Taylor Swift is one of the most famous and powerful women in the world right now. Her record-breaking Midnights album and accompanying Eras Tour have helped propel her to billionaire status. Taylor is not only a wildly successful pop star, but also an extremely savvy business woman.
There are many financial lessons we can learn from observing her business acumen and wealth management skills. Here are five money tips I’ve gleaned from being a Swiftie and watching Taylor’s career unfold.
5 Personal Finance Tips Inspired by Taylor Swift
Embrace Side Hustles
Taylor’s main focus has always been her music, but that doesn’t mean she hasn’t had some side hustles over the years. She’s acted in a few different movies including Valentine’s Day and Amsterdam. She’s also appeared in commercials for big brands like Target and AT&T, which has helped her bring in extra income. Plus, she’s dabbled in directing and may even be working on a feature-length film.
Taylor is always working on something new, whether that’s a concert film or a new merch collection. We can all learn from her work ethic and dedication to both her music career and her side hustles. Her remarkable ability to juggle multiple projects simultaneously has helped her establish lucrative revenue streams and become a billionaire.
Although we’re all tired at the end of the workday, embracing side hustles can help us build our wealth. You don’t have to be famous like Taylor to easily earn extra money on the side. If you have a skill like writing or graphic design, you can become a freelancer and grow your income from your couch. Or check out this list of side hustle ideas for 2024.
Invest Wisely
Taylor is also a shining example of how to invest money wisely. She has an extensive real estate portfolio that’s reportedly worth over $80 million. It consists of eight different properties in locales like Nashville and New York City.
In addition to real estate, Swift is said to invest her wealth in mutual funds. Her father used to work for Merrill Lynch, and it’s clear she’s inherited his financial savviness. A mutual fund is a collection of different securities such as stocks and bonds. Since mutual funds are diversified, investing in them can be a good way to spread out your risk. I admire Taylor for choosing safer investments to protect her wealth and use similar investment strategies to manage my own money.
Always Advocate For Yourself
Another thing I admire about Taylor is how she’s always advocated for herself. For example, in 2014 she removed her music from Spotify in protest of the low royalty payouts for artists. She’s also managed to reclaim ownership of her masters by rerecording her music. When she wants something, she figures out how to make it happen despite any obstacles or roadblocks in her way.
We can all learn from Taylor’s tenacity and self-advocacy. For instance, if you’re feeling underpaid and unappreciated at work, it may be time to “speak now” and ask for that raise. And if your boss won’t give you a pay bump, consider looking for a new employer who will value all the skills you bring to the table. Being proactive and chasing after your goals like Taylor does will help set you up for career and financial success.
It’s Important to Give Back
Taylor is known for her generosity and large donations. She’s given back in numerous ways over the years, even sending money to fans who were struggling financially during the pandemic. Taylor recently donated to food banks all along the Eras Tour route and distributed a total of $55 million in bonuses to her crew and dancers.
She takes care of her fans, crew, and everyone around her out of the goodness of her heart, and she’s been this way since the beginning. In the past, she’s sent Christmas gifts to fans and invited Swifties to her home to meet her and listen to new music.
I believe her generosity has been a massive contributor to her success. Because she’s given her time and money to Swifties so freely, she’s been able to build a fiercely loyal fan base. I firmly believe that what goes around comes around. If you treat everyone with respect and give back to your community, others will likely return the favor in your time of need.
Do Your Due Diligence
Finally, the last financial lesson I’ve learned from Taylor Swift is to always do my due diligence. Reportedly Taylor was offered a partnership with FTX and is believed to have turned them down. The crypto exchange later went bankrupt, and several celebrities who endorsed them are allegedly being sued by investors who lost money and felt misled.
This situation has reminded me to do thorough research before making an investment or pursuing a business opportunity. Jumping in too quickly could cause you to miss red flags, so take some time to think things over like Taylor.
Who is your favorite celebrity? What financial lessons have you learned from watching them? Let me know in the comments!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.