How to Manage Celebrities and Their Money

How to Manage Celebrities and Their Money

A financial advisor kept Smash from losing his shirt on some real estate deals gone bad in the financial crisis.

It's not easy dealing with celebrities. It's even harder when you're the one managing - or trying to manage - their money. GoBankingRates.com talked to a few financial advisors to the stars about how they were able to keep their famous clients from losing their shirts. The advice: Save up, have a plan, always look ahead and stay educated. Parker Beauchamp, the CEO and President of INGUARD, adds that managing the money of athletes has its own challenges, namely dealing with their sudden wealth. To handle that, he writes it's important to emphasize budgeting, vet all investment opportunities and properly insure all investments.

Job Satisfaction

No a**holes here.

Two brokerage firms ranked in the top 10 of Fortune magazine’s list of Best Companies to Work For. Milwaukee, Wis.-based Robert W. Baird was No. 5 on the list, while Edward Jones in St. Louis followed took the sixth spot. The publication points to Baird CEO Paul Purcell’s philosophy of “there are ‘no a**holes here,’” a mantra that has led to success. Perks of working for the brokerage include an onsite medical facility, college tuition reimbursement and paid time off for volunteering. Fortune gives props to Edward Jones for being one of the last remaining partnerships on Wall Street, with 7,944 branch office administrators in the partnership ranks. Another interesting fact: 63 percent of the firm’s employees are women.

In Need of a Bigger Tax Refund

That's not enough to pay off our credit card debt. | Copyright Mark Wilson, Getty Images

Almost seven in 10 Americans say they’re going to use this year’s income tax refund to repay debts, according to a recent online poll of over 1,000 consumers by the National Foundation for Credit Counseling. In 2014, the average tax refund for individual taxpayers was $3,116, according to the IRS. As of Feb. 26, the IRS has paid out $125 billion, a $3,120 refund per person on average. But using that refund to pay off debt, especially credit card debt, may not stretch to cover it all. Last year, the average credit card debt of adult consumers with credit cards was $5,121, according to calculations from CreditCards.com

Advice From The Frugal Mustache

We expected a more epic mustache.

Mr. Money Mustache writes a popular personal finance blog for the younger generation, where he preaches the virtues of living below your means, investing in low-cost index funds and staying out of debt; Vox.com has an interview with the writer, who only gives his first name as Pete. His secret to retiring at 30? “Instead of thinking of income as a temporary stream of cash that keeps you afloat, think of every dollar as a potential permanent lifetime employee that will work for you as long as you keep and invest it.” Economist Tyler Cowen, on his blog Marginal Revolution, suggests retiring at 30 would lead most people to a life of boredom, not happiness, and that productivity, and the economy, would collapse.

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