Last week I wrote about model and entrepreneur Kimora Lee Simmons' advice on managing money.In a new interview I did this week with Kimora's friend Tyra Banks -- a respected former supermodel-turned-media mogul -- I found out that not every model has the same issue with cash burning a hole in their pocket. In fact, the multimillionaire muse calls herself "the queen of cheap" and swears she couldn't bear looking at the bill for flying privately, so she went back to commercial with the rest of us.
OK, now we know Tyra's not a big spender (but if you watch her talk show, you probably already knew that). But there's a lesson that any entrepreneurs or aspiring ones might be able to take from Tyra's business practices: a lot of the money she doesn't spend pampering herself goes to making her employees feel special.
"I think it's important to reward employees and to understand that when you invest in your employees, they invest in your company more. I send some of my employees on vacations. It's just an investment in them to show that they're appreciated, to show that they dedicate a lot of their life to me," she said.
Again, I'm posting the audio of the interview on blackpeoplesmoney.com. Click here to hear it.
Comments: (14)
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By: Tracy Wright on 6/29/2007 4:32PM
Good for You Tyra. She Has Extremely smart business practices. Visit http://granitehardwaredesigns.com
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By: mui mui on 6/29/2007 10:23PM
how odd that she decided to go to new york without telling her emplyees til the last minute and did not even want to pay for re location fees.
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By: Amanda on 6/29/2007 6:06PM
She is a great person. Not too many bosses give a rat's behind about their hard-working employees. It's good to know that a celebrity like that does. Much love Tyra!!
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By: blackbarbie on 6/30/2007 12:13AM
Tyra, stop being so damn cheap!!! Someone saw you at the 99 cents store two weeks ago buying those played out left over items..
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By: blackbarbie on 6/30/2007 12:15AM
Girl, Treat yourself!!!! You only live once:)
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By: rashaad on 6/30/2007 3:54PM
She's beautiful inside and out,I'd marry her and wouldn't bother one bit.
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By: Chicago Dave on 7/01/2007 5:37PM
Savvy brillant woman that Tyra Banks. Many models are simply dumb blonds who only rely on some quickly fading looks and whose only talent is walking in front of photographers for a 'photo-shoot'. They last a short time and are FORGOTTAN.
Tyra Banks of course is beautiful but has 10 times more brains than just her looks.
Most models open their mouths and come across as brainless twerps, Tyra has that edge few can duplicate.
Gotta LOVE it that Millionaire Tyra is frugal. Very refreshing to see this as TOO many black and white women with average incomes think they have to be out buying the 'best' and most expensive of everything.
I've observed that the MAJORITY of attractive white and black single women are totally brainless consumers and spenders who piss their money away on hair style and products, new cars, clothes and shoes amoung many other things. They know nothing about saving for the future, investing in something simple like an IRA, but instead will buy new furniture on credit - - --
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By: Cecil Jones on 7/01/2007 5:29PM
Tyra is using the "Oprah Theory" of management and loyalty. The key to keeping secrets is buying loyalty. The danger of this approach is it's like Jerry Lee Lewis trying to marry young. Oprah has a cadre of new recruits around the world from her school for girls. Tyra is a strong follower of Oprah. You can't buy loyalty. All money buys is time to get your lies straight. Hollywood is built on selling lies. It's only a matter of time before any employee gets a better offer. This is why Oprah realizes the future is in buying young. A poor child in America will sell your secrets because that's what they learned in school. Who refuses to invest in America's children? Someone who wants something in return for their money.
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By: Al Lawson on 7/03/2007 1:24PM
Some people couldn't buy class even if they hit the lottery tomorrow. . ...then again there are those that are deserving of every admiration received. . ..Tyra fits into the latter catagory. . .She's been blessed and finds in her heart to bless those that work for her, as opposed to the selfishness most bosses are known for. As for bribing employees to not tell your secrets. . . .get real.. ....My father used to say, "its better for the world to think you're a dumb ass, then for you to open your mouth and prove them right". . .black folks . .quit being so ghetto. ..it ain't cute
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By: PJ on 7/04/2007 7:40PM
Guess what Blackbarbie I shop at the 99 cent store and I make damn good money. What is wrong with shopping where you want to. Tyra can buy the 99 cent store. How can you talk about someone you don't even know.
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