Kylie Jenner Tells Wealthsimple Why She Buys Cheap Makeup and Expensive Rolls Royces

Wealthsimple is a whole new kind of investing service. This is the latest installment of our recurring series “Money Diaries,” where we ask interesting people to open up about the role money has played in their lives. Kylie Jenner is known not only as a star of the reality TV show Keeping Up With the Kardashians, but also for her blockbuster cosmetics line, her 22 million Twitter followers and nearly 95 million Instagram followers.

I never had an allowance. If I wanted to go to the mall with my friends, I’d negotiate with my mom about how much I was allowed to spend. She wanted me to have good money sense. I knew I couldn’t ask her for anything crazy.

By the time I turned 16, I was making my own money [through endorsements and TV] — enough to buy my own car. It felt so good to know I’d never have to say, “Mom, can you please just pay for this?” again. But I’m glad I wasn’t raised with the mentality that I could just buy anything I wanted whenever I wanted it. You have to have some restraint.

For example, I don’t like to spend money on jewelry. I’ve only really gotten jewelry as gifts from my mom or a boyfriend. I mean, there have been plenty of times when I spot a necklace or a ring or a bracelet and I’m like, “Wow, that thing is amazing.” But I find a way to hold myself back. No matter how much I fall in love with it, I’m not going to pay $40,000 for a watch. I’m just not going to do it.

"One day, I’ll step out of the spotlight, I think, and just live a normal life. And just because I have money now, doesn’t mean I’ll always have money."

Some of my favorite belongings are actually the things that cost me the very least. I use a lot of cheap makeup. Mascaras. Blushes. Just regular drugstore makeup. It doesn’t have to be fancy or expensive to be effective.

That’s not to say I don’t splurge from time to time. The money I spend is mostly on cars. I have six of them right now. Six is probably too many, I know. But my number one jam this summer is this cherry red Rolls Royce Wraith that I’ve been driving all over the place. What can I say? I love it.

The more money I have, the more I look to my mom for financial advice. Right now, I’ve been investing a lot of my money into buying homes. I don’t know if I’ll rent them all out or just keep some as investment properties. It’s been one of the hottest times for real estate that I can really remember. Stocks can fluctuate, but people always need a place to live.

Over the years, even as I’ve had more money available to me, my relationship with money hasn’t dramatically changed. I’ve never been the type to say, “Oh, look, I just made all this money. Now I can go spend it.”

One day, I’ll step out of the spotlight, I think, and just live a normal life. And just because I have money now, doesn’t mean I’ll always have money. It’s not a forever thing. I could lose it at any point.

These days, there’s been a lot of talk in California about raising the minimum wage, and it’s scheduled to go up soon to $15 an hour. I think that’s really important. Minimum wage workers deserve a living wage — you shouldn’t work all the time and end up broke. I work hard, and I’m really fortunate for all the success I’ve had. But everyone who works hard deserves to be rewarded.

As told to Davy Rothbart exclusively for Wealthsimple. We make smart investing simple and affordable.

Wealthsimple uses technology and smart, friendly humans to help you grow and manage your money. Invest, save, trade, and even do your taxes in a better, simpler way.

Money Diaries

"I WAS WORKING AT A VEGAN BODEGA WHEN MY VIDEO WENT VIRAL."

Awkwafina Tells Us the Money Secrets of Viral Fame

subscribe

Get the best stories from our magazine every month

Sign up for our email newsletter

  • Money Diaries

    How I was Conned by the “Fake German Heiress”

    Rachel DeLoache Williams’ relationship with Anna Delvey began over drinks and infrared saunas, but it ended with a $60,000 bill, a grand jury, and a new understanding of friendship and financial crime.

  • Money Diaries

    Michael Katchen Believes Everyone Should Have the Same Starting Line

    The founder and CEO of Wealthsimple talks about the purpose of money, the importance of canoes, and how learning to be boring was one of the most important lessons in his financial life.

  • Get Started

    Get rich slow

    Powerful financial tools to help you grow and manage your money. Get started now.

    see-more cta
  • Money Diaries

    Welterweight Champ Errol Spence Will Keep Boxing Til He Starts Getting Hit

    A lot of boxers get paydays of millions of dollars and go broke after retirement. Spence — who says he will keep earning money until people really start landing punches on him — has different plans.

  • Money Diaries

    The Founder of StockX on Living the Sneaker Economy

    Josh Luber, the man behind the stock exchange of sneakers, explains how he helped found a market index for our most transient commodity: coolness.

` `

Meet Wealthsimple

Get rich slow

Powerful financial tools to help you grow and manage your money. Get started now.

Learn moreright arrow icon

Our best stories, once a month.

Sign up for our newsletter

The content on this site is produced by Wealthsimple Technologies Inc. and is for informational purposes only. The content is not intended to be investment advice or any other kind of professional advice. Before taking any action based on this content you should consult a professional. We do not endorse any third parties referenced on this site. When you invest, your money is at risk and it is possible that you may lose some or all of your investment. Past performance is not a guarantee of future results. Historical returns, hypothetical returns, expected returns and images included in this content are for illustrative purposes only. By using this website, you accept our (Terms of Use) and (Privacy Policy). Copyright 2020 Wealthsimple Technologies Inc.

;