I love the Suze Orman show. (The podcast is free.) It’s so much fun to hear Suze school people on money. Time and again you hear stories of people bringing in plenty of cash and blowing it mindlessly on dumb stuff without realizing where it goes. Suze always imparts the lesson that it’s not how much you make it’s how you budget and chose to spend it.
Enter Justin Bieber who is already a millionaire at the tender age of 17. Suze would tell the kid to put a large chunk of his money away for when his fame inevitably fades. Instead of saving Justin is spending like a fiend though. We’ve already seen his $25k Baby Stewie bling, which is huge money to most of us but a drop in the bucket to widdle Justin. It looks like all those drops may be adding up though:
“Justin has amassed a lot of money in a very short time, but he’s not good at managing finances and he’s constantly trying to impress [his girlfriend] Selena,” a close friend told The Enquirer.
“It’s mind-boggling how much he’s spent in just the past few months.”
While the 17 year-old music sensation earned about $53 million in the past year, he’s blowing huge amounts of cash on Selena, 19, said the source.
“Justin regularly charters private planes to fly Selena and a few of her friends to meet him at various stops on his tour.
“When they can’t be together, he buys out florist shops and sends her enormous bouquets.
“During a shopping trip in New York City in late June, he treated Selena to tens of thousands of dollars worth of clothes, accessories and jewelry. Then he whisked her off to the Hamptons for a cruise on a luxury yacht.”
He [also] zipped Selena to Maui in May and shelled out a whopping $10,000 a night to stay at the ritzy Four Seasons Hotel.
When [Selena] was hospitalized for exhaustion… Justin dished out $30,000 for a diamond-encrusted Cartier watch to boost her spirits.
“Justin also spends up to $15,000 a week on dinners and entertainment for a huge entourage of friends and bodyguards,” noted the source….
“One false move and Justin could become a pop culture punch line like so many teen stars before him,” explained the source.
[From The National Enquirer, print edition, August 15, 2011]
I remember hearing that Rihanna had about $20k in the bank back in 2008. Gaga has admitted that she was broke at one point, but she’s surely come back from that and it’s not like she’s spending money on much other than her costumes.
You know who Justin Bieber needs to talk to (other than Suze)? MC Hammer. He’ll school him about being at the top of your game and paying for all your friends to come along on the gravy train. Hammer blew around $50 million within a few years. By the time the public lost interest in his music he was bankrupt.
Justin is shown out on 8/3 with the “Forget You” T-shirt on and on 7/13 at the ESPYs. Credit: WENN
I can only hope he goes away as quickly as MC Hammer.
Cosign with Pyewacket.
I would love to see a Suze smack-down on the Bieb!
“One false move and Justin could become a pop culture punch line like so many teen stars before him,” explained the source.
yeah, he doesn’t need to make any “false moves”. all he has to do is keep aging.
once his audience base grows up a little bit, they’ll leave him in the dust, and there will be a new bieber-esque performer to take his place among the next tween set.
saw it happen with NKOTB, among others (Tiffany, Debbie Gibson, etc…). the gravy train will eventually stop for this kid; let’s hope he’s invested wisely.
What a brat.
Is this kid just rich from tours and Wal-Mart merchandise with his face on it? I have NEVER heard him on the radio. Does he have any hit songs?
Compare him to the Harry Potter kids (Emma Watson had no idea she was worth so much until she went away to college — her parents had a financial talk with her — I’ve read she gives herself a monthly allowance) and Taylor Swift. These young adults will never have to work again if they don’t want to, and they don’t seem to be pissing the money away. I know Swift lived with her parents until about a year ago, and I think Emma Watson does, too, when she isn’t at school.
What a waste of money.
I meant to add: I know alot of people here dislike Taylor Swift, but she’s considered a very talented songwriter, and has already written songs for other singers, so she has another career already. Emma Watson also has modeling, and should have a college degree soon, and Daniel Radcliffe has a decent theatre career.
WTF does the Bieb have???
His T-Shirt is very classy and those earrings were a very good choice too. He looks so much like a real MAN now.
That shirt makes me want to slap him.
Ya know, most young boys who look a bit feminine as kids grow into/out of their looks and start to look like men…I don’t think that will happen to the Bieb.
I kinda want him to take his natural androgynous looks into a SWINTON-esque fashion style with some pop fused in.
Whenever I see this kid I think of this:
http://www.youtube.com/watch?v=rog8ou-ZepE
He declared bankruptcy in the early ’90’s I think.
What’s that expression, a fool and his money are easily parted?
He’s way too young to be given free reign with his millions. Certainly enjoy success, but prepare for the future too, because as others have said, once his fans grow up, the cash flow will slow down considerably.
MC Hammer may have blown all his dough, but “Oh He was very popular Ed. The Sportos, the Motorheads, Geeks, Sluts, Bloods, Wastoids, Dweebies, Dickheads-They all adored him. They thought he was a righteous Dude.”
Dude had lyrics that everyone knew, from ages 13-55. I love music and I couldn’t tell you a “Beaver” song unless you pointed it out.
