Being a “top model” certainly isn’t an easy-peasy job, and when it comes to supermodels, Tyra Banks is always sure to come up. Many people—regardless of age, gender, or race—look up to the TV personality and influential figure. A lot of them have literally made her their role model, not just for her looks, but also for her character.
Banks, best known for hosting America’s Next Top Model, has also written and published a book, appeared in films, recorded a few singles, collaborated with different musical artists, and runs an independent production company.
She is currently CEO of Bankable Productions, which develops projects in partnership with Warner Bros. “I’m trying to build a strong business. I want to create new stars, new shows, and new products for my audience and create a legacy that outlives me. There are so many other ways I want to reach women besides doing a talk show.”
Banks has been in almost all sorts of media. Whether it’s for print, TV, radio and even the new media—internet. She’s constantly proven that she’s much more than just a pretty face. In 1999, she established a leadership and life skills development program called TZONE. She also founded the Tyra Banks Scholarship with an objective to provide African-American girls education.
What a lot of people don’t know about Tyra Banks is that she’s a woman who likes to live frugally. Not all of us can be supermodels, but we all could learn a lesson or two on spending and saving from this amazing woman.
Start Teaching Kids about the Value of Money
Tyra was born in a middle class family in California. Her mother, Caroline London (now London-Johnson), is NASA photographer and her father, Donald Banks, is a computer consultant. At an early age, Tyra learned to live frugally and make the most out of the allowance she’s given.
In a previous interview, she was asked about how she managed her finances. Tyra answered, “I’m frugal. I’ve always been this way. When I was young, my mom would give me my allowance, and I’d peel off a little each week and have some to spare.”
That says a lot for someone who lives in a state known for high costs of living. Former Governor Arnold Schwarzenegger himself said, “I think that California has had a history of always spending more money than it takes in.” Tyra, however, managed to stay practical and economical—values she continues to adhere to despite having an estimated net worth of $90 million today.
Teaching children the value of saving is the responsibility of parents. When young ones learn to save and spend wisely at a young age, they are more likely to take those values with them when they become adults. For those of us who didn’t grow up to be more financially wise, it is never too late to learn. Look for tips on how to manage your finances better and start saving today!
“How you Spend Money Reveals a Lot about you.”
In an interview with the New York Times, Tyra could be remembered as saying, “One of the first things I ask when I hire someone who deals with the financials of the company is about their spending habits. How you spend money reveals a lot about you.”
How do you spend your money? Examine yourself and find out if it reveals something positive or negative about you. The natural instinct is to spend on things that will make you happy now. Like Tyra, train yourself to spend, save, or invest money with the future in mind. Sort your priorities.
It helps to list down all your expenses in a month and see where your money goes. Tracking would help you assess your spending habits and pinpoint areas where you can make improvements.
Invest in yourself
“A smart model is a good model.” This is another famous quote from Tyra Banks. Even with her multimillionaire status, several shows, and booming career, Tyra actually managed to take a three-year course at Harvard Business School. In 2011, Tyra enrolled herself in the Owner/President Management Program and graduated in 2012. You can just see how much she takes her job as CEO and business manager of Bankable Productions seriously, as she tries to equip herself with knowledge and investing in business education. This makes her truly an ideal figure to emulate.
There are many other ways to invest in yourself. Aside from taking formal financial courses, you could choose to dress smarter or learn a new skill. Invest in something that will benefit you and your career in the long term.
Stick to a Budget
There was a time when Tyra needed to work within a budget, but this didn’t discourage her. She thought of ways on what to do to help increase her funds. This was way before America’s Next Top Model became the hit show that it was today.
“I took all this stuff from Victoria’s Secret that I had in my closet — bandeau dresses, bandeau tops, bandeau skirts,” Tyra recounts in an interview. The budget for the show was so tight, she needed to lend her own dress to the model contestants. “I put them in a trash bag on my back on the plane because I was scared that if I checked it, it would get lost and we wouldn’t have wardrobe.”
In her self-titled show, she wears dresses that may seem like exceptionally fashionable, but actually, Tyra’s not in the habit of splurging on ridiculously expensive designer clothes. She always sticks to a budget, whether it’s shopping for clothes and other items. She even tries to help her fans by posting photos of outfits she wore on Top Model on the show’s official website, with links for information on where to find and purchase those featured clothing items.
Taking Tyra’s example, you don’t need to spend thousands of dollars to look fashionable. In the same way, you don’t really need to spend money on expensive items as long as you know where to hunt for great bargains and learn how to maximise your budget.
Have a Healthy Financial Mindset
It doesn’t matter how poor or rich you are. Whatever you’re social status, whatever financial situation you’re in, it’s important to have a healthy mindset about money. We hear as many stories of rich people going bankrupt as we do of rags-to-riches tales. This simply shows that nothing in life is uncertain and whatever decision you make today has an impact to your future. Wealthy people like Tyra Banks, who choose to live life to the fullest regardless of how much money they have in the bank, should serve as an inspiration to you at all times.
