Stephen King is one of the most successful writers in history, having sold over 350 million copies of his books worldwide. However, what many people may not know is that he is also a savvy investor and has been able to amass a significant amount of wealth throughout his career. Today, we will explore five of Stephen King’s financial secrets, including his spending habits, investment strategies, net worth, philanthropy efforts, and plans for the future.
Financial Secret #1: Spending Habits
Despite having a net worth estimated at over $500 million, King is known for his frugal lifestyle. He has often spoken about the importance of living within one’s means and avoiding unnecessary expenses. For example, he famously drives an older model Dodge Caravan rather than a flashy sports car. Additionally, he doesn’t have a personal assistant or entourage and has stated that he prefers to handle things himself wherever possible.
King believes that managing expenses is crucial to achieving financial success. He has said that people should focus on what they need, rather than what they want and that cutting back on unnecessary expenses can help them achieve their financial goals more quickly.
Financial Secret #2: Investment Strategies
King is a smart investor and has made some shrewd investments over the years. He has a diverse portfolio of stocks, bonds, and real estate investments. He has also invested in various startup companies and has had some significant successes, including a stake in the multimedia company, Bangor News Media.
King has stated that he believes in investing for the long term and that patience is key. He advises investors to do their research and only invest in companies they believe in. He also suggests that diversification is crucial and recommends investing in different industries to spread risk.
Financial Secret #3: Earnings and Net Worth
King’s primary source of income is from his writing, but he also earns money from film and TV adaptations of his work. He has sold the rights to many of his books, including The Shining, Carrie, and IT, and has received substantial payouts for these deals.
King is estimated to have a net worth of over $500 million, making him one of the wealthiest authors in the world. Much of his wealth has come from book sales, but he has also earned significant amounts from investments and other business ventures.
Financial Secret #4: Philanthropy and Charitable Giving
King is a well-known philanthropist and has donated millions of dollars to various charities over the years. He has supported causes such as public libraries, education, and the fight against poverty.
King has said that he believes it is important to give back to the community and help those less fortunate. He has also stated that he sees philanthropy as an opportunity to make a positive impact on the world and leave a lasting legacy.
The legendary writer has even gone as far as saying that he wants to be taxed more to help the American people. “Most rich folks paying 28 percent taxes do not give out another 28 percent of their income to charity,” King said. “Most rich folks like to keep their dough. They don’t strip their bank accounts and investment portfolios. They keep them and then pass them on to their children, their children’s children. And what they do give away is – like the monies my wife and I donate – totally at their own discretion. That’s the rich guy philosophy in a nutshell: don’t tell us how to use our money, we’ll tell you.”
Financial Secret #5: Planning for the Future
Despite his success and wealth, King is still planning for the future. He has said that he intends to keep writing for as long as he can but is also preparing for retirement. He has invested in various retirement accounts and has said that he believes in saving for the future rather than spending everything now.
King advises others to plan for their future as well. He suggests that people start investing early and take advantage of retirement accounts such as 401(k)s and IRAs. He also recommends working with a financial advisor to create a personalized plan for achieving their financial goals.
“Like anything else that happens on its own, the act of writing is beyond currency,” King said. “Money is great stuff to have, but when it comes to the act of creation, the best thing is not to think of money too much. It constipates the whole process.”