Insights on Finances from the Highest-Earning Late Celebrities of 2024
Even after they've passed away, some celebrities continue to make more money than most of us can imagine.
In 2024, famous names like Michael Jackson, Freddie Mercury, and Whitney Houston have earned spots on the list of the highest-paid deceased celebrities, thanks to their timeless music and smart business deals made by their estates.
Matthew Perry, known for his role in "Friends," has also joined this exclusive list, proving that not just musicians can keep earning big after death. It's said that dying secures a rock star's legacy and, as it turns out, their income, too.
This year's list highlights how the legacies of these celebrities continue to thrive and bring in revenue, thanks to fan support and smart business strategy from their estates.
Earning a spot on a list like the "highest-paid dead celebrities" might seem out of reach for most people. Still, valuable financial lessons can be learned from how these celebrities' estates continue to generate income.
Here’s how you can apply some of these strategies to your financial planning:
1. Diversify Income Streams
Just like these celebrities have diverse sources of posthumous income, from music rights to merchandise, consider diversifying your income.
Look into passive income streams—such as rental properties, dividend-paying stocks, or creating digital products—that can bring in revenue with minimal ongoing effort.
2. Protect Intellectual Property
Celebrities’ estates earn millions from the intellectual property (IP) left behind. While you might not have a catalog of hit songs, if you're a creator (author, artist, inventor, etc.), ensure you protect your IP through copyrights, patents, or trademarks. This can add value to your estate.
3. Consider Estate Planning
Effective estate planning ensures that your assets are distributed according to your wishes and can continue to benefit your loved ones after you're gone.
Utilize wills, trusts, and consider speaking to a financial advisor to set up your estate in a way that maximizes its value for future generations.
4. Invest in What You Know
Arnold Palmer’s estate continues to earn from his iconic beverage because he invested in a product directly related to his expertise and brand. Investing in industries or products you're knowledgeable about can lead to more meaningful and profitable investments.
5. Leverage Technology
John Lennon's estate benefits from new technology like AI to keep his legacy alive. Embracing tech can also enhance your financial status; consider investing in tech startups, using financial apps for better managing your money, or even creating a blog or podcast as a potential income source.
6. Create a Brand
Celebrities like Bob Marley not only had successful careers but also built powerful personal brands.
Think about how you can build your personal brand, even within your career, to open up additional income opportunities, such as consulting, speaking engagements, or book deals.
7. Prepare for the Long Term
Many of these celebrities’ legacies continue to grow because they or their estates made decisions with long-term benefits in mind.
Whether it’s saving for retirement, investing in long-term growth stocks, or purchasing life insurance, planning for the future should be a key part of your financial strategy.
-
Remember, while the scale of earnings may be vastly different, the principles that guide the financial growth of these late celebrities’ estates can still apply to your personal financial planning in meaningful ways.
Previous Article: A Fun Literary Halloween Parade at the New York Public Library
(Featured Image by Forbes)
