Real Life Money Tips for Paris Hilton

Disclaimer: For the purposes of full disclosure, I  am not a billionaire (as far as I know). I do have one lottery ticket, a Christmas gift, but the results aren't in yet. Any advice taken by millionaires or billionaires reading this article should be done only with the advice of a certified financial advisor or expert, unless you are already one and trust yourself. 

Okay, the article: 

 Apparently, poor little rich girl Paris Hilton is facing the terrible tragedy of losing most of her expected inheritance, leaving her with "only" $5 million. This may be a terrible trauma for her but I thought that I might offer some perspective, hope and encouragement. 

  For the most recent developments, look here:

www.msnbc.msn.com

and do a search under the name Paris Hilton. 

 Since $5 million to someone like Paris may seem like fifty cents (spare change), I thought I'd offer these tips: 

1. Take as much time as you need to mourn.

This may be a shock. Never make any financial decisions in haste or in the wake of these types of shocks. Savor the memory of those thousand dollar shopping sprees, the expensive champagne and the designer clothes. We'll wait. Try not to cry too much in public. It'll make your eyes puffy and won't really solve anything.

2. Check your bottom line assets

Just to be clear, I'm not focusing on how you look in your jeans but instead zeroing in on your financial assets. You've got a PR agent, tons of publicty and an image. You might want to work on enhancing that, making money from it and perhaps even developing a new, improved image. In the meantime, know how much money you have - and are likely to have in the future, all while keeping your skirt down and underpants on (at least in public). 

3. In future, don't count your cases of champagne - or buy any - till the money is in the bank and your truly necessary items are paid for. 

 Everything you actually need to survive is considered a necessity. For most of us that would mean food, basic clothing, a place to live and health care costs, among other things. There are a few other things that could fall on that list but I'm keeping this simple. I hear you have a short attention span, not sure if this is true, but I'm playing it safe. 

 Anyway, whatever money you do not absolutely have to spend is discretionary. The tricky part here is determining what you need to buy to maintain your image and perhaps milk it for all its worth. But don't buy anything you don't really need. People won't notice if you go about it the right way. For further enlightenment consider reading the  Money section here at Gather, including articles by Ms. Meacham, Mandi, Austin Cushing, etc. Gather's money features and articles - bookmark them. 

 4. Put aside money for retirement and 3-6 months of normal living expenses. 

Even the Paris Hiltons of the world get older and unless you have the flair and public appeal of someone like Elizabeth Taylor (who, come to think of it, was married to a Hilton, wasn't she?) your appeal may fade. For normal living expenses, look at tip number three and the part about discretionary and necessary expensves. Or just ask your question here, right in the comments section. We can tell you how to buy great designer knockoffs - or the real thing - at the best prices. Ms. Meacham has an eye for leopard prints and good taste in those areas, too. I like you leopard print accessories. Ask and she may share some photos of her finds with you. 

Practice living within your means now. Put your savings on automatic pilot. You might have some withdrawal pains but hang in there. Oh, yes, did I mention the part about bookmarking the Money articles on Gather?

5. Check out online auctions.

Many celebs or former celebs have come up with pocket money this way. Some have even managed to get by for a month or two from the money earned there. Corey Feldman, former teen heartbreaker, actually sold one of his...teeth...there (yuck!). But then there was the guy who sold a wedding dress which he personally modeled. I myself sold a stuffed albino squirrel there for a ridiculous amount. Besides, they have video tutorials.

6. Up your financial literacy learning curve and don't lose hope.

Here's some info you might not have known: the average American earns 55K a year and many earn much less than that. Kind of puts that $5 million into perspective, doesn't it? Again, you can find plenty of true memoirs and personal experience articles here on Gather by folks who get by on that much or less. Read them. Comment on them.