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Eminem's not about 'Lose Yourself'

While he talks about losing himself in his music through his lyrics, Eminem certainly isn’t losing himself to consumerism. In fact, he told Cooper that he consulted his money manager about whether or not he could afford to buy an expensive watch even after selling millions of albums.

“I think it was a Rolex,” he said. “They make fun of me for it… but the whole money thing, all that stuff was brand new to me.”

He doesn’t even wear the Rolex in order to avoid scratches and was instead wearing a $100 G-Shock watch during the interview.

This isn’t the first time Eminem has discussed his spending habits. In a 2010 interview with the New York Times, he described how dedicated he was to living below his means: "I save a lot of money by not buying drugs anymore,” he said. “I invest. I always try to be smart. I try to treat all the money I’m making like it’s the last time I’m going to make it."

Ed Sheeran, another Grammy award winner, is also famous for his frugal spending habits. “You never want to be wasteful,” he told the Irish Examiner, explaining that he still uses his student bank account and gives himself “an allowance” to manage a tight budget. His net worth is estimated to be over $200 million as well, according to CelebrityNetWorth.com.

To be fair, being frugal isn’t the only reason why Eminem and Sheeran are fabulously wealthy. They leveraged their unique talents to sell music to millions of fans across the world. But their budgets could have some lessons for ordinary, non-celebrities like us.

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It’s all about discipline

Spending less than you earn is a matter of discipline. Music artists with millions of dollars and millions of fans probably have some pressure to consume. There’s likely to be some temptation to give in to peer pressure, as Anderson Cooper joked during his interview with Eminem. “You’re giving hip hop a bad name here,” he laughed. “You need to step it up. A few diamonds.”

You don’t even need an entourage to feel peer pressure. More than half (51%) of Gen Z Americans and nearly half (43%) say social media has made them feel pressured to buy things they can’t afford, according to Deloitte’s 12th annual 2023 Gen Z and Millennial survey.

Meanwhile, Chicago Booth researchers found that people experience a tension between their social image and their self-image when presented with profiles of individuals who had recently bought expensive homes or cars. In other words, seeing other people spend money on big ticket items led to dissatisfaction and pressure to keep up with the Joneses.

Learning to suppress this urge to compare your financial life with your neighbor’s could make it easier for you to stay on track with your budget. A disciplined approach to spending and saving money should help you build a robust future, regardless of what those around you say or do.

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Vishesh Raisinghani Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

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