El Segundo, CA (PRWEB) November 04, 2012
Taylor Swift is known for a lot of things in the entertainment industry, like being a multi-platinum selling artist who has been nominated for a multitude of awards, including Best New Artist at the 50th Grammy Awards. Even though Swift wasn't a winner at the CMA Awards this year, Go Banking Rates' expert contributor explains how this young millionaire is a winner when it comes to making smart decisions with her money.
In an industry where many top-earners end up bankrupt, including Billy Joel, TLC, Toni Braxton and Willie Nelson, Taylor Swift has yet to suffer this same fate. According to May 2012 figures, she earned $57 million last year alone. In fact, it's estimated the 22-year-old's net worth is about $165 million as the third highest-paid woman in Hollywood after Oprah and Britney Spears.
In order to help readers replicate Swift's success in their personal financial lives, Go Banking Rates identifies the five biggest strategies she has implemented to reach her current level of wealth.
Taylor Swift's 5 Smartest Money Moves
1. Find a Good Money Manager
A large part of Taylor's financial success can be attributed to her finding a great money manager before her career even took off. Taylor Swift's dad is also a Merrill Lynch adviser in Nashville who has worked at the company for over 30 years.
2. Think Strategically about Money
Taylor made headlines when she shared her decision to sell her new album "Red" in some unconventional places, including Papa John's and Walgreens.
3. Don't Be Afraid to Buy Used Items
Taylor Swift has no problem buying used items, and according to her official website, goes "into a trance when I'm in an antique store."
4. Think about the Financial Future
In a recent Nightline interview, Swift admitted that she's a bit of a worrywart when it comes to her finances. "I worry about everything," she acknowledged." Where am I going to live? What about this and that and that?"
While it's not advisable consumers worry about all aspects of their lives, it's smart to think about the future now, so there is less anxiety about money down the line.
5. Start a College Fund
Recently, Swift said she was already saving for her children's college tuition, even before having her first child. She has begun setting aside money in a savings account so that her future kids will have enough money to pay for their higher education costs.
By employing these tips, Go Banking Rates readers can set themselves up for greater financial success and move closer to reaching their goals.
About Go Banking Rates
Go Banking Rates (GoBankingRates.com) a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information. Go Banking Rates also regularly publishes expert advice from personal finance professionals.
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