I've been wanting to do this for a long time: corral rich and famous people and ask them about their biggest screw up with money and for their advice for the average person on how to avoid the same thing. This week I've got the first one with model, fashion designer and self-proclaimed queen of "fabulosity" Kimora Lee Simmons. I plan on doing these once a week from now on, and posting audio of some of the interviews. So, for the benefit of all those about to blow a paycheck on looking fly and having no savings to speak of, what was Kimora's biggest money mistake?
"Spending all my money and not saving it. Spending, spending, spending on things that you think make you fabulous but they don't."
Things like what, Kimora?
"My first car was a BMW convertible when I was 15 and a half. My mom begged me not to get it for a ton of reasons now I would beg my children not to get it....I didn't want to listen, I was hardheaded."
Do tell, girl. Thanks for the words and playing ball on this question.
Click here to listen to audio of Kimora's chat on blackpeoplesmoney.com.
Comments: (19)
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By: pk on 6/22/2007 5:33PM
oh well, u live & learn right? we have all made mistakes.
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By: Tracy Wright on 6/22/2007 7:14PM
I think Kimora, being an Entrepreneur, could give great advice on how you can invest & make money. Shop with some of the money made from those investments, instead of living from check to check.
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By: Andre on 6/23/2007 1:05PM
She was probably Russell Simmons biggest money mistake.....aaw oops I know that was wrong I'm a hater! Much luv Russell Simmons
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By: Ling hu on 6/23/2007 1:09PM
The best financial advice that Kimora Lee followed.
#1 Marry a Black super rich rapper guy for street credibility and fame.
#2 Wear mocha-colored makeup to make your Asian skin tone look like you are a Black women.
#3 Publicize and inform the public of your alleged Black father.
#4 identify with being black even though you look Asian.
#5 Adopt a ghetto black girl stereotype bad attitude persona in effort to be deemed ghetto which equates (to some) as black.
#6 Divorce the Black super rich rapper after you get your black notoriety, fame, and his money.
Kimora is not a black woman. She's biracial at best.
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By: Cecil Jones on 6/23/2007 1:10PM
Sounds like it's time to "Keep it Real" when it comes to the formula for making money in America? It doesn't take a genius or a guru to tell you how to make money. I'm poor as a church mouse and I can tell you how to make money. Spend less than you make. This isn't some grand formula, but it gets complicated by a system built on the exploitation of the weak, tired, and poor. Start a business and pay your employees the minimum? Buy someone's dreams for far less than they are worth and sell them to someone else in the business for a profit. Lend money at 400% just because you can. Set up a change machine that charges 10% to the people who can least afford to lose it. If you want to make money in America, find a way to make money while you are sleeping. How's that for a formula? Hiring a bunch of illegals and getting them to work for tortillas and beer is almost a crime. Slavery is a crime, but nobody has been held accountable. Don't hate, keep it real and learn.
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By: Kee Kee on 6/24/2007 8:33AM
I think everyone makes mastakes in there life when it comes to money ,you just have to learn from them as you grow and get wiser. Then you know how to be more responsible, all i want to sat is you go girl i wish i could have afforded a BMW when i was 15.
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By: Maria on 6/24/2007 8:34AM
Well !!!!! I dont know why she is broke, her clothing and shoes cost a lot of money. She need to go down on her prices Hell even the swapmeet sell her clothing for a mall price. Girl you need to think about the people that want to wear your label and not have to save 2 to 3 pay checks to pay for it. I make myself fabulous every day and I dont spend a lot of momey to do that, I tell you about those people that get a few pennies and just go crazy with it, $$$$$$ is not a problem for people like her, spending $200.00 on a pair of jeans is nonthing or $4,000 on a pair of shoes, please broke I dont think so. Go walk the runway again and get back up on top or come out with a new afforadble line of clothing and shoes, cause I love your line.
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By: Anonymous on 6/24/2007 8:35AM
O well, she made mistakes so now she needs 2 make sure that her children dont make the same mistake that she did........
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By: jadrie on 6/24/2007 8:35AM
Cecil, you are so right. I never comment on blogs, but I had to give u big ups for this comment. Keep on keeping it real.
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By: reynolds rapley on 6/24/2007 8:48PM
I applaud Mrs. simmons! business ventures good for her.
But I think in al honesty her personality and attitude
about her husband and herself leaves more to be desired. She is not all that and I have seen many,many
beautiful women young and old whose beauty is more than skin deep.Vanity is something that she does well even if she is not "ALL THAT and A BAG of CHIPS" as the saying goes.!!!
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