Oprah’s Next Chapter with Lindsay Lohan shed light on the struggles of the famous child star. It was a great interview! Lindsay was very open and candid about her life. And Oprah asked the questions that people really wanted to know.
We always hear about the challenges child stars face with money and their parents. But in this interview we learned just how much money Lindsay earned. At 18, Lindsay made $7 million a movie.
Can you imagine making that kind of money at 18?
That’s a lot to handle. And you know what they say – more money, more problems.
In Lindsay’s case, she wasted a lot of money because she didn’t have any guidance. She was basically on her own. There was no one to show her how to invest or manage her money.
Oprah pointed out something interesting about how people who earn lots of money think. She said something to the effect that people who make a lot of money think that they know what they are doing. What???
Money management has nothing to do with acting or being a doctor. In fact, there are people earning six and seven figure incomes that don’t know a thing about money management. Now spending is something that comes more natural.
Give someone some cash and they know how to spend it. That’s why so many lottery winners end up broke, in debt or declaring bankruptcy within years of winning the big jackpot.
Like my mom always said, “it’s not how much you make, but how you spend it that counts.”
As a parent, it’s important to start teaching children about money early. After all, we are our child’s first teacher.
However, some parents really struggle to teach their children about money. According to one survey, parents were more comfortable talking about the “birds and bees” than money. In the near future, I’m releasing a video series to help parents teach kids about money. Sign up for my blog post email subscription to stay-up-to-date with the video release.
Did you watch the Lohan interview? What did you think?
