Kim Kardashian style Mustachianism?

[Prepube]

Market Watch:  Is there anything you’re a cheapskate about?
Kim Kardashian: Oh my god, yes. I’m cheap about so many things. I look over everything. I would say I am pretty frugal. I think I do spend money on gifts for people close to me. It’s something that can make people feel really good. What am I cheap about? I’m really conservative even though it seems like I buy a lot and I have a lot, I don’t go crazy like I used to.

You know, I thought the more money I made, that I would spend more. And that’s the opposite. The more money that I make, the more I want to save. I didn’t think it would be like that and I’ve actually surprised myself.

Kim and Kanye got some Mustachian conservatism going for them.  Yup, she is as frugal as they get.   

[Credaholic]

Kim Kardachianism if you will?

[forummm]

https://en.wikipedia.org/wiki/Oxymoron

[I'm a red panda]

Well, she does have a bit of a point.  She sure spends a ton of money (though a lot of what appears to be spending might be comped)- but how much are they making.

If her savings rate is like 80%, she's pretty mustachian.  Even if it were like 60%.

Not everyone on this forum wants to reduce consumerism.

Without a doubt Kim and Kanye are FI.

[mozar]

Well that's how it works. The wealthy spend a lower % of their income than the poor. That's why people say you need a middle class. It's the middle class and poor that create the economy (whether you think that's good or bad). That does remind me though of my cousin who was telling me she is frugal because she has had her coat for ten years. She just bought a condo for 700k. And is alot more space than she needs. No, you are not frugal hon.

[EricP]

Well, she does have a bit of a point.  She sure spends a ton of money (though a lot of what appears to be spending might be comped)- but how much are they making.

If her savings rate is like 80%, she's pretty mustachian.  Even if it were like 60%.

Not everyone on this forum wants to reduce consumerism.

Without a doubt Kim and Kanye are FI.

Mustachianism has nothing to do with one's savings rate, imo.  It's about correctly evaluating what makes you happy and whether it is worth the money (and therefore time at work) to you.  I highly doubt Kim does that.

She might be making a ton of money, but she's not immune to overspending and going broke.  Didn't Kanye (and Jay-Z) just throw a whole lot of cash at a failing streaming service?  And birthday parties at Staples Center aren't cheap.

[Midwestache]

Well, she does have a bit of a point.  She sure spends a ton of money (though a lot of what appears to be spending might be comped)- but how much are they making.

If her savings rate is like 80%, she's pretty mustachian.  Even if it were like 60%.

Not everyone on this forum wants to reduce consumerism.

Without a doubt Kim and Kanye are FI.

Mustachianism has nothing to do with one's savings rate, imo.  It's about correctly evaluating what makes you happy and whether it is worth the money (and therefore time at work) to you.  I highly doubt Kim does that.

She might be making a ton of money, but she's not immune to overspending and going broke.  Didn't Kanye (and Jay-Z) just throw a whole lot of cash at a failing streaming service?  And birthday parties at Staples Center aren't cheap.

You see, the fact that you know about their spending habits on "birthday" parties will further increase their net worth. They are a an advertising brand in it of themselves. They are smarter than I bet we give them credit for. Spending money in their case makes them money. Also, Kayne and Jay Z did lose money at the streaming service but they are entrepreneurs, willing to take a risk to make some serious cash. We only hear about their failures, what about all their successes.  I think that you are missing the point.

[Prepube]

It's definitely all relative.  Her net worth is 85 million.

MarketWatch: So you said on “Wait Wait Don’t Tell Me” that you kept ignoring Kanye’s request for a basketball court. Do you guys ever argue over money issues?

Kim Kardashian: I think we really respect each other’s opinions. We really talk things through. We really had to make the decision to wait on the basketball court. We’re redoing our house right now so it’s not always like a free-for-all-budget.

Yup.  It was a really hard decision not to build a basketball court...  Because I am really frugal.

[Bracken_Joy]

An article in which a big name celebrity uses the words "budget" and "frugal"? I don't care if you think they're misappropriated, I'm all for it! Budgets for all, and all a goodnight!

[shotgunwilly]

HA! Good one.

[I'm a red panda]

Mustachianism has nothing to do with one's savings rate, imo.  It's about correctly evaluating what makes you happy and whether it is worth the money (and therefore time at work) to you.  I highly doubt Kim does that.

