Reese Witherspoon shared the financial wisdom that she has gained after past missteps.
During an appearance on the “Aspire with Emma Grede” podcast, the 49-year-old Oscar-winning actress, who sold her production company Hello Sunshine for almost $1 billion in 2021, recalled that she “learned about money from doing things wrong.”
“I do not know a woman who doesn’t have a disaster financial story in her past,” Witherspoon said.
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She continued, “Whether it’s her, her best friend, her sister, her mom, her grandma, her auntie … She lost all her money, or she got divorced and she got stuck with the bill.”
“Debt,” Witherspoon added. “So debt.”
Witherspoon, who made her film debut at age 14, saw her income begin to climb in her early 20s while successfully transitioning from child actress to bankable Hollywood star. At age 23, she married another young actor on the rise when she and her “Cruel Intentions” co-star, Ryan Phillippe, then 24, tied the knot in June 1999.
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Witherspoon gave birth to their first child, daughter Ava, three months later. The former couple welcomed son Deacon in 2003 before finalizing their divorce in 2008.
In 2001, Witherspoon earned her first multimillion-dollar paycheck when she starred in the hit movie “Legally Blonde.” After the success of her next two films, 2002’s “Sweet Home Alabama” and 2003’s “Legally Blonde 2: Red, White & Blonde,” Witherspoon became one of Hollywood’s highest paid actresses.
Looking back, Witherspoon admitted that she was inexperienced with money when she first became wealthy, which led to financial mistakes.
“A lot of what we learn is one course — three days in high school. We’re lucky if you get three months,” Witherspoon said. “And that was the end of my financial learning. And then I became this woman. I was making money, and I was a young mom and I did not save correctly.”
While Reese said she was “fine” financially, she acknowledged that she “didn’t invest properly.”
“I’m completely fine and I did well, but I could have done amazing if I had learned a few things, and a lot of them are mindset,” she said.
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The “Walk the Line” star went on to share the best financial advice that she had ever received.
“Don’t get into debt,” Witherspoon emphasized. “Do everything you can to not get into debt.”
“And pay off those credit cards or don’t spend the money like it’s yours,” she continued. “It’s not yours, girlfriend. And that was a really good piece of advice.”
“Don’t ever let somebody control you with money,” Witherspoon added. “Somebody says, ‘I’ll take care of it, and I’ll take care of you, and I’ll take care of this.’ That person could leave, that person can hurt you. You always keep your job. Your job is your life insurance. My mom used to always say that to me.”
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During her podcast appearance, Witherspoon explained that her grandmother also faced financial struggles and her family’s experiences motivated her to help other women gain financial literacy.
“I have this past of women not being taken care of financially,” Witherspoon said. “Literally, it’s living inside me so, so deeply and that’s why I have a passion for helping women understand and also demystifying it.”
