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

Wealthsimple makes powerful financial tools to help you grow and manage your money. Learn more

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

    She Was Living in a Shelter Six Years Ago. Now She’s the CEO of Her Own Beauty Company

    Brandi Leifso is a high school dropout, a survivor of domestic violence, and the founder of a beauty empire that’s taking the world by storm.

  • Money Diaries

    The Star-Crossed Financial Life of One of the Greatest Living Astrologers

    Aliza Kelly — author, money manifest-er — joins the occult with the almighty dollar. Here she answers the big question: What’s going to happen to the market when Uranus is in Taurus?! (We're not saying you should believe it, but we're boring data people.)

  • MEET WEALTHSIMPLE

    A new kind of financial company

    Invest, trade, save, spend, and even do your taxes in a better, simpler way.

    see-more cta
  • Money Diaries

    The Founding Owner of the Raptors Believes in the Power of Drake

    John Bitove, who led the leadership group that brought basketball to Canada, talks about NBA economics, doing basketball in a hockey town, and how the Raptors will bounce back.

  • Money Diaries

    Mike Piazza Was Successful Because You Booed Him

    The legendary catcher talks about his dad, his kids and how he didn’t feel comfortable being an introvert until he moved to New York. And yes, his money story.

MEET WEALTHSIMPLE

A new kind of financial company

Invest, trade, save, spend, and even do your taxes in a better, simpler way.

GET STARTEDright 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.

;