MIDYEAR REVIEW OF INVESTMENTS AND PERSONAL FINANCE : Money Moves of the Rich and Famous
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Celebrities have to manage their money too--and some of them are pretty good at it. So eat your heart out, Robin Leach. In their own words, six notables shared their savvy moves with free-lance writer Susan Jaques.
Cristophe, Beverly Hills hairstylist
My best financial decision ever was to buy out my business partner five years ago and go solo.
When I moved to this country from Brussels, I wanted to align myself with someone who had knowledge of conducting business in the United States so that I could focus on the day-to-day operations.
That worked very well for about a year. In any kind of relationship, be it business or a marriage, communication is very important. My partner was located in Texas, and the physical distance made communication difficult. We were spending more time trying to communicate than we were making decisions.
I had to borrow as much as I could and put everything I had into the company. That decision has paid off and I have made my investment back some 50 times over. Being the sole decision maker allows me the freedom and creativity to operate in a less traditional, less corporate way. It also allows me to take reasonable and calculated risks. For example, this fall, I am opening my fourth salon in Scottsdale, Ariz.
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