She might be making a ton of money, but she's not immune to overspending and going broke.  Didn't Kanye (and Jay-Z) just throw a whole lot of cash at a failing streaming service?  And birthday parties at Staples Center aren't cheap.

I disagree. I would be they evaluate carefully whether "work" is worth it.  Celebrities are in huge demand and have limited time. I'm sure she turns down hundreds, if not thousands, of offers to work (and "work" might mean "could you wear this hat in public") that are not worth her time for the amount offered. 

As for throwing a lot of cash at a failing streaming service- not every investment pays off.

[EricP]

Well, she does have a bit of a point.  She sure spends a ton of money (though a lot of what appears to be spending might be comped)- but how much are they making.

If her savings rate is like 80%, she's pretty mustachian.  Even if it were like 60%.

Not everyone on this forum wants to reduce consumerism.

Without a doubt Kim and Kanye are FI.

Mustachianism has nothing to do with one's savings rate, imo.  It's about correctly evaluating what makes you happy and whether it is worth the money (and therefore time at work) to you.  I highly doubt Kim does that.

She might be making a ton of money, but she's not immune to overspending and going broke.  Didn't Kanye (and Jay-Z) just throw a whole lot of cash at a failing streaming service?  And birthday parties at Staples Center aren't cheap.

You see, the fact that you know about their spending habits on "birthday" parties will further increase their net worth. They are a an advertising brand in it of themselves. They are smarter than I bet we give them credit for. Spending money in their case makes them money. Also, Kayne and Jay Z did lose money at the streaming service but they are entrepreneurs, willing to take a risk to make some serious cash. We only hear about their failures, what about all their successes.  I think that you are missing the point.

They are still not immune from going broke.  That's my point.  I would not be the least bit surprised if in 2040 Kim was broke, there's hundreds of celebrities before her who have ended up the same way.

[justajane]

Well, she does have a bit of a point.  She sure spends a ton of money (though a lot of what appears to be spending might be comped)- but how much are they making.

If her savings rate is like 80%, she's pretty mustachian.  Even if it were like 60%.

Not everyone on this forum wants to reduce consumerism.

Without a doubt Kim and Kanye are FI.

Mustachianism has nothing to do with one's savings rate, imo.  It's about correctly evaluating what makes you happy and whether it is worth the money (and therefore time at work) to you.  I highly doubt Kim does that.

She might be making a ton of money, but she's not immune to overspending and going broke.  Didn't Kanye (and Jay-Z) just throw a whole lot of cash at a failing streaming service?  And birthday parties at Staples Center aren't cheap.

You see, the fact that you know about their spending habits on "birthday" parties will further increase their net worth. They are a an advertising brand in it of themselves. They are smarter than I bet we give them credit for. Spending money in their case makes them money. Also, Kayne and Jay Z did lose money at the streaming service but they are entrepreneurs, willing to take a risk to make some serious cash. We only hear about their failures, what about all their successes.  I think that you are missing the point.

They are still not immune from going broke.  That's my point.  I would not be the least bit surprised if in 2040 Kim was broke, there's hundreds of celebrities before her who have ended up the same way.

Exactly, if your identity rests in your image, i.e. how you look and what you own, you will always be vulnerable to going broke. It's not like that focus will magically change once the gravy train ends. And it will end sooner or later.

[Chris22]

Well, she does have a bit of a point.  She sure spends a ton of money (though a lot of what appears to be spending might be comped)- but how much are they making.

If her savings rate is like 80%, she's pretty mustachian.  Even if it were like 60%.

Not everyone on this forum wants to reduce consumerism.

Without a doubt Kim and Kanye are FI.

Mustachianism has nothing to do with one's savings rate, imo.  It's about correctly evaluating what makes you happy and whether it is worth the money (and therefore time at work) to you.  I highly doubt Kim does that.

She might be making a ton of money, but she's not immune to overspending and going broke.  Didn't Kanye (and Jay-Z) just throw a whole lot of cash at a failing streaming service?  And birthday parties at Staples Center aren't cheap.

