Don’t be fooled by the glitz and the glamour-Kimora Lee Simmons knows how to handle
Don’t be fooled by the glitz and the glamour-Kimora Lee Simmons knows how to handle her business. In 2004 Kimora and ex-husband Russell Simmons sold the rights to their Phat Fashions brand to apparel giant Kellwood for $140 million with Kimora walking away with a sizable cut of the deal. She continues to make money from her shoes, jewelry, cosmetics and perfume lines.
Though it’s no secret the pregnant mother of two has no problem spending money, she also knows how to manage it telling ESSENCE magazine, “It’s important to live within your means, not beyond them. If you’re bringing home $100 a week, you should be spending well within that limit.”
Multimillion Dollar Lesson: Pay yourself first. “I’m a big believer in building a nest egg for yourself,” Simmons explains. “If you have a dime, pay yourself 2 cents before you use the other 8 cents for something else."