Canadian R&B singer The Weeknd is one of the most successful artists in the world.
Last year, he landed on Forbes’ “Celebrity 100” list, raking in a cool $92 million.
How in the world can an artist who is touring the world, going in and out of recording studios and dating models possibly manage, and watch all of that money?
The answer is fairly simple.
Get some really great help.
The Weeknd, Skrillex, Coldplay and other top artists rely on the assistance of David Weise and Associates (DWA) to help mind the store while they are out on the road.
David Weise was charitable enough to speak to Forbes, and offer up some top tips on smart money management.
Limit Spending On Items That Have No Value.
Weise said he advises his clients to try and spend their money on things that will bring them a return.
“Like going to a nightclub and spending five grand. The next day it has no value, it has absolutely no value.” – David Weise
Don’t Buy On Impulse.
According to David Weise, it’s common for an artist who has just the jackpot to want to spend his or her money foolishly. But they encourage their clients to slow down and do a little bit of comparative shopping first.
“A lot of artists want that immediate satisfaction, they walk into a store and they see something and really want to buy,” according to Weise. “We want to make the artist understand to have to at least have the conversation ahead of time.”
Only Hire The Best Talent
Try not to hire people who are your good friends. While this may seem like an easy enough concept to grasp, many people going into business get there with the help of their friends and families at some point. However, DWA strongly warns against this.
“Errors made by your team can cost you dearly.” David Weise, DWA.
Head on over to Forbes.com to take a look at the full list of money saving tips from DWA.￼