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- Tiffany Haddish made financial mistakes in her youth, but a bit of budgeting advice changed that.
- She was advised to write down every dollar she spends, then look back on it and make changes.
- Now she's hosting "Hotline Cha-Ching," a show where she gives out financial advice to young people.
- Read more stories from Personal Finance Insider.
Tiffany Haddish found mainstream success with her breakout role as Dina, the filter-free member of the "Flossy Posse" in 2017's hit comedy film "Girls Trip," and she hasn't slowed down since. She followed that up with her stand-up comedy special, "Tiffany Haddish: She Ready! From the Hood to Hollywood" on Showtime.
The comedian then became the first African American female stand-up comic to host the venerable sketch comedy show "Saturday Night Live," a gig that nabbed her a Primetime Emmy for Outstanding Guest Actress in a Comedy Series. And earlier this year, Haddish picked up the Grammy Award for Best Comedy Album for "Black Mitzvah." It's a stream of success that has earned her millions.
Tiffany Haddish says she's made some big money mistakes over the years
But Haddish hasn't forgotten her early days, which included stints in foster care, and difficult times where she was "homeless, hungry, scared, and hurt." At one point, things were so dire she had to donate her eggs to make ends meet. The South Central Los Angeles native also doesn't shy away from discussing the poor financial decisions she made in her youth.
"Getting a credit card and not knowing how credit cards work, buying stuff I couldn't afford and not having enough money to pay it back, thinking overdraft protection was like they're looking out for me — that's bad moves," she told Insider. "Don't spend more than what you've got. I had to learn the hard way."
The advice that's helped her get on top of her financial life
To help get her back on track, Haddish followed a piece of advice that has stuck with her throughout the years: document everything.
"If you spend money, write it down. Every time you spend some money, write it down. And then you'll be like, 'Oh, wait.' You'll be more conservative. When I received that advice from someone older, they were like, 'Every time you spend money for the next three days or the next week, just write it down, and then you'll see how much money you spend. Then you can start re-budgeting.' It helps a lot."
"I wish I would have known that you could use other people's money and both of you grow in the process, like when you make investments and stuff," she added. "I wish I would have known that no matter how old you are, you can buy a house."
She's finding new ways to share her hard-won financial advice
Now, Haddish wants to help others get their money right and avoid the financial missteps she made. She knows that conversations surrounding finance can be tough and uncomfortable, so Haddish is teaming up with media company ATTN: and consumer fintech Chime to produce a series of informative videos making financial literacy approachable and accessible for the younger generation.
"I want them to save their money, have an understanding of what interest rates are, how you can grow money, and how you can get the money to work for you instead of you working for the money," she said.
"Hotline Cha-Ching" features the actress drawing upon her own experiences to dole out advice on a myriad of topics including budgeting, salary negotiations, and setting up your financial future. Haddish also answers questions from the public via the 1-800-Chime-Line in every episode. The series, written by ATTN: and co-produced by Haddish, is infused with the humor and relatability that have defined the comedian's career.
Haddish said her passion for financial literacy comes from a desire to create generational wealth for her family. Better decision-making has also allowed her to provide care for her mother, who was institutionalized after a serious car accident, and her grandmother, who has Alzheimer's disease. But even with a best-selling book and new projects on the way, like the biopic about Olympic Gold-winning track and field legend Florence Griffith Joyner that she is set to star in and produce, Haddish still doesn't feel completely financially secure. She still uses money hacks in her everyday life to save.
Haddish has famously eschewed the celebrity trend of not being photographed in the same outfit twice by wearing the $4,000 Alexander McQueen dress from the "Girls Trip" premiere to the 90th Academy Awards in 2018 and to perform her "Saturday Night Live" monologue. She also flies commercial using her frequent-flier miles.
"You ain't never safe! Somebody's always going to try to get your stuff," she joked. "So I'm always up for making grub. And by somebody, I mean especially Uncle Sam."
And while she is generous with her money management advice, Haddish is mindful about recklessly dishing out cash.
"I don't give out handouts. But what I will do though is help you find a job so you can get your own money so you don't be feeling bitter towards me. If I learned one thing about money it's don't hand it over to nobody just giving it to them for nothing because they will resent you for it later," she told Insider.
Plus, holding on to her money means that there's more stashed away for retirement.
"I'm trying to create something so when I turn 55 or 60 I don't have to work no more," said Haddish. "I'm not about to spend it all up right now. I plan on living to at least 75. I need some money to play with."
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