“I am real cheap. I don’t like to spend.
“If you drink water in the dressing room and don’t finish it, your name will be on it if you come back on the show. That’s how cheap I am.” -Tyra Banks (courtesy of PR Inside)
While we’re not advocates of extravagant spending, we’re equally not condoning excessive frugality to the point that it sends you backwards in your wealth journey. In American society, it is not a social norm. New money individuals tend to display erratic spending behaviors while old money find every possible way to save on money. Middle and lower classes are likely to be overspending. So, what becomes the verdict when a woman with an estimated $100,000,000 net worth is titled the “Queen of Cheap”?
You can check the video detailing Tyra Bank’s frugality HERE. [Note: This video is not hosted by us.]
In our eyes, Tyra doesn’t seem so consumed with frugality that it holds back her earning potential. Her career continues to thrive. Her businesses continue to expand. Better yet, it seems smart to us that she veers from buying things that are readily available to her for free. There’s nothing bad at all about the fact that she doesn’t spend money on diamonds that depreciate in value and are controlled by a cartel. It’s a personal call if she wants to use old chicken or drinks, but it’s no hindrance in terms of the wealth journey.
The real indication of her frugality would be to evaluate other areas of her spending. If she accrues $1000 in savings of grocery and restaurant items but spends the savings on a designer bag, then the savings are moot. Sometimes, frugal people can be extremely cost conscious in one area and be totally oblivious in other areas. We’re curious whether all of her fashion items are given to her pro bono. Then we’re curious if she has a stringent budget for spending in all areas. That’s what we’d need in order to fully diagnose whether she’s too frugal or not really frugal at all.
From the information that we have, Tyra Banks isn’t too frugal. We’ve seen much more extreme examples, especially from immigrant families. In the eyes of Americans, Tyra displays frugality, but it’s simply smart living if you ask us. We look forward to Tyra’s wealth growing over the years due to her smart spending!
*Image courtesy of Gossip Guy.
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