10 Financial Lessons From the Celebrity Apprentice

May 16, 2013

While I don’t generally watch tv or even own one, I have to admit that I’m a huge fan of one particular show: The Apprentice, which is currently on the verge of the finale of its All-Star Celebrity Season. While the show has its share of mindless reality tv entertainment, there are lessons that can be derived from it, not just for the business world that the show is based on (albeit loosely) but for our own personal financial lives as well. Here are some financial lessons from this season’s celebrity firings:

Bret Michaels

Reason Fired: Despite his protestations to the contrary, the rock star was accused of raising the least amount of money by “reality star super villain” Omarosa, who made it clear during the episode that her goal was to have the “honor” of getting Bret fired since he was the only previous winner in the competition. Ironically, she was Bret’s first choice when he was given the opportunity to pick his own team.

Lesson: When choosing your own team of financial professionals, be aware of their background and motivations in deciding who you can trust. You can start by researching a potential broker or advisor’s disciplinary background at FINRA’s BrokerCheck. Then ask them how they’re compensated. If it’s partly through commissions, they may be motivated to sell you products that are in their best interest rather than yours.

Dee Snider

Reason Fired: Despite being known for his edgy and theatrical style, the punk rocker chose to go with a more conservative strategy that lost out to his more creative opponents.

Lesson: Keeping all of your money somewhere safe like a bank account or stable value fund might feel safe but it can put you in the very real risk of falling behind your competition: inflation. If you have time to ride out short term losses, consider taking a little more risk for potentially much higher returns in the long run.

LaToya Jackson

Reason Fired: The “entertainment icon” created a skit that was fun but had little to do with the product they were trying to market.

Lesson: Pick financial products and services because they fit your needs and goals not just because they seem interesting or popular.

Claudia Jordan

Why Fired: The model didn’t make the best use of the trucks she was given to showcase the products she was marketing.

Lesson: Make the most of use of the benefits provided by your employer. If you have a match in your retirement plan, try to contribute at least enough to get the full match. If your employer offers free advice or education services, be sure to take advantage of them.

Omarosa

Why Fired: As a reality star known for well…being Omarosa, she was one of the two lowest fundraisers due to her lack of celebrity contacts and she couldn’t get along with her team members.

Lesson: Never forget that your most valuable asset is likely to be your ability to earn an income and as they say, it’s not just what you know but who you know. I would also add that it’s what they know of you. Make sure it’s positive with both people in and out of your workplace as it could make the difference in getting a raise, promotion, or new job.

Dennis Rodman

Why Fired: As project manager, the former NBA star failed to notice the misspelling of Trump’s wife’s name on a display featuring her product.

Lesson:  Just because you hire someone to do your taxes, doesn’t mean you shouldn’t look over their work. After all, you are ultimately responsible to the IRS for your return. While a misspelled name probably won’t get you into trouble, it’s one of the most common causes of a delayed refund and who wants that?

Stephen Baldwin

Why Fired: While directing a video, the actor got caught up in little details and failed to highlight the product he was supposed to be marketing.

Lesson: Stay focused on your end goal. If that goal is to retire in 20 years, don’t let the day-to-day movement of the market throw you off your investment strategy.

Brande Roderick

Why Fired: The model/actress chose a theme (adventure) that sounded exciting but was harder to execute than the other team’s theme of romance.

Lesson: Don’t invest in anything you don’t understand just because it sounds exciting. In the financial world, simple and boring usually trumps exciting and complex.

Gary Busey

Why Fired: The Oscar-nominated actor refused to even listen to his teammates and ended up using some pretty crazy ideas (including him barking like a “mechanical dog”) in a commercial.

Lesson: While you’re ultimately responsible for how you manage your money, don’t be afraid to seek out advice and guidance from those with more expertise when needed. The best thing they can often do is to prevent you from doing something really stupid (and who isn’t tempted to do one of those things from time to time?)

Mary-Lou Henner

Why Fired: The actor and author chose chess as one of the ways to entertain her “king” themed party instead of using her lively teammate Lil Jon, a DJ artist known as the  “King of Crunk.”

Lesson: It’s all about choosing the most appropriate tool for your goal. Chess and a DJ each have their different places as do bank accounts and more aggressive vehicles like stock mutual funds. Know which one fits your particular needs.

I won’t mention actress/tv host Lisa Rhinna or DJ Artist/rapper Lil Jon since both were essentially fired for not being as strong as the finalists, magician Penn Jillette and  country music star Trace Adkins. (Disclosure: I’m personally rooting for Penn.) In any case, the winner will get an additional $250k for their chosen charity. (That means they don’t have to worry about not paying taxes on their winnings, unlike past Celebrity Apprentice contestant and the first winner of Survivor Richard Hatch, who’s now serving time for not paying taxes on his Survivor winnings.) In the last episode, both finalists shared how much their respective charity meant to them (Trace was personally helped by the American Red Cross when his home burned down and Penn got teary-eyed talking about Opportunity Village) and how it helped drive them to want to win. Regardless of who wins this Sunday, the final lesson is the importance of finding something that you feel passionate enough about (lack of financial stress, owning a home, your family’s security, financial independence) to drive you to your own financial success.