Kim Kardashian is known for many things. They include her three marriages, her selfies, her posterior, and her business sense. The reality star ranks at number 33 on the list of The World’s Highest-Paid Celebrities, according to Forbes. The magazine estimated her 2015 earnings to be $52.5 million.
Forbes said half of Kim’s net worth this year comes from her iPhone app, “Kim Kardashian: Hollywood.” But to hear Kardashian tell the story, her affluence is not just about making a lot of money: it’s sensible management.
She told Market Watch this week that she’s really a bit of a cheapskate.
“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.”
As her wealth grew, so did her propensity to save, according to Kim. She also said she was given a solid financial education by her father, the late Robert Kardashian, and her mother, Kris Jenner. That upbringing informed her financial advice for millennials.
“From an early age I was well-educated and just learned a lot about the simple things and never got into too much trouble. And you know, it’s just saving. I love to spend but I also love to work hard and save. I think it’s really important to build a future and just make sure that you don’t over indulge all the time.”
She also said classes on credit and general financial knowledge should be taught in school.
As for that successful app, Kardashian told AdWeek its success is grounded in communication between her and the team at Glu Mobile, who had contacted her with the idea of creating a game. The app updates in real time so fans can wear Kim’s fashions and follow her to her favorite vacation spots. AdWeek reported in March that the app brought in $74 million last year.
Earlier this year, Kim Kardashian’s financial knowledge was featured in an episode of Keeping Up With the Kardashians. When younger sister Kylie, only 17, was set to purchase a multi-million dollar home, Kim asked her some basic questions. It came to light Kylie did not know about credit, or even how to do her own laundry.
But even Kim is human. She admitted to Market Watch she can fall victim to a sales pitch just like anyone else, and has regretting some buying decisions.
“I’ve bought really stupid things, like jewelry and stuff that I ended up never wearing. I think sometimes you get excited and people are really good at selling things and you just can get overwhelmed.”
Her advice: “stick with classic pieces and just don’t buy something that’s really trendy.”
[Photo by Larry Busacca / Getty Images Entertainment]