Here’s a face we can’t ever get tired of. From Disney to music and the business world, it is a privilege to write about her. Selena Gomez has been a favorite for ages. She went from being that child star to building an empire that has been valued at almost a billion by some sources.
Like other celebrities, Selena Gomez’s net worth isn’t set in stone. It varies according to sources. Bloomberg estimates her to be worth $1.3b, of which a large chunk is attributed to her business, Rare Beauty, a cosmetic brand. For Forbes, however, she’s estimated to be worth $700m as of 2024. Million or billion, however, how did she get so wealthy? Let’s dive in.
Sources of Income
1. Rare Beauty
Rare Beauty is a beauty/cosmetic brand. It is the rock behind her highest net worth. She launched this brand in 2020 on a mission to be inclusive and cater to mental health through awareness. By 2024, the brand had made $400 million in sales.
Rare Beauty is now said to be worth up to $2b, of which she owns more than 50%. This was how Bloomberg got their estimate. Rare Beauty has an arm (Rare Impact Fund) that is dedicated to her mental health mission.
2. Movies
Movies were her first shot at the limelight, and there were no misses. Selena has done everything from acting to producing. She has been a beloved media face since she was a child. She has been starring in movies since her childhood, her first being Barney and Friends. Since then, she has appeared in other shows like Disney’s Wizards of Waverly Place, Hulu’s Only Murders in the Building, The Dead Don’t Die, Monte Carlo, etc.
More than acting, she has stepped into the shoes of producer/executive producer. She was the producer of the blockbuster, 13 Reasons Why. With films, she has gained an audience, fame, profits, and royalties.
3. Music
While you may not know Selena the business owner or Selena the actress, you definitely know Selena the musician. Her biggest source of income is now her business, but in the earlier days, it was music.
Selena is “that” musician, and she has financial evidence to prove that. She has released several albums and songs. Her prowess in music has earned her touring rights. Who doesn’t want to see Selena?
Ever wondered where musicians got the money from? Tickets, streaming, royalties, merch, and sponsorships. Music alone, however, didn’t bring her to this financial stage of her life. Her business is the biggest boy.
4. Endorsements
It is little wonder that someone as big as Selena has an active social media life that has a huge followership. That alone is a source of income. She makes money out of social media through sponsored posts and brand deals.
With her millions of followers, she definitely knows her worth and how to make the numbers count and translate into her bank account. She is the face of major brands, businesses, and even campaigns.
5. Assets and Investments
Her venture into business says one thing about her – she is a smart money woman. She knows wealth is more than what turns in, luxury, and destinations. She is building generational wealth with assets that are translating into a source of passive income.
Her most seemingly disclosed investment is real estate. She is said to own properties across California and its environs. Selena and her husband also purchased a multi-million dollar estate earlier this year.
She likely has other investments that are not public.
Giving Back
You know how they say a good name is better than money? She has other ventures that might not translate to money, but they give a good image to her brand.
She has a start-up (Wondermind) that she co-founded recently with her mother, which is geared towards helping people’s mental health. It has been said not to make much, but we see the thought behind it.
She also puts some of her business income into philanthropy through her Rare Impact Fund. One thing is certain about Selena. It’s never just about her. She gives back to the people who made her a name – her fans and her community.
Financial Challenges
There’s a reason money is graphed. We’ve seen some where it scales up, and some that go the downward slope. It’s only natural to have ups and downs in finances, no matter how wealthy one is. Let’s take a look at some of the challenges she has faced in her finances.
Some may not necessarily be challenges, but the parts of her wealth that people don’t think about. Let’s begin with the fact that a large part of her wealth is on paper.
What this means is that if the biggest source of net worth is her business, then she doesn’t particularly have access to all of that money. If Rare Beauty does not give dividends or the valuation drops, it means that it doesn’t have easy cash lying around.
Another challenge is the businesses that are not high performers. Take Wonderland, for example; if she’s putting in so much to build it and run it but isn’t getting returns, it drastically reduces the value of her net asset. We should also take note of taxes and unavoidable liabilities. These may not be known to the general public, but they largely suck from what her perceived net worth is.
We already spoke about public image. For celebrities, who they are is hugely important because of their fan base and popular opinion. People often say all publicity is good publicity, but in the real sense, bad publicity highly affects their returns. Because of public opinions, differing sentiments, or misdeeds, a celebrity’s life can quickly take a downturn overnight. For someone whose career is built on people who might have shifting loyalties, a little image damage will lead to a potentially great loss of wealth.
Lessons to Learn
Oh, you cannot be satisfied with where you are! That’s one key message from Selena’s life. She would’ve lived a very luxurious and comfortable life with her music and acting, but she said, “There’s more, and I want it.” That birthed her business venture, and look how far she has come now. Whether you agree with her billion or million net worth, it’s obvious that she’s one of the wealthiest and even youngest in her industry. Isn’t that laudable? Diversify!
Another message will be to do the most with every opportunity that is presented to you. Build a brand that stands the test of time and leverage it. Lastly, like Selena, be an intelligent investor. Be bold enough to take wise risks, what if it goes excellently well?
More than in America, Selena’s fame has spread across the world. Today, we can read about her being not just an entertainment icon, but a business mogul. She’s that woman!
