Are you familiar with the lifestyles of the wealthy and famous? To be honest, we wish we had a fraction of what some of these celebrities earn so that we could live in a luxury apartment with a chauffeur. (Or perhaps we should just pay off our education debt.) However, celebrities do not just rely on their occupations to generate money. It’s all about diversifying your portfolio in today’s market, which means the things you recognise them for aren’t the things that make them wealthy. That’s exactly what it is.
Endorsements
Sofia Vergara has been crowned the best-paid actress for three years in a row, earning unfathomable sums ($37 million in 2014 alone), yet while Modern Family and other acting assignments contribute to her income, they’re far from the majority. Instead, she gets a lot of money through endorsement deals with Diet Pepsi, CoverGirl, Head & Shoulders, AT&T, and even a medicine called Synthroid.
Perfumes and Beauty
Most big-name celebrities realise that releasing their own perfume is an easy way to make some significant cash. Britney Spears, Mariah Carey, and Taylor Swift are just a few examples. Don’t forget to bow down to Jennifer Lopez, the queen of the celebrity scent category, who has 18 fragrances.
Apps and Social Media
Do you want to know how much money Kim Kardashian’s app has brought in to date? The sum is $200 million. Selena Gomez, Will Smith, Jay Z, Justin Bieber, Edward Norton, Ashton Kutcher, and a plethora of other celebrities are all investors in applications and digital businesses, making us question whether Silicon Valley is really simply Hollywood and we’ve all been deceived.
Restaurants
Celebrities understand the need to grow their wealth through different means, they put their name and money behind a restaurant in order to generate more revenue. Like for instance famous celebrity, Justin Timberlake’s New York diner Southern Hospitality to Eva Longoria’s Hollywood cafe Beso.
Royalties
Aerosmith’s video game Guitar Hero: Aerosmith has made more money than any of their albums, gigs, or even their own merchandising. From Spotify to that Subaru commercial, musicians are making a lot of money while their licence takes care of everything.
Now you know, how do celebrities get paid and expand their income.