The Material Girl work extremely hard for her fortune of multi-millions. Follow her tips and you could be a lucky star too.Madonna's 6 $$$ Tips:
1. Diversify, Diversify
Last year, the pop icon earned S$430 million from her world tour concert. But she isn't confined to just music. She put her name to a clothing line for high-street retailer H & M, written a series of children books, appear in Ad campaignss and most recently she was reportly paid S$10 million for a Louis Vuitton campaign.
How: You may not be the face of Louis Vuitton but you can still diversify like Madonna. You need to be an investor and own a quality portfolio that is spread across assets and countries.
This will give you potential for more consistent returns over the long term and a better chances to acheive your financial objectives.
Do your own research about the companies you invest in, even if they are big and well known companies, and be wary of offers of returns that look too good to be true.
2. Check your own Balance Sheet
The material girl has a reputation for checking all the details of her concerts herself. It doesn't matter if it's a dollar or $10,000, she wants to know about it.
How: You should be involve in your own finances or at least have an understanding of what is going on.
Don't just leave it with your husband or to the professionals. Your hubby may not be more ' money smart' than you, while a professional may be charging you a fee but not taking enough care of your finance.
Well, check your bank or credit card statement every month. Make sure there is no fraud or errors.
3. Be a cautious Investor
She avoid the stock market and prefer to put her investments in old-fashion bricks, owning serveral homes in the US and England.
How: Stock market is not free from risk but it may also give you consistent return over the long term. Similarly, home ownership should be based on your situation and goals, not the potential of a rising market. While buying a house compels you to save, you may not want to be a slave to your mortgage. If you take the plunge, you need to have a good financial framework that takes into account all your financial needs so you're not surviving from just your salary to pay off the house.
4. Don't be afraid to negotiate
After she found out that one of her photographer had pocket $7million from syndicating photos he had taken of her, she insisted on retaining the rights to all future photo shoots, a pioneering move that has since been copied by many stars.
How: Learn how to negotiate. Negotiation requires patience and sensitivity and take time and effort. You should also understand the need of the seller. For example: You may not be able to get discount when buying small items, but you can get a freebie instead.
It is a good idea to have a list of reasons on why something is worth a certain price...
5. Invest in your career
The Queen of Pop always spend on what will help her career. She started her career in modern dance but quickly adapted to disco dancing when she realised that was where the money was.
How: Upgrade your skills could make a difference between keeping your job and being let go.
6. Know When to Splurge and When to SAVE
She owns no boat, private jets or other rockstar toys, preferring to rent rather than buy.
How: Put your money in assets that will appreciate is more rewarding.
