Stars save for a rainy day
Show business isn’t the most stable of jobs—and actors Alden Richards, Mon Confiado, Dianne Medina and Sam Milby are very much aware of the grave danger of spending beyond their means and ending up penniless when the job offers dry up.
So, they spend their money wisely, manage their finances well, and keep some of what they earn for the proverbial rainy day.
If you wonder how they do that, here’s how:
Alden Richards
“I don’t let anyone manage my money,” Richards disclosed during his recent visit to the Inquirer office in Makati City. “You have to do it yourself so you’ll learn and get better at it. You get to practice making your own choices. When you realize that you’ve spent your money on the wrong things, you learn not to do it again.”
Alden and actress Maine Mendoza aren’t just the most popular onscreen partners in the GMA 7 lot, but are also among the industry’s top product endorsers.
In 2016, he became co-owner of a chain of restaurants.
“Don’t be a ‘one-time, big-time’ spender, or a one-day millionaire,” Richards reiterated. “Most actors don’t get paid immediately after a project, so [their fees] accumulate, so they’re sometimes given a lump sum. When you have a big amount of money, you get rattled or overwhelmed. You then start to think of things you can spend it on.”
Dianne Medina
Medina, a cousin of beauty queen Maxine Medina, probably understands Richards more than anyone else.
The actress used to splurge on luxury bags and shoes when she was just starting in the business. Everything changed when her mom, Vicky-Jo, died of breast cancer in 2011.
“I got used to my mom paying for everything—my bills, my driver—she even gave me a regular allowance. But when she passed away, I was forced to learn how to be financially independent,” said Medina. “While my dad has a successful build-and-sell business, he isn’t like mom. He would often tell me and my siblings that because we stay at his house, we should spend for our food and utilities and take care of our other expenses. Looking back, I realized that I would have had more money in the bank had I started saving up sooner.”
Asked for pointers she could give younger celebrities, Medina said: “Here’s my motto: ‘It isn’t about how much you earn, but how much you save.’ Also, it isn’t safe to put all your eggs in one basket. You have to know how to distribute. Learn how to invest in ventures that will make your money grow.”
Medina then recalled a piece of advice from her dad: “He always tells me that you can never go wrong with investing in pieces of property because their value goes up over time.” She also has an “investment specialist” whom she consults before parting with her hard-earned money.
As to her penchant for shopping, the actress eventually learned to be a practical spender. “When I’m buying stuff, I remind myself, ‘Do I really need this?’ I always think: Need versus want.”
However, Medina understands that part of being an actress is maintaining a media profile. “That’s why I work with a lot of sponsors—from my clothes and shoes, to my hair and skin care, from gym privileges to even my eyelashes. These days, it’s easy to get ex-deals through social media. I believe that celebrities don’t have to spend so much on these things. Of course, you also need to treat yourself from time to time, just don’t go overboard.”
The actress added, “Show business can be very ungrateful. If you become too fat or get old, you’re out. If you get married, your market value drops. That’s our worry—RJ and I are both from show biz.”
Medina has been dating actor Rodjun Cruz for eight years. “We’re working very hard so that when we eventually settle down, at least we’d have something saved for our would-be family.”
Medina, an AB Communication Arts graduate of Miriam College, further pointed out: “I feel sad for some friends in the industry who chose to stop studying as soon as they started earning money. My mom pushed me to finish college as a fallback.”
Medina was recently hired by PTV-4 as host of its early morning news program, and by Radio-Television Malacañang as an on-cam talent.
Sam Milby
For his part, Milby, who joined the business via the reality talent search route (“Pinoy Big Brother”), said that fame and fortune can be overwhelming in the beginning.
“When you experience the surge of money for the first time, you feel like you want to buy everything. I know this because I’ve experienced it,” the singer-actor said. “But you have to ask yourself, ‘Is it practical to buy this or that?’ When you spend a large amount of money on something, can you consider it an investment?”
The Fil-Am heartthrob said mentors were supposed to help you live the life you want, while planning for the uncertainty that comes with a career in entertainment. “Your work as an actor is not permanent. You have to make sure you’ve got that covered. You have to put something aside, too,” he advised younger talents.
Milby said his manager, Erickson Raymundo, had always guided him in terms of handling his money and expenses. “I also have a friend named Dom (Hernandez) who helps me put up businesses [like the pub, Prost],” he added. “This industry is great at helping you make money, but you should also invest while you still can.”
Asked if he has already considered a fallback career, Milby said he wanted to learn as much as he could about recording. He co-produced his latest album, titled “Sam: 12,” and has since put up a recording studio in his house. “I can’t open it to the public yet, but I’d love to do that eventually,” he declared.
Mon Confiado
Confiado said he had been in the entertainment business long enough to see superstars rise and fall.
“When they are at the peak of their careers, they get convinced that fame, power and fortune will be theirs forever. They get surprised that two or three years later, they’re no longer in-demand, that those who are younger and more talented have already taken their place, and that they’re penniless,” the actor said.
Confiado said he was grateful that he has his sister, Kai, to take care of his finances “so I can just focus on what I love doing the most—acting.”
With Kai’s help, he invested in a comedy bar that successfully ran for 20 years.
They also put up several salons and a restaurant. “But like most businesses, we went through several ups and downs. They’re all closed now, and we have since moved on to putting up hostels for tourists in Cebu,” he said.
Two heads are always better than one, Confidado pointed out: “Consider yourself lucky if you have someone you can trust, be it a relative or financial adviser, to remind you to control or regulate what you spend money on.”
Confiado cited the case of former child actor Niño Muhlach, whose dad helped the former child superstar manage his money wisely by putting some of it on a trust fund and investing it in several ventures.
“Look at Niño now. He is stable even though he’s no longer as active in show biz,” Confiado observed. He then said celebrities like Sarah Geronimo and Toni Gonzaga, who are known to have strict parents, as well as the children of feisty actress-talent manager Annabelle Rama “are lucky to have people protecting their interests. You feel regret when you realize you’ve made mistakes—and it’s too late to make the wrong things right.”
