Tori Spelling opened up about the financial struggles she and her family presumably have. For months the reality TV star has been in the tabloids for outstanding balances on credit card bills and moving multiple times in a short amount of time.
Spelling spoke with People magazine about the reports and tried setting the record straight. Just how broke is she and are things as bad as the media makes them out to be?
When it was reported last year that Tori Spelling allegedly had an outstanding balance on her American Express credit card nearing $40,000, she said she wants “that story to go away.” She didn’t deny it, but insisted she’s not bankrupt and that her family is “not struggling,” adding, “we’re fine.”
As for sharing her financial pitfalls, Tori said she was trying to be “relatable” in how celebrities encounter their share of money difficulties. She admits that there have been erroneous choices made by herself and husband, Dean McDermott.
“We’re not perfect, we have made a lot of choices financially with real estate that didn’t work out … and that just escalated into this story about financial struggles, bankruptcy,” Spelling said. “To this day that haunts me!”
Tori Spelling said despite the negative reports, the family is “good” and she’s “healthy and finances are good.”
— People Magazine (@people) March 10, 2016
The former “90210” star says she and McDermott talk to their children about money since she didn’t have that guidance as a privileged celebrity kid.
“My husband and I work really hard. I mean, I’m constantly out there working,” she said. “It’s so important for my children to see that both their parents are working, and we talk to them about it. My kids are like, ‘It’s not fair, why aren’t you home more?’ And I explain [things] to them and we talk about money.”
Spelling said her family “didn’t talk about money a lot.” Her father – Aaron Spelling – had an estimated $500 million estate, which she only got $800K of.
“I don’t blame anyone, but that probably set me up for not knowing too much about how to handle money a little bit, and I don’t want the same thing to happen with my children, so we’re open about stuff,” Spelling says.
What about all of those articles that puts emphasis on Spelling’s family moving a fifth time in seven years? Spelling moved out of Calabasas to a 3,900 square-foot rental home in Encino that is $7,500 a month to rent.
“There is no real myth behind it,” Tori explained. “The owner wanted to sell the house, so we simply moved to a new house!”
The reality star explained that her kids are going to preschool and elementary school, so it’s challenging finding the right residence. Tori Spelling said no one should be “surprised if we move again, guys!”