Miley Cyrus’ 2014 tour for her platinum album “Bangerz” brought the pop star into a notorious era of sexy songs, obsessive twerking and outrageous costumes. But it also taught Cyrus a valuable lesson.
“The ‘Bangerz’ tour was an investment in myself,” she says in her new TikTok series. “I didn’t make a dime on this tour.”
The tour was a departure from her titular nice girl role on the Disney channel’s “Hannah Montana” and country-pop songs like “Party in the USA”, so investors weren’t exactly lining up to pay for this good-girl-gone- bad extravagance. But Cyrus knew they were missing out.
“Whenever anyone kept saying, ‘Why are you doing this? You’re going to do 100 shows and you’re not going to make any money,’” she says. “I said, ‘There’s no one I would rather invest in than myself.’”
Celebrity Net Worth says Cyrus’ total value is $160 million, so it would appear her risk paid off.
Here’s how you can also invest in yourself to boost your net worth to platinum status.
Focus on your interests
Warren Buffet and Bill Gates agree that there’s no better investment than focusing on your passions.
“The thing you do obsessively between ages 13 and 18, that’s the thing you have the most chance of being world-class at,” Gates told Charlie Rose in a 2016 television interview.
Even if you’re well past 17, not all hope is lost. In her TikTok series, Cyrus talks about how she loved to sing and dance from a young age. That obsession led her to become one of the world’s biggest pop stars and the corresponding boost to her net worth.
So ask yourself: What do I love? What am I good at? What do I do in my spare time? The investment in that passion or hobby could be your ticket to millionaire status.
Invest in your passion wisely
Some say passion doesn’t pay the bills — but Dave Ramsey disagrees. The personal finance expert argues that you can take the money you earn from your passion and use it to build up your income even more.
Cyrus did just that. She used the money from her Disney days to create outlandish costumes and gimmicks for her “Bangerz” tour.
The 2014 concert series brought in $62.9 million, according to Pollstar – 70% more than Taylor Swift’s concert tour in the same year.
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Though Cyrus says she made no money from the tour, it helped eventually boost the sales of the “Bangerz” album to over three million copies sold, making it a triple platinum record.
You can be like Miley. Whether you invest a small amount every month to grow your portfolio or decide to finally take that class to add or refresh your skills, you can take short-term costs and turn them into long-term gains.
Save for the future
Once you know what you want to do and how you can make money from it, all you have to do is do it. But sometimes you need some extra cash to get yourself started.
Cyrus is a good example of this. She says in her TikTok series that her “Bangerz” era life felt like “The Truman Show” because the paparazzi were constantly hounding her. So she was determined to end her “Bangerz” tour by re-enacting the movie’s famous scene of Jim Carrey riding a massive hot dog.
“A lot of these ideas were so outlandish that no one wanted to support me,” she says.
Although she was only 20 at the time, Cyrus had the foresight to spend her own money now and reap the rewards later.
She dipped into her own funds and financed the giant hotdog, and the whole tour herself. This was Cyrus’ major transition from Disney star to worldwide pop sensation. Without this investment, she may have never made that huge leap.
You can create a “self-investment” fund to make your dreams come true.
When you decide that you must go to that industry conference or invest in a power suit, you can dip into this fund.
When in doubt, just remember Miley’s iconic mantra: “We can’t stop, we won’t stop.”
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.