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Ciara Spends Eleven Grand on Shoes Monthly

by Minority Fortune

We possibly have another celebrity with hardly-wealthy behavior on board. This time it’s R&B singer Ciara. She recently mentioned in Pride Magazine that she spends an exorbitant amount monthly on shoes to the tune of $11,000. That equates to about $132,000 annually on shoes that

A) decrease in value over time (liabilities)
B) go out of style after a season or two

She was quoted in the magazine saying the following:

“I just love shoes and go for what’s hot. I like everything from Louboutin and Dr Martens to Versace and Fendi…A person should always be able to afford to buy extravagant shoes,” she says. “It depends on the items, but, on an average shopping trip I probably spend a minimum of $1,200. It’s not that bad! On average, I will spend about $11,000 a month [on shoes].”

We can only take a stab at Ciara’s net worth. Celebrity Net Worth reports that it’s about $16 million dollars. However, once we take into account the typical fees deducted for lawyers, accountants, PR people, stylists, mortgages, bills, cars, clothing, etc., we’d be willing to bet that these eat deeply into her net worth.

Priority Check

If shoes are Ciara’s guilty pleasure, then we have no problem with that if…

ciara-2010-bet-awards1) She has been prioritizing her income, putting money towards things that she needs first (basic essentials).
2) She has diligently been investing a portion of her income towards investments and retirement accounts.
3) She has extended her passive income beyond the fickle music and fashion industry, investing in assets that bring her money: real estate, side businesses, stocks, mutual funds, etc.
4) She only uses the remaining money left towards her leisure spending.

If all of these things are in order, then there is no problem. On the other hand, if these credit card purchases are being paid for with credit, taking up a significant portion in her annual income, or thought of as wealth assets, then there is a big problem. Therefore, this post is not to bash Ciara but simply point to issues that we hope have already been considered.

Lesson to Learn

Just because a musician may earn over a million dollars a year (which rarely happens with these iron-clad contracts they naively sign), it doesn’t give them a pass to spend it rampantly because they will need this money to take care of them for life. Furthermore, we should look beyond our own lives and figure out how to make our wealth work for our families and future generations. They are not obligated to impress their friends with their earnings. They do not have to buy fancy cars just to keep up an image. They do not have to limit themselves to designer labels. They should also use their branding to get all the freebies and discounts as much as possible. Celebrities score designer freebies all the time because it counts as a marketing expense for these designer brands. Therefore, we’re hoping Ciara also uses this to her advantage. It’s not being cheap and ridiculous, it’s being savvy with money.

In the end, we know too little about Ciara’s finances to pass judgement. We sincerely hope all is well on the financial front. However, we aren’t pleased with the message insinuated that priorities with her money lie with materialistic things. It could be the fault of the magazine as well. However, let’s pull away from the boasting about our liability purchases and start bragging about our asset purchases. It applies to celebrities and regular individuals as well.

*Images courtesy of Love B Scott.
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