Taking Ownership & Funding Your Values: The Celebrity School of Wealth Management

If there are two names you may not have expected to see in financial media, Dolly Parton and Tim Curry might be it – but they should be. 

Both did life and wealth extremely well; it’s hardly a stretch to say that. They made money doing something they loved, they managed it astutely and they were extraordinarily generous with their time and money on some truly important causes. 

While many investors may not ever see even a fraction of the wealth either generated, there’s plenty to learn from how these two different but colourful celebrities planned their wealth and estates. 

Lesson 1: Invest carefully 

It’s one thing to earn income from doing something you are passionate about – in this instance, writing, singing and acting – it’s another thing to know what to do with that income beyond spending it. 

Both Parton and Curry had careful real estate investments.  

Parton purchased a 50% stake in the Dollywood theme park and also bought a commercial property that included a strip mall and office complex in Nashville. She also invested in hospitality and entertainment attractions and venues. 

Curry was known for purchasing several residences in Los Angeles over the years and renovating them for sale. Christina Ricci purchased one of the houses he restored. He took solid properties in good locations and took the time to bring their value up.  

While neither is known particularly for investing in the share market, they did invest in things they knew and understood which can be equally applied to other types of investing.  

Lesson 2: Know the value of your investments  

Understand the value of your investments and hold to that – unless you really need to sell at a loss because you urgently need liquidity, hold on for something better. 

Parton is known for holding full rights to her music – both that she sang and those she wrote for others. She founded her own publishing and production companies to hold the copyright to her songs and to develop TV and film. Just think of the famous story about her rejecting Elvis only to have that decision pay off tenfold when Whitney Houston covered “I Will Always Love You” nearly two decades later. 

Parton was also particularly savvy in appreciating the value of brand and licensed her name out to a range of consumer products, such as beauty, dog accessories, wine and clothing. A strong franchise is a competitive edge and her choice of consumer products aligned with her brand and made sense as extensions – it’s something to consider when selecting company shares to invest in, in terms of how they leverage and extend their branding. 

Lesson 3: Diversify and take measured risks 

Neither Parton nor Curry was a one-trick pony – this meant they had varied income streams and opportunities. 

Curry, for instance, worked in multiple genres and fields across music, acting and voiceover work. Think works ranging from a Muppets movie to horror films and working on stage in productions like The Pirates of Penzance.  

He also took selective risks, with The Rocky Horror Picture Show famously a massive failure at its initial screening, only to build over time into a cult classic. This is before we consider his real estate renovations. 

This diversity allowed him to pivot after his stroke and focus on voice acting instead. 

Lesson 4: Know your ‘why’ and build it into your strategy 

Why do any of us invest? There are many reasons. 

For Curry and Parton, philanthropy was a big part of their ‘why’ and it helped structure their finances.  

Parton had a strong focus on literacy and education, given her own challenging start to life, and this was reflected in deliberate choices like the Imagination Library and the Dollywood Foundation. She was also known for her interest in healthcare – donating a significant amount to research during the COVID-19 pandemic (which supported the development of the Moderna vaccine) and ongoing support for children’s hospitals and cancer and paediatric infectious disease research. 

She was also known for stepping in during natural disasters. 

Curry was known for his advocacy for LGBTQ+ rights, the Entertainment Community Fund and HIV/AIDS causes, and he established the Tim Curry Endowment for Youth Writing Programs Fund through the Midwest Writing Center to support young, emerging authors. He supported and hosted fundraisers for these causes, as well as donating his time, money and memorabilia to help raise money. 

For investors wanting to have ongoing philanthropy as part of their strategy, the lesson to take from Curry and Parton is to consider investments with recurring revenue streams that can offer support for years to come, trust structures that last beyond your own lifetime, causes that you genuinely believe in and that your own time is also valuable. 

Lesson 5: Estate planning is important 

While the details of both Parton and Curry’s estates are private, it’s worth noting that Parton was particularly vocal about the importance of estate planning. 

“If you haven’t made those provisions, do that. You don’t want to leave that mess to your family for people to have to fight over. You need to take care of that yourself, even if it’s a pain… and it is,” Parton said. 

It is assumed that her fortune will be split between her family and her charitable enterprises.  

Regardless of your age, some basics you need for estate planning are a Will to outline where you want your assets to go, a Power of Attorney (a trusted person to handle your decisions if you are incapacitated), an Enduring Guardian (to handle medical decisions if you are incapacitated), and up-to-date beneficiary nominations on your superannuation fund. 

As part of this process, it’s valuable to take the time to make a complete list of all your assets and debts. You can work with legal and financial experts to build this and should review the documentation regularly. 

Australian investors looking to include charity beneficiaries in their estate should consult an expert on the options, such as leaving a percentage of the estate, a set amount or a specific asset.  

Or you may want to follow in Curry and Parton’s footsteps with scholarships.  

This can be done with an endowed fund where a principal amount is invested and the interest/income from that principal funds scholarships. Such a structure needs to be set up with a legal expert. 

A lesson for life: be true to yourself 

While very different personalities, both Parton and Curry showed the importance of being true to yourself in your life and how you manage your money. They were passionate about their interests, had quirky and colourful personalities and made astute decisions about their careers and their money. 

To sum up: be loud and confident, invest carefully in what you know and understand, occasionally take calculated risks, and nurture your own talent and that of others. That is the path to both spiritual and physical wealth. 

Or to quote the greats: 

“Find out who you are and do it on purpose.” – Dolly Parton 

“Don’t dream it, be it.” – Tim Curry as Dr Frank-N-Furter, The Rocky Horror Picture Show 

What lessons have you incorporated from celebrities into your investments? Share your favourite ideas in the comments. 

Disclaimer: This article is prepared by Sara Allen. It is for educational purposes only. While all reasonable care has been taken by the author in the preparation of this information, the author and InvestmentMarkets (Aust) Pty. Ltd. as publisher take no responsibility for any actions taken based on information contained herein or for any errors or omissions within it. Interested parties should seek independent professional advice prior to acting on any information presented. Please note past performance is not a reliable indicator of future performance.