There’s nothing more amazing then watching celebrities who died years or even decades ago continue to earn money. If we could only do half in life of what they do in death, we could be millionaires! Of course, for most, it was the financial choices made before they died that helped to keep them rich after they’ve passed on.
Let’s explore what you could do to keep earning money even after you no longer need it just like them:
#1: Work Enough in Life to Earn After Death
Whether you’re listening to a new song from Michael Jackson or John Lennon, you’re bound to scratch your head in amazement at how they’re able to bring out new music and top charts long after they’ve died. The key was working hard enough in life–and offering high-quality work–to keep people interested in what they had to offer after they died.
This has worked well for Jackson who happens to be the number one top-earning dead celebrity with gross earnings of $275 million for 2010, according to Forbes Magazine. His celebrity income was massive partly because of his widely popular musical accomplishments right before his death. It didn’t hurt that much of his older material also regained popularity.
#2: Work In a Profession that Earns Royalties
While most of us are used to earning wages based on the work we complete week by week, many jobs offer continuous income for work completed years ago. Whether you’re an actor, singer or author, you could find yourself earning an income based on a TV show in syndication, a song that still sells millions or a book that has become a bestseller.
This has been the case for Swedish writer Stieg Larsson, author of The Girl with the Dragon Tattoo, who died in 2004 before any of his books were published. In 2010, he earned $18 million in royalties by selling over 40 million copies. In addition, his work has been translated into 44 languages and has even spawned three hit Swedish movies.
#3: Make Lucrative Investments
As mentioned previously, Michael Jackson has been one of the most amazing after-death earners in history. His ex-father-in-law, Elvis Presley, was the runner-up for the title, earning $60 million in 2010 based partially on royalty payments from his music sales.
But what created an even greater income for him were his investments, which included more than a substantial number of licensing deals. He also had a huge number of merchandise deals and, of course, his historic tour-based mansion, Graceland.
The decision to invest in opportunities that would grow money down the line helps him continue his celebrity earnings to this day. You could do the same by investing so that your earnings grow even after you’re gone.
#4: Keep Up with Technology
Technology has evolved significantly over the past few decades and many celebrities (or their business managers) managed to keep up with the times enough to earn money after they died.
This is true for Dr. Seuss (Theodor Geisel) who not only continues to sell children’s books after his death in 1991, but also re-introduces his characters to the masses through new technologies like iPhone, iPad and iPod Touch apps. His businesses’ technological advancements helped him earn $11 million in 2010.
#5: Make Your Name Profitable
Once upon a time, creating a big name for yourself required being incredibly talented or simply brilliant. This was the case with Albert Einstein, whose name is now synonymous with intelligence. In 2010, a number of products attached to his name, including Baby Einstein and a Nintendo DS game, earned him $10 million.
If you want to make your name bigger than life, you could use your talents to follow in Einstein’s footprints. And if you have no talents, you could jump on the reality TV bandwagon and hope that it gives you more than 15 minutes of fame and a few extra dollars in your account.
Only the most talented and business-savvy celebs seem to pull off earning money after they’ve died. Luckily, it’s possible that with the right financial planning, you could find yourself in a similar position. So work hard and keep these financial lessons from deceased celebrities in mind.
