From scrolling through celebrity net worth headlines to chasing influencer lifestyles on social media, society’s fascination with fame and fortune is hard to ignore. But according to James Taylor Davis, Partner at The IronGuide Group at Meridian Wealth Management, this obsession could be distracting us from the most important financial story of all: our own.
“We’ve always been obsessed culturally with Hollywood and movie stars and politicians and leaders all across the world,” says Davis. “They have so much attraction and charisma that we just can’t stop looking at them… how wealthy are they, how successful are they? But I think even more than that, we have a bigger obsession with the failures, the celebrities who squander their net worth or who aren’t good stewards of the net worth that they have attracted and accumulated.”
Spectators’ vs Participants
For Davis, the cultural fixation on celebrity wealth reflects a deeper issue: too many people remain passive observers in their own financial lives.
“I always think about Teddy Roosevelt’s man in the arena speech. We, as people, get to decide if we’re going to be people in the arena or if we’re going to be spectators… Simply being spectators isn’t a very healthy way to be.”
He warns that time and opportunity can quietly slip away while people wait on the sidelines. “There’s years and years of people pass by and lose in the markets by not being involved at all, not participating, by just simply being a spectator. I think that’s a very regretful way to live.”
Wealth Is Not Just for the Rich
Despite the imagery of extreme wealth often attached to celebrity and CEO lifestyles, Davis argues that building significant wealth is achievable even for average earners.
“It’s the power of compound interest and time,” he says. “People who have an average salary, no matter where they are in the world, I believe, can become massively abundant from a wealth perspective and have great financial freedom if they start early enough, and they let the market work for them.”
He adds that time is the single most valuable variable. “You often find that [wealthy individuals] started that journey very, very young… it takes time for that to compound.”
From Net Worth Envy to Strategy
Rather than marvelling at celebrity fortunes, Davis advocates using them as case studies.
“I believe that success leaves clues. And so, I like to study those people… not to just marvel at their success, but to study what they’ve done and how they did it, because I believe a lot of it is replicable.”
But building wealth requires more than insight, it takes planning and discipline.
First Steps Toward Financial Freedom
Social media has fuelled comparison culture, Davis warns, making people more likely to spend based on appearances rather than long-term goals.
“The first step somebody can do is either work with an advisor or do a lot of the hard math yourself, but calculate: what am I going to need to support myself in the future financially? I like to think about the age by which you could work because you want to, but not because you have to.”
He adds: “Reverse engineer. What do I need to start putting away now based on average rates of return? The mistake that a lot of people make is they spend whatever they want to and they invest whatever’s left over. I think we need to reverse that.”
Why Investing Is Non-Negotiable
Whether through the stock market or real estate, Davis says investing is the only way to truly grow wealth over time.
“It is absolutely vital. There’s no other way, in my opinion, to outpace inflation. If somebody’s just saving cash in the bank, that money is dying a slow, painful death to inflation.”
A Guide for the Journey
Davis underscores the importance of professional support, especially early on.
“All great journeys require great guides, and the financial journey is a tough one,” he says. “I meet lots of people who’ve made lots of mistakes. And I often think, man, if I could just go back in time, I could have easily helped protect them from that mistake.”
“Build a good relationship with a good adviser because ambiguity leads to all sorts of anxiety. But when you have a plan in place, it roots out any ambiguity.”
He also stresses the value of expert planning in later life, especially around income withdrawals in retirement.
It’s Never Too Late
What if you’re starting at 45 or 55?
“Never give up,” Davis says. “You can almost always catch up and at least fund a decent bit of your retirement and your financial freedom lifestyle. It may take more sacrifice, but I’m never going to be the person who says, ‘It’s over for you.’”
While he encourages people to consume financial media and self-educate “I read The Wall Street Journal every single day. I watch CNBC every single day,” he warns against blind trust in robo-advisers and DIY platforms.
“They lack a lot of contexts to that individual person. One person told me their platform said they were all good for retirement but when we ran the plan, it didn’t factor in inflation, or what they were going to spend on a wedding, or long-term care.”
The Truth About Celebrity Net Worth
Many people don’t realise just how much of a celebrity’s income never hits their bank account.
“You see someone made $20m but after California taxes, 10–20% to agents and managers, 10% to lawyers and CPAs… they might end up with six or seven million.”
The smartest celebrities, he says, don’t splurge, they invest. “They’ll take that money and go invest in the market or private businesses; they’ve created multi-generational wealth.”
Wealth Is a Mindset
The biggest myth, according to Davis? That wealth is reserved for the lucky or the gifted.
“People need to stop believing that it’s just unattainable. I think every person has it within themselves to be a person who attracts wealth in their life,” he says. “Aligning your mindset with a wealthy mindset is a choice.”
“If you choose to have a limited mindset, you’re going to have a limiting life.”
Getting in the Arena
Moving from observer to participant is a conscious decision and one that requires courage.
“You have to make a choice: I’m no longer going to be a spectator. I’m not going to worry about what people think or who doubts me.”
Davis encourages everyone to make that leap. “Get in the arena. You’re not going to live forever, and you don’t want to look back and regret being a spectator.”
One Step Forward
For anyone feeling lost or stuck, Davis offers a simple place to start. “Call someone. Call me. I’ll talk to anybody,” he says. “Sometimes all you need is a stranger to just help. My life has been changed by small talk conversations in airports, hotels, political events.”
And most importantly, don’t let fear paralyse you. “Everything we want in life is on the other side of the fear and anxiety we’re facing. If you’re facing financial fear, the way through is with a plan, a strategy, and a purpose.”
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