Items in italics are direct quotes from the articles below
You might think celebrities never worry about money or don’t think twice when shelling out for fancy cars and clothes or even basic necessities. But the reality is, many of the most successful entertainers and entrepreneurs didn’t come from wealthy backgrounds. In many cases, even if they did grow up comfortable, they had to survive on their own dime before finding fame or fortune. To help today’s financially anxious young people feel less alone in their money woes, digital investment service Wealthsimple is running an ongoing series called “Money Diaries.” It features candid interviews with actors, authors, athletes and more about their first experiences with money (odd jobs and allowances), scraping by in their 20s, managing an influx of cash when they had their big breaks and more. Many of the celebrities, entrepreneurs and thinkers featured in the series are forthcoming and vulnerable in the anecdotes they share. They don’t take money for granted — they save it and think twice before they spend it. Most notably, many of them acknowledge that money is fleeting.
I’ve included only five quotes:
“After high school, I moved to New York City. That’s what I did. I didn’t have anything lined up, and I started working in restaurants, first as a busboy, and then as a waiter. My relationship with money was very loose. I had no budget, no savings, no credit cards and no bank accounts. I was a cash-only kind of guy. I’d get paid out at the end of the night, spend some of it at the bar, wake up the next day, and check my pockets to see how much money I had left. There was never a budget or any kind of longer-term financial plan.”
“In cooking school, I’d work weekends in New York as a cook; I think I was paid $40 cash per shift, which was a lot at the time. I made extra money by playing poker and Acey-Deucey, another card game. I may or may not have moved a little product. “I didn’t put anything aside, ever. Money came in, money went out. I was always a paycheck behind, at least. I usually owed my chef my paycheck [for] cocaine. Until I was 44, I never even had a savings account.”
“Every once in a while I treat myself with a special purchase. The most extravagant I’ve been is when I bought a Tesla not too long ago. I like the way it drives, and I really like the idea of reducing my carbon footprint. But often, I’ve found, the least expensive things can be the most personally rewarding. Take my wedding, for example. The whole event cost a total of $500.”
“Over the years, even as I’ve had more money available to me, my relationship with money hasn’t dramatically changed. I’ve never been the type to say, ‘Oh, look, I just made all this money. Now I can go spend it.’ One day, I’ll step out of the spotlight, I think, and just live a normal life. And just because I have money now, doesn’t mean I’ll always have money.”
“[Because I didn’t have money] I used to eat peanut butter out of the jar for lunch … In four days, everything happened for me. I was at the right place, right time. Now I eat fancy almond butter, but still out of the jar.”
As you can see, even celebrities have money concerns. It’s ok to have money, but make sure that money doesn’t have you. Money is a neutral vehicle, but there is a spirit that drives it. Be a good steward (manager) of your money.
Stormy Daniels is suing President Trump, claiming that she isn’t subject to a hush agreement. A hush agreement reportedly barred Daniels, an adult film star — real name: Stephanie Clifford — from disclosing details regarding her alleged relationship with President Trump. The Wall Street Journal reported in January that a nondisclosure agreement or NDA was negotiated between her and Trump’s lawyers in exchange for a payment. Trump’s lawyer, Michael Cohen, has since said that he paid Daniels out of his own pocket. She now is seeking to argue that the settlement is invalid because “David Dennison,” allegedly the alias used for Trump, never signed it. Daniels used the pseudonym “Peggy Peterson.” But even before Daniels came into the spotlight, a number of women claimed that they signed confidentiality agreements as part of settlements made with Harvey Weinstein. And Olympic gold medalist McKayla Maroney signed one as part of a settlement following sexual abuse by USA Gymnastics team doctor Larry Nassar, recently sentenced to up to 175 years for his crimes. Here is what consumers need to know:
These sorts of agreements can go by many names, said Donna Ballman, an employment lawyer and author of the book “Stand Up For Yourself Without Getting Fired.” “Nondisclosure, hush, confidentiality — no matter what you call it, they are probably the same thing,” Ballman said.
These types of agreements keep one or more parties from disclosing terms of a settlement. These agreements will disclose what information can, and can’t discuss to the public, and over what period the agreement can be discussed.
In some cases, hush agreements will include non-disparagement clauses that bar someone from saying negative things about the other people who formed the agreement, Ballman said. While recent examples have predominately involved instances of sexual harassment or assault, they can be used for a variety of settlements. Ballman said consumers were most likely to encounter them in product liability settlements or as part of severance packages. Start-ups and inventors may use these agreements to prevent them from revealing proprietary information, while researchers may employ them among participants in studies. Public figures may use them for domestic staff, including housekeepers and even babysitters.
If this agreement is ever broken, then there are more than likely financial consequences. In certain cases if an NDA is in an employment contract, it can be grounds for being fired, and in even rarer cases, it can result in jail time if a court finds that the breach constituted theft of proprietary information. The Weinstein scandal has prompted many to question the use of nondisclosure agreements, particularly in the context of sexual harassment.
Consumers should be aware of their rights before signing such agreements. The National Labor Relations Board believes that non-disparagement provisions that prohibit employees from criticizing a company’s executives publicly are an unfair labor practice. And federal civil rights law supersedes settlements that seek to prevent someone from filing sexual harassment charges, which means you may still be able to file a sexual harassment lawsuit even if you’re signed an NDA. Ultimately, a consumer should seek legal counsel and carefully weigh what information would have to remain confidential under such an agreement and what effects that could have. “Contrary to NDAs that permit parties to do business together or protect proprietary rights, NDAs that hide harassment withhold crucial information from the profession and the public,” Annie Hill, an assistant professor at the University of Minnesota, wrote regarding the Weinstein allegations.
As the article states, when it comes to any type of legal matter be sure to consult with an attorney, before signing any legal documentation. If you’re interested in learning more about having access to the legal system be sure to contact me. I also will add this thought. What culture says is right may not always be right. Culture constantly shifts and changes, if internally in your heart you know it doesn’t line up with your moral system, then it’s possible that it may not be correct. Be mindful of the company you keep and reach out to them for their thoughts. Don’t do life alone.
This week, I’ve included THE WAKE UP CALL | You Will Stop Wasting Any More Time from the Video Advice YouTube channel.
“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”
Proverbs 28:26 MSG
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