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What Celebrities Teach Their Kids About Money

The July issue of Money Smart Magazine contains an elightening interview with Terry Starr and Bradi Nathan founders of www.myworkbutterfly.com – a global social network providing a safe haven and resources for mothers contemplating a return to work while guiding working mums trying to manage it all.

Among their well known members are actors, designers, TV hosts and models.

Read the following extract from the interview.

Talk show host, Kathie Lee Gifford said  she’d be happy to do an interview with us and our site wasn’t even built yet, she really, truly believed in the mission and understood that this was something that women needed. We  have Emme who was the first plus sized super model, Gloria Allred, well known lawyer here in the States, she was actually recently on the Tiger Woods case. We also have designers, Liz Lange and Dana Buckman, Jill Zarin from Real Housewives of New York City and Dina Manzo from Real Housewives of New Jersey among many others.

Money Smart – In your view is being a celebrity parent a help or a hindrance to the children?

T & B – What we learned at the end of the day interviewing so many mums is that they are truly no different to Terry and me. They struggle with the same things that we do. Malaak Compton-Rock, for example, her husband is famous actor and comedian Chris Rock.

She constantly wrestles with guilt, she is a huge advocate for children’s rights and travels extensively to South Africa and at the same time as she is holding these orphans she thinks to herself I feel horrible that I am not home driving my children to their gymnastics class.

 So even though she is a celebrity in a sense, she still wrestles with the guilt that we do, so I don’t think she is any different. Just she has money or because her husband is more well known than ours. She has the same obstacles that we do.

Money Smart- So how much of an issue is it teaching their children about money?

T & B In an interview we did with Malaak she talks about rent is the service we give for living –  her children know that when they get a toy, they give a toy and they actually have a separate room in their house for those times when Malaak is going to go to South Africa. She brings those toys to the South African children and on the occasions when her kids come, they get great satisfaction  to see that child holding their toy. Great lessons. 

When she was sharing the story I thought wow, I sure wish I’d thought of that when my children were young because I think it’s a wonderful lesson that she’s teaching her children.

And then we have the celebrities that we’ve interviewed talk about the fact that it’s important for them to know that, and these are their words, they are blessed and they want their children to know that it’s important that they make a difference in the world and to give back.

It’s very inspiring.

Read the rest of the interview in Money Smart Magazine and listen to the full audio