Far out Friday: Justin Bieber financial adviser?

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An American site has named Bieber as their “best celebrity financial strategist” of 2013, and given readers four reasons to use him as a financial adviser.

Along with ‘he makes informed financial decisions’ and ‘he’s not afraid to be frugal’, they stated Bieber ‘knows how to grow money’, and ‘his lavish items are still economical’.

Bieber allegedly grew his money by producing a biopic Never say Never, and a fragrance called Someday.

And that economical item would be his all-chrome sports car – which is a hybrid.

Bieber is taking his new advising role seriously and is trying to encourage every-day teens to spend responsibly.

He has partnered with Billmyparents – responsible teen spending company – to release a new prepaid debit card, which he will promote to his 48m Facebook fans and 30m Twitter followers.

BillMyParents CEO Mike McCoy said in a press release that Bieber's star power will help the company "empower countless families with teens to think about responsible spending in a new and better way."

Bieber will also be producing videos about financial literacy for the company.

GoBankingRates.com gave him their “best strategist” prize, but the truth is that though Bieber is known for being in-touch with his fan base, he could not be more financially removed from the world of the kids the card is targeting, said WSJ Market Watch’s Chuck Jaffe.

“At over $50 million a year in income, a $250,000 house would make less impact on Bieber’s finances than the cost of two tickets to one of his concerts would to the median American, whose income is just over $26,000,” Jaffe said.

The card will have a monthly fee of $3.95, plus 50c per balance inquiry at an ATM and $1.50 per withdrawal.

 

  • Neil Salkow on 11/01/2013 9:50:10 AM

    So let me get this right... Paying close to $50 a year in bank fees is making a smart financial decision?

  • ken cheers on 11/01/2013 3:54:10 PM

    Oh My! seriously?

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