Fame
& Fortune: Comedian Jeff Foxworthy
Doing what he
loves makes success even sweeter | | |
| Bankrate:
Parents are typically our role models as money managers. What sorts of role model
were yours? What is the best and worst advice you ever got about money?
Foxworthy: My dad wasn't
a very good money manager. He was divorced five times. You can't halve your half
that many times and have much of a nest egg. I don't know about the best advice,
but the worst was at the dog track when my brother told me to bet on the dog that
does his business before the race starts. Bankrate:
You had years of money struggles as a standup comedian. What was your lifestyle
like then? Is there any part of it you would consider the "good old days?" Foxworthy:
The second month I did comedy I made $20. By month four, they were repossessing
my car. But even in the financial struggle, I was doing something I loved and
it made the eventual success even sweeter. Bankrate:
Do you remember the first time you actually had a positive cash flow? Were you
prepared to handle it? Foxworthy:
Probably about 1990. I knew enough to know I needed professional advice. I believe
in letting people do what they're good at: let the chefs cook, let the comedian
tell jokes and let the financial planner handle your money. Bankrate:
Which of your personal money behaviors is most likely to incur the wrath
of your wife and/or daughters? Foxworthy:
When I go into Bass Pro Shops. It is impulse purchasing at its finest. You never
know you need a fleece-handled quilted fish net until you see one. Bankrate:
Presuming you have crossed this threshold, when did you decide to "get serious"
about your money? What is your personal risk level? Foxworthy:
I got serious pretty early because I didn't know how long I would last in this
business. I have had a financial adviser for over a decade. We discuss allocations
and he understands my rather conservative financial nature. Bankrate:
With regard to money and personal finance, what's the most important thing you
hope to pass along to your daughters? Foxworthy:
It's a gift from God and you must be a good steward with it. Not only in taking
care of you and yours, but also helping those that are not as fortunate. And most
importantly, DON'T bet on the dog that does his business right before the race
starts.
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