We all have guilty pleasures.
From wealthy entrepreneurs to multiple bestselling authors and top entertainment personalities, I routinely ask guests on my podcast “So Money” to spill the beans on their top splurge, the one item that they spend oodles of money on … and can’t bear to live without.
From the very first Apprentice Bill Rancic to comedian Margaret Cho and the Millionaire Matchmaker Patti Stanger, here’s what seven of my guests had to say.
Farnoosh Torabi is an award-winning financial author and host of the daily podcast “So Money.” Want to learn more? Download her free e-book, “SoMoney Secrets: Financial Habits of Highly Successful People.“
Margaret Cho loves outsourcing her cleaning, and started even before she could really afford it.
The award-winning comedian says she has had the same housekeeper since 1990 and shares, 'She is so well-paid and well-taken care of ... My major expenditure is people that I work with. I put them through school and stuff so that they can do other jobs for me.'
Although Bill Rancic, the winner of the first season of NBC's 'The Apprentice' and entrepreneur admits to being 'pretty frugal,' he isn't afraid to spend some of his hard-earned money on good wine, he tells me.
He's actually a big foodie and has turned his guilty pleasure into a booming restaurant business. He is the co-owner of two popular Chicago restaurants, RPM Steak and RPM Italian. 'We are very blessed that we have a brisk business,' he says. Rancic shares that he is opening a third restaurant in Washington, DC, later this summer.
Bravo TV's 'The Millionaire Matchmaker' Patti Stanger loves to collect costume jewellery, including, but not limited to, vintage Chanel. She admits to having a very big costume jewellery collection that she has built from browsing online and perusing second-hand stores.
'I just love, love gems. The sparklier the better,' says Stanger. 'I just bought two Hermes watches … in a vintage jewellery store in Beverly Hills,' she recounts. 'And, the other thing (I splurge on) is shoes, but what girl doesn't (buy) shoes?'
In addition to a personal trainer and driver for when she visits New York City, Kathleen King, the founder of Tate's Bake Shop (which she recently sold a majority stake for a reported $US100 million) loves to spend money on high quality food.
She says, 'I just am very particular on what I eat. Even organic grass-fed beef. I order it online and get it (delivered) to the house.'
James Altucher shares that he loves to take his family on vacation. He goes all out by renting a home on AirBnB and filling it up with games.
The entrepreneur and bestselling author says he calls a local game distributor and rents everything from a ping pong table to a pool table to arcade and basketball games in order to make the house as fun as possible for his family.
'I believe that people should spend money on experiences and not material things,' he says. 'Because experiences you sort of take with you forever and materials things you kind of lose interest in.'
Life is good for Jeff Olson, the CEO of Nerium International, an international skin care company.
His guilty pleasure? 'I charter yachts … My biggest splurge is to get some friends, either go on a commercial carrier or get a private plane, fly to an island, land over a yacht beneath … and go hit the islands for a period of time.'
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