Financial Lessons to Learn From Tyler Perry

Tyler Perry has become a household name over the years. With a net worth of around $600 million, Perry is very comfortable financially. However, that wasn’t always the case. In fact, you may be surprised to learn that the superstar was once the homeless product of an abusive childhood. Nonetheless, by using his struggles to his advantage and staying diligent, Perry has become an icon in American entertainment. So, what financial lessons can we learn from this icon?

Believe In Yourself!

First and foremost, if there’s any lesson we can learn from Tyler Perry, it’s that if you believe in yourself, even when no one else does, you can make it. Tyler Perry’s career is a key aspect with regard to why he is so financially stable. However, he would have never had it if he didn’t believe in himself, even when no one else did.

Using his hardships toward his advantage, Perry filled a journal of letters to himself that eventually became his first play. The play, known as “I Know I’ve Been Changed” was centered around survivors of child abuse. While the script started Perry’s career, it wasn’t easy to bring the play to fruition. In fact, he spent every dime he had bringing the show to life, forcing him to live on the street. However, while this play made him homeless, it is also the play that launched his career, making him the success he is today.

Get A Bank Account

While the most basic of financial services are available to all Americans, it may be surprising to find out just how many people don’t take advantage of them. In fact, there are millions of Americans out there that simply don’t have bank accounts. However, not having a bank account could be costing you more than you realize.

Tyler Perry has been known to discuss the cost of not taking advantage of bank accounts. In fact, when Perry was young and living paycheck to paycheck while he worked through college, he couldn’t make it to the banks before the closed. As a result, he had to pay check cashing fees to cash his check. In a recent comment, Perry recalled spending over $100 in fees just to cash his paychecks during a single month. That’s a lot of money that could be saved by having a bank account and taking advantage of mobile deposit services that technology has made available these days.

Don’t Spend Unnecessary Money

Tyler Perry may not have to pinch pennies now, but when he did, he was very good at it. In fact, Perry was known for cutting out unnecessary expenses that add up throughout the month. For instance, going to Starbucks for a morning brew every day can cost a lot of money. At just $5 per day, that morning brew could be costing you $150 per month!

When making decisions as to how he spent his money, Tyler Perry made a conscious effort to define the difference between wants and needs. Before making a purchase, he would simply ask himself if the product being purchased was something he wanted, or something he needed. If the product was a want, he would gauge whether or not that want was worth the money. This stopped him from spending unnecessary money.

Pay Attention To Your Money

Unlike many members of the rich and famous, Tyler Perry doesn’t outsource his accounting activities. Instead, he acts on advice provided to him by Oprah Winfrey. In his words, she told him to:

“Sign your own checks. Watch your money.”

Even though Perry is a big time Hollywood celebrity with plenty of money to pay others to do his accounting, he sees value in keeping tabs on his money himself and urges others to do the same.

Final Thoughts

Tyler Perry isn’t just a funny guy with a dream. He is a visionary that made it big in a true from nothing to something story. However, it wasn’t only his talent that allowed him to do so. Much of his success can be blamed on the smart financial decisions that Perry made throughout the process of climbing his way to the top. Taking note of Perry’s financial choices may help you to make better financial choices of your own.