Well good for Selena I guess. Keep collecting those gifts so you have something to sell off when your Dinsey career or whatever fades away. She’s the smart one in this scenario. I’m guessing he pays for everything.
This fool could learn a thing or two from that Malcolm in the Middle kid. Didn’t he invest all of his money in real estate/flipping? Granted he probably didn’t do so well when the markets turned but I haven’t heard anything about him being bankrupt either.
The Bieb however will go the way of his predecessors and will turn to VH1 in 10-20 years when he’s broke and living like a Corey. Things never change (teen idols), why should he be any different?
And as an aside, if The Beav is blowing all those Benjamins on Selena you totally know she is paying him back in kind. If she was my kid The Beav’s next purchase would be a grill to replace his origionals.
Where is his mother and business managers in all of this? He’s only 17-his money should be kept in a trust and he should have an allowance.
@HappyMom —
I was wondering the same thing. He can’t even legally sign his own contract or buy a car or anything on his own yet. Why didn’t they set up a 25/30/35 trust or something for him? he’s an unemancipated minor. And, by all indications, a brat.
Sign on with pyewacket and everyone but Jbooby isn’t even nearly as good as MC hammer and that is an insult to MC. And why do these corporate created kiddie stars think anyone will believe they are badass just because they wear stupid shirts, purple smurfs are more threatening than this congealed little egotist. They live in their own fantasy world – hope to see this douche serving me my frappucino and big mac soon.
Someone needs to get that kid a hat that actually fits. His always look like the gift giveaways from companies…one size fits all. Sheesh.
I know the Olsen twins get some flack but their parents made sure their money was well cared for. They wouldn’t be in the position they’re in if not. Got to respect that.
This kid could go either way on the talent thing; I don’t really think he’s all that but if played it right he stay around longer. But it seems more and more he’s hanging with the star of the moment and flashing some diva-esque (or possiblly immaturity) attitude. Hey, Biebs, it’s more likely to pass on than stay on. Remember that.
The older he gets–and this reminds me of Miley a little bit–the less control his handlers/publicity people have over him. And the more we get to see what a foolish, petty, talentless, nasty piece of work he is.
I think the Bieb should spend some of that money on food for himself. That kid must weigh 75 lbs at most.
Since this story is from The National Enquirer, I’d take it with a grain of salt. I’m sure some of it is true, but not all.
Consider the source and all that.
The shirt and jewelry..such a turnoff. If he’s playing to his fans, needs to not be so trashy about his giddup.
Why are they blaming this all on Selena? Girl can’t help it if he’s buying her bouquets every week. It’s not her fault; it’s his managers’ and financial consultants’ fault if he’s got access to his cash and spends it on crap.
Little boy wearing big peoples clothing.
Where are his parents in all this? Probably milking it for all its worth.
Lesbians really need to sue him for capitalizing on their looks and style.
There was an article I read recently with Vanilla Ice saying he was going to be very entertained watching the Beib’s fall from grace – which he predicted as inevitable and soon. If anyone would know about that he would.
I have to admit, I’m going to enjoy it too.
Can’t come soon enough – such an annoying little person.
Wonder how his new Jesus tattoo likes that shirt. Walk the walk if you’re gonna talk the talk, kid.
No, I’d say he’s the next Aaron Carter.
It still kills me that Hillary Duff and Lindsay Lohan (in the prime of their careers) fought over that kid.
Can anyone other than a sheltered 9-year-old suburban white girl mistake him for straight? All you need is the audio and visual of him. He could have all the money in the world, but having to hide himself, as well as keep up the Selena thing… is this not good for his mental health?
Well… Say he spent $200k in a few months. Not so much if your making 53 million a year. Equivalent of someone making 50k spending $200.
It’s funny to see him spend so much money on Selena, she looks uncomfortable when she’s with him. It’s gonna be embarrassing when she finds a real man.
I know it’s wrong to be mean but every time I see him he looks more and more like a lesbian to me. Do the tween girls really like him? Either way he needs to save up money. I have huge doubts he will be making any money doing this past 24
You people realize you’re criticizing a 17 year old boy for making bad financial decisions, right? That’s like criticizing a toddler for only wanting to eat candy. He’s underage. His mother should be handling his finances and should have set up a trust for him that he can’t touch until he’s older and more mature. Also, don’t you think it’s a little crazy for adults to be wishing ill things on an underage kid? HE’S A KID. Whatever you think of him, take that into consideration.
Shouldn’t he have a jaw by now?
Two earrings, a necklace and plus a giant “F-You” shirt is just all kinds of confusing.
In the real world, he’s begging to get harassed and robbed. But I guess 13 year old girls need something age appropriate to crush on so I might not be his demo. But if this were my kid’s crush I’d be PO’d about the FU shirt, tell you that. Doesn’t he have a Miss Christian Momma?
When will this kid hit puberty? He really just keeps looking more and more feminine.
I actually wouldn’t be shocked to hear that he’s taking something to stunt his puberty or something. Anything to keep him young and hairless, because that’s how the petty preteen girls like him. The second he gets chest hair and zits, they’re going to ditch him.