You see, the fact that you know about their spending habits on "birthday" parties will further increase their net worth. They are a an advertising brand in it of themselves. They are smarter than I bet we give them credit for. Spending money in their case makes them money. Also, Kayne and Jay Z did lose money at the streaming service but they are entrepreneurs, willing to take a risk to make some serious cash. We only hear about their failures, what about all their successes.  I think that you are missing the point.

They are still not immune from going broke.  That's my point.  I would not be the least bit surprised if in 2040 Kim was broke, there's hundreds of celebrities before her who have ended up the same way.

Exactly, if your identity rests in your image, i.e. how you look and what you own, you will always be vulnerable to going broke. It's not like that focus will magically change once the gravy train ends. And it will end sooner or later.

Actually, it's almost the opposite.  Most famous people (sports stars, actors) are famous because of what they DO.  Somehow (and it boggles my mind how), the Kardashians managed to become famous for being famous.  Basically, they monetized themselves.  As long as there are tabloids and crappy reality TV,  I bet the Kardashians can pitch a TV show about anything ("Kim gets fat and old and poor and has to take a job as a WalMart greeter, watch at 9/8C on E!") and can make money.  It really is fascinating and appalling at the same time.

[Drew]

Kim and Kanye have a combined net worth around $215 million. If Kim ever goes broke she can write a book called "Kim Goes Broke", and she will be raking in millions again. She will always make money just because of who she is. What celebrity as well known as Kim Kardashian has gone broke? I can think of plenty of pro athletes, musicians, etc., but no one near the same status as her. If Kim and Kanye stopped all work today they could spend $8.6 million a year using a 4% SWR. I don't think they're ever going broke. Anyway, "going broke" for celebrities doesn't really mean the same thing it means for your average Joe.

[Chris22]

There is also probably a lot of potential residual income resulting from syndication of their TV show, Kanye's royalties, etc.

[justajane]

Actually, it's almost the opposite.  Most famous people (sports stars, actors) are famous because of what they DO.  Somehow (and it boggles my mind how), the Kardashians managed to become famous for being famous.  Basically, they monetized themselves.  As long as there are tabloids and crappy reality TV,  I bet the Kardashians can pitch a TV show about anything ("Kim gets fat and old and poor and has to take a job as a WalMart greeter, watch at 9/8C on E!") and can make money.  It really is fascinating and appalling at the same time.

True, but just because someone is famous for what they do doesn't mean that their identity isn't wrapped up in things that cost a lot of money. It's classic hedonic adaption. If you allow yourself to buy a 20,000 sq ft home (even if you can afford it), it will become all that much harder some day to content yourself with a 5,000 sq ft home.

And the public is fickle or they can uncover something unseemly that can sink the whole empire, a la the Duggars.

[Bracken_Joy]

Kim and Kanye have a combined net worth around $215 million. If Kim ever goes broke she can write a book called "Kim Goes Broke", and she will be raking in millions again. She will always make money just because of who she is. What celebrity as well known as Kim Kardashian has gone broke? I can think of plenty of pro athletes, musicians, etc., but no one near the same status as her. If Kim and Kanye stopped all work today they could spend $8.6 million a year using a 4% SWR. I don't think they're ever going broke. Anyway, "going broke" for celebrities doesn't really mean the same thing it means for your average Joe.

Didn't Micheal Jackson go broke at one point? I know you could argue he's a musician, but I feel like his cult of personality/celebrity went beyond that.

[Chris22]

Kim and Kanye have a combined net worth around $215 million. If Kim ever goes broke she can write a book called "Kim Goes Broke", and she will be raking in millions again. She will always make money just because of who she is. What celebrity as well known as Kim Kardashian has gone broke? I can think of plenty of pro athletes, musicians, etc., but no one near the same status as her. If Kim and Kanye stopped all work today they could spend $8.6 million a year using a 4% SWR. I don't think they're ever going broke. Anyway, "going broke" for celebrities doesn't really mean the same thing it means for your average Joe.

Didn't Micheal Jackson go broke at one point? I know you could argue he's a musician, but I feel like his cult of personality/celebrity went beyond that.

I think he went "broke" to the point where he had to sell his rights to the Beatles music for $50m or something?  IOW, not broke at all.  And part of the reason he went "broke" was legal defense money for his kiddie touching.

