“Most of my clients blow money on pretty standard stuff: the fancy cars, the house, the home renovations, the clothes, the shoes”
Photo: Douglas Kirkland/Corbis via Getty Images After rising through the ranks at a Hollywood business management agency, Kristin Lee founded her own accounting firm, KLBM. Today, the 35 year-old manages finances for mix of high-level artists and entertainers — actors, recording artists, producers, writers, and athletes with personal net worths ranging from $1 million to $50 million .
Overspending can happen so fast. Most of my clients blow money on pretty standard stuff: the fancy cars, the house, the home renovations, the clothes, the shoes, feeling the need to add extra personnel or production to things. They like to hit their Soho House and their clubs and treat everybody. I recently got an Amex bill for one of my clients who had spent more than $3,000 in one night at 1 Oak.
I’ve had clients fight me when I say that they can’t afford something. In those cases, I will insist that they put it in writing. I will ask them to email me so that I can write back to say that I think their decision is unwise, because I’ve got to cover myself. I don’t want to end up being in the news, like, “My business manager let me spend all of my money,” when I didn’t.
I try to make clients take ownership of their money. I’m big on communication. I’ll say, “You spent $6,000 on Ubers this month. If you keep doing that, you’ll spend $72,000 on Ubers this year.” It’s not about shaming anyone. It’s just about helping them take a step back and think, Okay. Where would I rather be spending this money? Or maybe I’m okay with this expense, but I need to cut back somewhere else.
Sometimes I do need to intervene with a client and say, “Hey, business aside, as a friend and someone who cares about you, I think you’re making some bad life decisions right now. Maybe it’s time to make some changes.” I had to stop working with a client after having that conversation with him. He decided to step out of the entertainment industry for a while and focus on himself and his health. I was like, “I think that’s great,” and we parted ways. So it was a positive thing, overall.
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