about to be in their bank account.
All that’s in their mind is how they’re going to get their mom a new house.
Along with that Lamborghini, they dreamed of since they were a newborn.
That’s inspirational, but when you see the number of bankrupt athletes, it makes you see the bigger picture.
From someone you once admired, to someone who struggles just to eat.
It’s sad, but it does happen a lot more than we think.
They either retire and go broke or figure something out like George and create the George Foreman grill.
Learning how to play a sport and be good at it is the same as making money.
It requires a lot of experience, but above all that same passion.
Some people like playing football and some like making money.
That’s pretty simple to understand, right?
And one more reason not to follow financial advice from celebrities.
4. Selling a Lifestyle
If you even attempted to try and make money on the internet, you will get bombarded with more ads on the kazillion ways to do it.
Every single person running that ad is doing so because of one thing and one thing only.
To make money.
No, they don’t want to help you, and no their “systems” will not work.
In some cases, they are Ponzi schemes disguised with some kind of product that doesn’t work.
These people pay for those ads because they can make more money from you.
“Take this free book,” so I can sell you my overpriced course after that may or may not show you how to make money.
That’s how they work and all because you let your emotions get the best of you.
That’s not the financial advice you should be following.
Forget about the fancy cars and wads of cash.
If you buy their product, you are buying into hopes and dreams that you most likely will have to sell for you to make the kind of money they flaunt.
I’m not saying that you can’t make money with what they have to offer, but please do stay away from anything that promotes the crazy lifestyle.
They don’t work.
5. Most Use You
Thanks to the digital world, more and more millionaires exist.
Forget about opening up a store and paying thousands of dollars on overhead costs.
Open up a digital something and let the low price of a website or free social media outlet make you money.
And yes, that’s probably the best way to make a living.
I do it, and so do many others.
Now the problem is not that.
It’s the fact that every famous person out there uses you as their way to make a living.
You follow them, you click, you buy, and they will make money.
They show you more of the money they make, and you give them more likes to boost their income.
This is how most of the online rich make their money and it is something to which most of us contribute considerably.
Making money online is great, but not when people are using others to make it for them.
Now, if they provide some kind of value, then maybe it’s okay to follow them.
And no, this does not include some motivational speakers as they too need you for them to make money.
6. Most End Up Being Broke
Most famous people end up becoming broke, but this does not include real rich people that had to invest.
You know, Bill Gates and Jeff Bezos type of rich.
Professionals are more of a candidate for this kind of stuff.
They make millions of dollars, and they make their living doing what they love.
The problem lies in what they do after they’re finished doing what they love. When that love that once provided, isn’t paying anymore.
Add that to poor spending habits, and you have the recipe on how to be broke.
Many athletes end up getting a regular job that it almost hurts, just like when Terrel Owens did some modeling to make some money.
From being arrogant on the field to have to wear a wig?
Don’t have any sympathy for them, though, as they are only HUMAN just like you and me.
Only they can have money, and you should hold a regular job?
Heck no.
That’s not how it works.
When times get tough, it makes you do some crazy things, especially when you were once a part of the rich and famous.
As a pro in anything else but making money, it’s probably wise to get some financial advice from the experts regardless of how knowledgeable you think you are about money.
7. They Spend Too Much
The more you make, the more you spend.
That is nowhere far from the truth and the biggest problem any average person has.
Especially if you never had a lot of money and you all of a sudden win the lottery or something.
You are the worst person to handle a lot of money, and you can even ask these lottery winners who went broke.
As a wealthy person who knows how to make money, you will NEVER find them throwing money away.
They are usually very frugal and probably spend less money than you do. This is real financial advice that you should consider.
Heck, you may have seen the world’s cheapest millionaire.
She’s a bit extreme, but it can show you that making millions of dollars does not mean you should buy useless things.
What the Rich and Famous Can Teach You
Instead of listening to what they have to say and their financial advice, it is better to stay away.
If you do happen to follow and listen to what they have to say, maybe you can do the complete opposite.
Sorry, you can’t win 50 fights like Floyd Mayweather, but that’s okay.
Let them flaunt it, but try to see what you can make of all the green you see, as they can teach you some valuable lessons.
Be Humble
The most successful people that should be giving you financial advice are not giving it.
They’re quiet as they are too busy making money.
They don’t have time to show you how rich they are, and they don’t have time to teach you either.
Remember now, these finance professors are doing what they do because one way or another you will make them money.
So when you see someone trying to “teach” you, keep that in mind as they are usually making their money by showing you how to do it.
Now, if they are teaching you how to start a business, then you best pay attention.
Hard Work Always Pays Off
Just because they don’t know how to manage money does not mean they don’t know how to make it.
Most wealthy people have put in their share of work, and it’s something that you can copy.
If you’re not the best athlete out there, so be it.
Find something else that you are interested in and make money doing that instead.
With something like the internet, there are several legit ways to make money online that can have you making more money than your day job.
Put that work into something reachable, and you will see some pretty good results.
Find that one thing, and give it everything you’ve got.
If you’re going to half-ass it, you simply will not make it.
Making a Nice Living is Possible
The main thing you can take away from the rich and famous is the fact that ANYONE can make lots of money.
I don’t care who you are, where you live, or what kind of financial background you have.
There is money to be made.
You might not get famous, but you can make lots of money.
Remember that all these people you look up to are nothing but regular human beings just like everyone else.
So if they can do it, so can you.
Conclusion – Should we take financial advice from celebrities?
I think it’s very dumb to follow any rich person who does nothing but show how much money they have.
They will take up too much space that the memory card on your brain already doesn’t have.
Never follow financial advice from celebrities, try to follow their work ethic and their habits instead.
Get motivated, but please do not spend the rest of the year smiling with excitement and not taking any action.
Find something you are interested in, maybe start a blog about it, or make some videos on YouTube.
Get out of your comfort zone and, most notably, put in the work that is needed for you to succeed.
Follow the rich and the famous that aren’t humble, and you will be chasing that dream for as long as you live.
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Hi John,
Thanks for sharing the post, I couldn’t agree with more these reasons. In the current times especially there are a number of ‘influencers’ telling you what you should and need to be doing.
However most of these people aren’t doing it to help you but to help themselves, like you have talked about in point 2, 4 and 5.
These days I stay away from these so called gurus and people who think they know it all as your right that is better to concentrate on yourself and live your own life.
Lastly just wanted to get your thoughts on something:
What do you think about social media and all of these influencers coming through on these platforms?
Thanks again for sharing this 🙂
Josh
Well I kind of explained how these influencers work and what they’re really doing but you can definitely benefit from SOME. I wouldn’t follow anyone just flashing their money but rather someone who talks about something you are interested in. If you are into starting a blog, follow other bloggers who give tips and whatnot. If you are looking for some financial help, follow those that give it. Pick and choose wisely my man but don’t even focus on them as there is a plethora of information on the web to help you accomplish YOUR goals.