[Bracken_Joy]

Kim and Kanye have a combined net worth around $215 million. If Kim ever goes broke she can write a book called "Kim Goes Broke", and she will be raking in millions again. She will always make money just because of who she is. What celebrity as well known as Kim Kardashian has gone broke? I can think of plenty of pro athletes, musicians, etc., but no one near the same status as her. If Kim and Kanye stopped all work today they could spend $8.6 million a year using a 4% SWR. I don't think they're ever going broke. Anyway, "going broke" for celebrities doesn't really mean the same thing it means for your average Joe.

Didn't Micheal Jackson go broke at one point? I know you could argue he's a musician, but I feel like his cult of personality/celebrity went beyond that.

I think he went "broke" to the point where he had to sell his rights to the Beatles music for $50m or something?  IOW, not broke at all.  And part of the reason he went "broke" was legal defense money for his kiddie touching.

Who knows, maybe Kim has a secret neverland we don't know about.

Yeah, couldn't recall the detail on MJ, just knew I saw a special where they were emptying (one of) his mansions and auctioning everything off and he was crying and falling over and all that nonsense.

[I'm a red panda]

And the public is fickle or they can uncover something unseemly that can sink the whole empire, a la the Duggars.

Wasn't Kim's rise to fame due to a sex tape? It will take a signifigant skeleton in the closet to have the whole world turn against her.  The Duggar's made their money off their so-called "morals".

I do not think Kim and Kanye will be famous forever. But I also don't think their lavish lifestyle necessarily means they aren't preparing themselves for the future.  We have no idea what they are doing in that regards.

[partgypsy]

Actually, it's almost the opposite.  Most famous people (sports stars, actors) are famous because of what they DO.  Somehow (and it boggles my mind how), the Kardashians managed to become famous for being famous.  Basically, they monetized themselves.  As long as there are tabloids and crappy reality TV,  I bet the Kardashians can pitch a TV show about anything ("Kim gets fat and old and poor and has to take a job as a WalMart greeter, watch at 9/8C on E!") and can make money.  It really is fascinating and appalling at the same time.

True, but just because someone is famous for what they do doesn't mean that their identity isn't wrapped up in things that cost a lot of money. It's classic hedonic adaption. If you allow yourself to buy a 20,000 sq ft home (even if you can afford it), it will become all that much harder some day to content yourself with a 5,000 sq ft home.

And the public is fickle or they can uncover something unseemly that can sink the whole empire, a la the Duggars.

I agree, their wealth is built on sand, aka the fickle public. If pple are not fascinated by them, they will not watch the shows, buy the tabloids, buy the perfume, etc. I have no idea what their burn rate is but even though they couldn't budge for a baseketball court, supposedly they did spent 750K on gold plated toliets, because you know that's important.

[Little Nell]

Anyone see yesterday's Colbert interview of Eminem, where "as an older man to a younger one" he advised Mr. Mathers to set up a retirement account in case "the dream dies," and points out that although rap is a good hobby, it doesn't pay the rent?

[Gone Fishing]

Who is Kim Kardashian?

[zephyr911]

Without a doubt Kim and Kanye are FI.

Without a doubt? I wouldn't assume.
Plenty of extremely wealthy celebrities have gone broke while earning high income. Mansions and staff aren't cheap, and endorsements are fickle.

[trailrated]

Who is Kim Kardashian?

Someone who is famous for fucking a rapper and having the sex tape "leaked".

[mozar]

Anyone see yesterday's Colbert interview of Eminem, where "as an older man to a younger one" he advised Mr. Mathers to set up a retirement account in case "the dream dies," and points out that although rap is a good hobby, it doesn't pay the rent?

Mr. Mathers has a very successful home renovation and flipping business. So he's diversified.

[Prepube]

Colbert is back on TV?  I thought he wasn't back til September or August...

[Little Nell]

He showed up in a small town in Michigan and took over the open-access cable channel for the full forty minutes.
Half of the interview was with a Michigander whom he characterized as "an up and coming figure in the competitive music scene," or something like that. Hilarity follows.

[Jeremy]

Weird Fact:  Kim Kardashian has more Twitter followers than the Pope, the President, and the Dalai Llama combined

[justajane]

Weird Fact:  Kim Kardashian has more Twitter followers than the Pope, the President, and the Dalai Llama combined

How depressing. I would be interested in the age breakdown of her fans. I really hope it trends younger.