The vast majority of parents (90 percent) recognize that teaching financial literacy for kids is central to their parental duties, according to a survey from Parenting.com. One in four parents (27 percent) think that the best way for teens to learn about money management is by example, according to Charles Schwab’s Parents & Money Survey – and dads play a big part in that, finds a new GoBankingRates.com report.
For Father’s Day 2013, GoBankingRates looked to the world of the rich and famous to recognize seven fathers who are doing a great job modeling financial responsibility and frugal living.
“Celebrity dads aren’t often associated with frugality, but there are some out there who choose to make saving a lifestyle, no matter how much they earn,” says Stacey Bumpus, expert contributor to GoBankingRates.com. “These celebrity fathers serve as amazing financial role models for their kids.”
From rock gods to NBA stars, this list of frugal celebrity dads includes some surprising faces of the type not usually known for their thrifty ways.
1. Mick Jagger
Rolling Stones singer Mick Jagger is not just known for being the king of rock, he’s also known as the king of frugality. This father of seven has reportedly made his ex-wife, model Jerry Hall, “pay for everything to do with the house and the children,” she shared in an interview.
While he’s known for being generous when it comes to buying gifts and presents, he likes to live an overall frugal lifestyle. He even taught his children to repair vehicles before having them junked.
2. Paul McCartney
Fellow musician, Sir James Paul McCartney of Beatles fame, takes pride in being a father of five. But this doesn’t mean he likes spending money on them if it means giving up his frugality.
Though McCartney is said to be worth $1 billion, he reportedly sent four of his children to local state schools instead of costlier private schools. He also is said to have made guests at his ex-wife’s birthday party pay for their drinks.
His style of frugality may not be for everyone, but there’s no doubt that his kids know just what it takes to save and grow their money. Next
3. Dave Grohl
Dave Grohl is known for being a member of not one, but two legendary rock groups: Nirvana and the Foo Fighters. However, did you know that this father of two is also know for being a bit of a penny pincher?
Some of his apprehension comes from choices made early in his life. “Knowing I don’t even have a high school diploma to fall back on, I’m going to be really careful with what I’ve got.”
At least his thrifty decisions will likely help build a solid savings fund for him and his family in the long term.
4. Darius Rucker
Darius Rucker is a country music star who rose to fame with the group Hootie and the Blowfish in the 1990s. His success with the group and as a solo artist helped propel his net worth to approximately $14 million.
Despite his grand wealth, though, he’s not big on teaching his children to spend lavishly. After being raised by a single mother, he prefers to do his shopping at Target and only buys a new car every two years, preferring to trade the old one with each new purchase. Next
5. Eric Clapton
When we think of respected guitarists, Eric Clapton definitely tops the list. In fact, Rolling Stone magazine named him one of the “100 Greatest Guitarists of All Time” in 2003.
He’s undoubtedly one of the country’s richest rock stars with a net worth of nearly $200 million. Ironically, he’s also one of the most frugal.
He was reportedly spotted doing his own laundry in Los Angeles (does this mean he has no washer and dryer?) The good news is his children will not only know the value of saving money, but also understand the meaning of a good wash and fold. Next
6. Carmelo Anthony
New York Knicks small forward Carmelo Anthony has made a huge name for himself as an NBA superstar. He’s currently one of the highest paid b-ballers on the court with a 2012 salary of $19.4 million (which surpasses that of Lebron James).
Despite his impressive finances, he is setting a great savings example for his young son, Kiyan. As he told a Denver news station before leaving the Nuggets, “I go to the supermarket, make sure I get the coupons out; save a dollar or two.” Next
7. Warren Buffett
Warren Buffett is known for his tremendous wealth. In fact, in March 2013, Forbes Magazine named him the fourth richest person in the world with an estimated net worth of $54.6 billion.
But his wealth has never altered his frugal lifestyle. In fact, Buffett still lives in the same five-bedroom home he purchased for his family in 1958. Talk about living a thrifty lifestyle! Back to the beginning
Advertisement - Continue Reading Below