Tyra Banks’ accountants forced her to spend money

Tyra Banks started splashing out on luxury purchases after her accountants urged her to spend money following years of frugal living.
The supermodel-turned-TV mogul amassed a fortune saving every dollar she earned walking the world’s runways early on in her career, and it was only after her financial advisors insisted she start enjoying some of the fruits of her labour that she indulged every once in a while.
“I was always more interested in experiences over things,” she told Money magazine. “Things didn’t make me happy. I saved, saved, saved. But I saved to a fault. About 15 years ago, my accountants pulled me aside, and they were like, ‘Tyra, you’re not spending money. Nothing. You’re just giving it away to the government (in taxes). You need to spend some damn money!'”
The America’s Next Top Model star took the advice and set up a special bank account for “frivolous” purchases, spending the funds on “stupid stuff”, including regular private plane travel.
“In hindsight, I should have bought art and things that appreciated (in value),” she said. “I was getting private planes, nothing to show for it. It was a private plane kinda moment for me.”
However, even then Tyra made sure to limit her fun funds: “I had a budget to spend frivolously for the year, every year,” she continued. “I needed that to feel safe.”
The fashion icon, who is reportedly worth an estimated $90 million (£64 million), was taught the importance of responsible money management by her mother, Carolyn London, who raised Tyra and her brother as a single mum after divorcing their father in 1979.
Carolyn always set financial goals for herself and her family, and managed to move them from a cramped one-bedroom apartment to a three-bedroom pad within two years.
“And that’s where she groomed me to become a real estate owner,” recalled Tyra, now 44. “While a lot of models were partying it up and going shopping and buying a closet of designer clothes or staying at the top hotels during fashion week, I was at the (budget hotels) DoubleTree or Embassy Suites, saving my money, and bought a house at 20 years old. (My mum) explained to me investing is super important.”
Tyra reveals she has long looked up to confident rapper Kanye West, because he refuses to “dull his own shine to make anyone feel comfortable” about his career successes.
The beauty insists everyone should have a person they can bring out their inner Kanye to – and she did that with her mum.
“I was Kanye with my mama,” she shared. “I was able to come to my mama and say, ‘Look, I’m on the cover of this! I’m all that! We’re doing this thing! I made $5,000 on this job. We’re going to make $10,000 on the next job! Bam bam bam!’
“To say it, to dream it, so it can be true – you can’t do that with everybody, because they will think you’re totally narcissistic and insane. But you need those people in your life that you can be unfiltered and dream big with.”
Tyra and her mother have teamed up to write a new memoir, titled Perfect is Boring.