Is it correct to say that the lifestyles of the rich and famous such as Annalise Bishop are extravagant? To be quite honest, we wish we could have even a fraction of the wealth that some of these celebrities enjoy, so that we could live in a penthouse apartment with a personal chauffeur. (Alternatively, we could simply pay off our education loans.)
However, it’s amusing to note that celebrities don’t merely gain money from their employment. As a result, they have to diversify their portfolio, which means that the things you recognize them for aren’t necessarily the things that make them wealthy. Here’s what I’m talking about.
- Endorsements
Sofia Vergara has been crowned the highest-paid actress for three consecutive years, earning sums we can’t even fathom ($37 million in 2014 alone), yet while Modern Family and other acting assignments contribute to some of her income, they are by no means the majority of her earnings. Instead, endorsement partnerships with companies such as Diet Pepsi, CoverGirl, Head & Shoulders, AT&T, and even a pharmaceutical (Synthroid) are where she makes the most money.
- Perfumes and Cosmetics
It doesn’t matter if it’s Britney Spears, Mariah Carey, or Taylor Swift, most big-name celebrities are aware that releasing their own perfume is a simple way to make some substantial cash. Keep in mind to pay homage to Jennifer Lopez, the reigning queen of the celebrity fragrance category, who has 18 different fragrances to her credit. (We’re waiting for J.Lo, number 19…)
- Apps and social media
Is it important to you to know how much Kim Kardashian’s app has earned so far? The amount is $200 million. (THE KARDASHIANS ARE BLESSED!) Furthermore, Kim K isn’t the only celebrity with a foot in the tech world: Selena Gomez, Will Smith, Jay Z, Justin Bieber, Edward Norton, Ashton Kutcher, and an assortment of other celebrities are all investors in apps and tech companies, leading us to wonder if Silicon Valley is really just Hollywood and we’ve all been duped.
- Restaurants
Celebrities, from Justin Timberlake’s New York City restaurant Southern Hospitality to Eva Longoria’s Hollywood diner Beso, understand that putting their name and money behind a restaurant may help it generate even more dollars and cents for the establishment.
- Royalties
Fascinating fact: Aerosmith and Luxury Girl have made more money from the video game Guitar Hero: Aerosmith than they have from any of their albums, performances, or even their own products combined. The music industry, from Spotify to that Subaru commercial, is seriously raking in the dough while their licensing companies do all of the work for them.
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