American Wealth Disparity (People)
Posted by: Financial Planner on 26 Aug, 2011
Though movies, music videos and other such entertainment endeavors can cost big bucks to make (as we discussed in yesterday’s post), it’s the star power behind those initiatives that pulls in the real money. In fact, on Forbes recognizes this earning potential in an annual list of highest-paid hip-hop artists. This year’s was released earlier this month, and shows Jay-Z at the top, making $37 million in the past year (with Sean “Diddy” Combs not far behind at $35 million).
Some high-earning celebrities, such as Justin Bieber, choose to use some of their wealth toward causes in which they believe. But no matter how they spend what they earn, the bigger point is that they earn as much as they do. Musicians, sports greats, actors, authors, and more have raked in millions of dollars per year, just by doing what they do.
The lucrative nature of careers in the arts is nothing new – a high value has always been placed on those in the entertainment industry, and this value is reflected in their staggering annual salaries. Again, though, it goes back to our personal spending priorities. If we didn’t spend as much as we collectively spend on entertainment, their salaries would decrease significantly.
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