Eminem once admitted he’s ‘not particularly’ fond of spending money — here's what you can learn from the 51-year-old hip hop heavyweight's thrifty tendencies
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Eminem stands out in the realm of rap not only for his lyrical prowess but also for his distinct approach to money.
While most hip hop stars flaunt their wealth with flashy cars and flamboyant jewelry, Eminem (aka Marshall Mathers) once admitted to Anderson Cooper that he is “not particularly” fond of spending money.
With 15 Grammy awards to his name and an estimated fortune of $250 million, Eminem’s ability to live below his means is a powerful life lesson for anyone seeking to build wealth.
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Eminem's not about 'Lose Yourself'
While he talks about losing himself in his music through his lyrics, Eminem certainly isn’t losing himself to consumerism. In fact, he told Cooper that he consulted his money manager about whether or not he could afford to buy an expensive watch even after selling millions of albums.
“I think it was a Rolex,” he said. “They make fun of me for it… but the whole money thing, all that stuff was brand new to me.”
He doesn’t even wear the Rolex in order to avoid scratches and was instead wearing a $100 G-Shock watch during the interview.
This isn’t the first time Eminem has discussed his spending habits. In a 2010 interview with the New York Times, he described how dedicated he was to living below his means: "I save a lot of money by not buying drugs anymore,” he said. “I invest. I always try to be smart. I try to treat all the money I’m making like it’s the last time I’m going to make it."
If you’re trying to find ways to save and invest without millions of dollars in the bank, you can start with your everyday purchases with Acorns.
When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even the most essential spending translates to money saved for the future.
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To be fair, being frugal isn’t the only reason why Eminem is fabulously wealthy.
He leveraged his unique talents to sell music to millions of fans across the world. But their budgets could have some lessons for ordinary, non-celebrities like us.
Read more: 'It's not taxed at all': Warren Buffett shares the 'best investment' you can make when battling rising costs — take advantage today
It’s all about discipline
Spending less than you earn is a matter of discipline. Music artists with millions of dollars and millions of fans probably have some pressure to consume. There’s likely to be some temptation to give in to peer pressure, as Anderson Cooper joked during his interview with Eminem. “You’re giving hip hop a bad name here,” he laughed. “You need to step it up. A few diamonds.”
You don’t need an entourage to feel peer pressure. More than half (51%) of Gen Z Americans and nearly half (43%) say social media has made them feel pressured to buy things they can’t afford, according to Deloitte’s 12th annual 2023 Gen Z and Millennial survey.
You can take the pressure off by investing in safe commodities, like precious metals. By opening a gold IRA with the help of American Hartfold Gold, you can save for retirement by taking advantage of high gold prices while also getting the tax benefits of a traditional IRA.
Meanwhile, Chicago Booth researchers found that people experience a tension between their social image and their self-image when presented with profiles of individuals who had recently bought expensive homes or cars. In other words, seeing other people spend money on big ticket items led to dissatisfaction and pressure to keep up with the Joneses.
Instead of spending to keep up with the Joneses, you can grow your money safely with a certificate of deposit (CD).
With CD Valet – an online CD marketplace – users can shop and compare top certificate of deposit rates from various banks and credit unions nationwide.
Their extensive database shows the most competitive rates without bias, with daily rate updates and earnings calculators which give you an array of free tools to help you find the right CD to meet their savings goals."
Learning to suppress this urge to compare your financial life with your neighbor’s could make it easier for you to stay on track with your budget. A disciplined approach to spending and saving money should help you build a robust future, regardless of what those around you say or do.
To add more discipline to your saving and spending, consider a high-yield checking account with SoFi. You could earn 7x the national checking rate with no account fees or balance minimums.
SoFi offers 0.50% APY on your checking balances. So you can save money on fees and get more from your everyday banking.
To help you save even more money, Moneywise compiled a list of the Best High-Yield Savings Accounts of 2024 so you can have a streamlined look at which high-yield savings account is best to grow your money over time — and help you to manage your money like Eminem.
Manage your money with the pros
Are you unsure of what’s best for your portfolio or how to attain your wealth goals?
Whether you have millions in cash and assets like Marshall Mathers or you’re just starting your wealth-building journey, Domain Money can help you get rid of that uneasy feeling.
Domain Money’s team of expert financial advisors will create a personalized financial plan that gives you a clear path on the exact steps required to reach your goals.
With their transparent one-time fee model that ensures there are no hidden fees or pressure to purchase products, Domain Money is committed to matching you with an in-house financial advisor you can trust.
Moneywise receives compensation when you click on the link in this article and book a consultation with Domain Money.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
