June 14, 2013

7 Famous Dads Who Make Good Financial Role Models

Despite their wealth and fame, these celebrity fathers have a set a good example in frugality for their kids to follow

Warren Buffett: Fabulously wealthy, famously frugal, passed on his good habits to his kids. (Photo: AP) Warren Buffett: Fabulously wealthy, famously frugal, passed on his good habits to his kids. (Photo: AP)

Celebrities don’t usually enjoy a reputation for being prudent with their finances, but some famous dads are surprisingly sensible when it comes to teaching their kids lessons in frugality.

Just in time for Father’s Day this Sunday, GoBankingRates.com has released its list of celebrity dads who make great financial role models for their children. (The El Segundo, Calif.-based personal finance site points to a Charles Schwab & Co. parents and money survey that shows one in four parents believe that the best way for teens to learn about money management is by example.)

“People don’t often associate celebrity fathers with frugality, but there are a few out there who choose to make saving money a lifestyle, no matter how much they earn,” says financial writer Stacey Bumpus in her article for GoBankingRates.com, which connects readers with the best interest rates on financial services nationwide.

Read on to discover which seven famous dads make good financial role models—and why.

Carmelo Anthony with his wife, La La, and son, Kiyan. (Photo: AP)1. Carmelo Anthony, All-Star Forward of the New York Knicks

Parents know that their actions can speak louder than their words, “which is why it’s important to model good money management as well as to teach it,” writes Stacey Bumpus for personal finance and interest rate site GoBankingRates.com.

For example, she says, New York Knicks All-Star and Olympic champion basketball player Carmelo Anthony still models smart spending habits for his son, Kiyan, despite earning $19.4 million in 2012 from his NBA salary alone, surpassing star player Lebron James’ earnings.

“I go to the supermarket, make sure I get the newspaper and tear the coupons out; save a dollar or two,” Anthony said in an interview with CBS Denver.

Dave Grohl of the Foo Fighters. (Photo: AP)2. Dave Grohl, Foo Fighters Frontman

Although a member of two wildly popular grunge rock bands, Nirvana and Foo Fighters, Dave Grohl is not one to live the typical rock-star lifestyle of excessive partying and spending.

“You can’t take your lifestyle for granted,” Dave Grohl said in a 2003 interview with USA Weekend. “I’ve got tons of money, but I’m afraid to spend it. Knowing I don’t even have a high school diploma to fall back on, I’m going to be really careful with what I’ve got.”

(According to Celebrity Net Worth, Grohl’s net worth totals approximately $225 million—not bad for a grunge punk.)

Darius Rucker. (Photo: AP)3. Darius Rucker, Former Hootie and the Blowfish singer

Hootie and the Blowfish may have gone the way of the 1990s, but that band’s singer, Darius Rucker, leveraged his fame as Hootie’s lead vocalist to become a celebrated country music star. His success with the group and as a solo artist has helped propel his net worth to approximately $14 million.

“Despite his grand wealth, though, he’s not big on teaching his children to spend lavishly,” writes Bumpus for GoBankingRates. “After being raised by a single mother, he prefers to do his shopping at Target and only buy a new car every two years, preferring to trade the old one with each new purchase.”

Eric Clapton. (Photo: AP)4. Eric Clapton, Rock Guitarist

“When we think of respected guitarists, Eric Clapton definitely tops the list,” Bumpus writes. “In fact, Rolling Stone magazine named him one of the ‘100 Greatest Guitarists of All Time’ in 2003. He’s undoubtedly one of the country’s richest rock stars with a net worth of nearly $200 million.”

And yet, the former Yardbirds and Cream guitarist was reportedly spotted doing his own laundry in Los Angeles, clearly demonstrating the frugal values he learned as a lad when growing up in post-World War II Britain.

“The good news,” Bumpus adds, “is his children will not only know the value of saving money, but also understand the meaning of a good wash and fold.”

Paul McCartney and his children, along with Yoko Ono. (Photo: AP)5. Paul McCartney, Beatles Legend

Sir Paul McCartney, he of the famous Beatles songwriting duo Lennon & McCartney, is a proud father of five, including successful fashion designer daughter Stella, (pictured far left). But this doesn’t mean that Sir Paul would shower money upon them if it meant giving up his frugality.

“Though McCartney is said to be worth $1 billion, he reportedly sent four of his children to local state schools instead of costlier, private schools,” Bumpus writes. “He also is said to have made guests at his ex-wife’s birthday party pay for their drinks.”

Mick Jagger. (Photo: AP)6. Mick Jagger, (Former) Bad Boy Rocker

Rolling Stones front man Mick Jagger is celebrated not only for being the king of rock, but for being the king of frugality. This father of seven—and former London School of Economics student—reportedly made his ex-wife, the model Jerry Hall, “pay for everything to do with the house and the children,” she said in an interview.

While he’s known for being generous when it comes to buying gifts and presents, he likes to live a frugal lifestyle, writes Bumpus. “He even taught his children to repair vehicles before having them junked.”

TheRichest.org puts the 69-year-old Jagger’s net worth at a cool $300 million after a career spanning more than 50 years.

Warren Buffett (Photo: AP)7. Warren Buffett, Investment Guru

Warren Buffett, obviously, is known for his tremendous wealth. Forbes magazine this year listed the Oracle of Omaha as the fourth-richest person on the planet, with an estimated net worth of $53.5 billion.

“But his wealth has never altered his frugal lifestyle,” writes Bumpus for GoBankingRates. “In fact, Buffett still lives in the same five-bedroom home he purchased for his family in 1958.”

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