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Heidi and Spencer Blew Through 10 Million Dollars

  March 4

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heidi and spencerI don’t know if any of you remember Heidi and Spencer Pratt. They are reality TV stars who were on the show The Hills a few years back.

Just to jog your memory, Heidi famously got 10 different plastic surgeries in one day, and like many young celebrities, the two of them had fancy cars, a fancy house, and treated all their friends to ridiculously expensive meals at high end restaurants around Hollywood.

Well, I recently came across an interesting interview with the two of them where they just flat out admit that they blew through 10 million dollars in just a few years.

They aren’t broke because they have had a few celebrity appearances and have been on other shows, but they are no longer living the lifestyle they once had.

I kept digging around about this story since I found it to be bizarre, and it was almost remarkable how candid and also cautionary their comments were.

Maybe they’re just trying to rustle up some press and get paid for some more interviews because of their situation, but they really didn’t have to be so honest.

For example, they admitted to acting like Jay Z and Beyonce. They talked about always having to have the latest BMW every single year instead of buying something sensible like a car from John Hughes Hyundai. They said they spent $60,000 just to take a private jet places so that their 4 dogs could travel with them on the plane!!

Another interesting comment they made was their claim that they “gave it all away.” Lest you think this meant they donated to charity, they actually clarified that they let friends borrow money, they bought friends expensive meals, and Spencer even said he gave a wardrobe worth tens of thousands of dollars to a friend who wanted to make it big as a Hollywood real estate agent and wanted to look the part.

I obviously don’t really feel sorry for them because they dug their own grave, but I really, really cringe when I think of how young they are (my age) and how much money that could have been 40 years from now. Even one million of their 10 million put away properly in their early 20s would have had them completely set. It’s sad that they were so uninformed, so caught up in Hollywood culture, and so intent on impressing their friends that they missed out on a very secure future.

What do you think of this story? Why do you think they’re going on national news and admitting all of this?

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29 responses to “Heidi and Spencer Blew Through 10 Million Dollars

  1. I totally remember both of them from The Hills. What I remember is that Spencer was a total jerk and Heidi almost always did what he asked. It is not surprising to hear that they blew through a ridiculous amount of money in a short period of time. The opportunity for financial security was right in front of them but they let it slip through their fingers. Give me one of their millions and I know exactly what I would do with it.

    1. Amen! Also since you brought up that Spencer is a jerk, apparently he was *forced* to be a jerk and according to him, he is really super duper nice in real life. Mmmmhmmmm 😉

  2. Really? I hadn’t heard that. I guess often producers mold characters into what they want him to be. Nice guy or not that is some serious money to burn through.

  3. I can’t stand reading stories like this. For people like me, just making around 30k and just getting by, it’s hard. I work VERY hard for my money and slowly start to feel like things are improving. It seems some people are rewarded with riches for nothing, then end up blowing it! Think of all the good in the world and change that could be made with 10 million dollars?

  4. It’s sad to see such stories, but they pretty much occur everytime someone wins a large amount of money they can’t handle. I guess earing it teaches you how to spend it, in a way.
    I liked your remark about putting away the one million, I never really thought about that. I’ll keep the rip in mind if I shall ever get to there 😀

  5. I think I remember seeing this article and being so sad for them – well, Heidi mainly. The whole dynamic between her and Spencer on the show (and I assume in real life), then she transforms herself with all of those plastic surgeries, and they lived a lifestyle they couldn’t sustain. It mainly makes me sad for where they will be in 10 (or even 5 years). Probably divorced, broke, and Heidi will get a huge payout to do porn….so sad

  6. I heard they actually spent millions trying to get Heidi’s singing career off the ground and it simply failed. It’s really too bad to see them blow through their money but they probably thought everything they touched turned to gold, which it clearly didn’t’.

  7. Ahhh, the good ol’days of Laguna Beach and The Hills. 🙂 I always could not stand Heidi and especially Spencer, but I agree they didn’t have to be so honest. And it is really sad how caught up in Hollywood’s culture they got. Hopefully, they have truly learned their lesson and any new money they gain will be put to better use!

  8. Oof, that’s painful. If someone gave me $1 million, it would go straight into savings and retirement. (Well, maybe minus $10k or so. I could do a lot of awesome travel on $10k…)

  9. I remember them and think they are both idiots! They could have earned a nice living by just stashing away that money and earning sweet dividends. I could live off that now and not have to work with just the right investments.

  10. It is interesting that they claimed to be just like “Beyonce and Jay Z” because I met someone recently who knows Jay Z personally. We were talking about financial fitness and he said that there was no way that Jay was because of the way he spent. He then stated that Jay would love to stop touring, but can’t because he can’t support his lifestyle otherwise. I think he has tried to retire twice now and it is not because he can’t keep away from the spotlight that he keeps coming back, so people need to beware of copying this lifestyle.

  11. It’s amazing how many people manage to lose a whole boatload of money extremely quickly. Like you said, $1M left to grow for a few decades is a whole lot! It’s not the most luxurious lifestyle, but a 4% return on the 10M is still 400K to live on, and more if you just keep adding to your principle. They could have been WELL set for life!

  12. Well, when you’ve lost all that money, what else do you really have to lose? Might as well tell the truth… Plus, being reality tv stars, you profit off of kinda sorta being “real” (okay, well… “tv real,” which may not be real at all) and sharing your “secrets.” I’m sure there are probably some ulterior motives behind it, but I respect their transparency.

  13. Not that surprising, sadly. But even more so is that they’re still together?? Or are they not anymore?

    Those crazy kids…

  14. I think this is really really far more common that people think just not to this extent. Even in the book The Millionaire Mind, the author cautions against living in an expensive neighbourhood. There is such a thing a keeping up with the Jones even if you don’t think you’re the type. Humans crave acceptance sometimes more than love and everyone wants to think they’re stronger and won’t cave in. You just start to do what your neighbours and friends do. I bet 95% of people think they wouldn’t end up like Spencer and Heidi but I bet about 50% would. Two thirds of Americans are overweight, no one wants to be overweight but it often just happens a little at a time and people start rationalizing and justifying their decisions. Same with finances! Maybe not financial blog readers though! lol

  15. I never watched them on their shows, but I remember thinking how shallow they seemed, which may or may not have been an act. I think it’s no different than professional athletes who go broke right after their career is over. People just think the money is going to keep on rolling, but I can’t imagine how you could blow through 10 million. They really deserve to have to go work as waiters or something.

  16. Well, many people will do this, when getting into money, if they don’t have the ‘basics’ in money management. This is why most lottery winners and sports/celebrities go broke within years. Earning money is not always the key to success, managing it properly is.

  17. I never watched The Hills, but I remember hearing about those 2 quite a bit. I guess I don’t understand how you can spend that much in just a few years. I would have absolutely idea what to do with that much money. Besides, just because you can spend it, that doesn’t mean you should…

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