January 07, 2013 10:05 AM by Megan Wilson
While Mama June may be scared of Mayonnaise, she’s not scared of money. June, the mother of Alana Thompson (also known as Honey Boo Boo), has taken some sound financial advice by setting up trust funds for her daughters. While they don’t get paid a ridiculous amount for their show, they are definitely setting the Thomson girls up for the future!
A trust fund, in short, is an account that is overseen by an administrator. The funds can be invested (Depending on state law), or they can simply gain interest. When the trust fund is originally created, rules are put in place that dictate how the money can be used. In the Thomson’s case, the funds may not be touched except for school or medical needs.
June admitted that the Thompsons get $15,000-$20,000 per episode, and the family doesn’t even see the check-it goes directly into trust funds for each child: Alana (Honey Boo Boo), 7, Lauryn, 12, Jessica, 15, Anna, 18, and baby Kaitlyn. I, for one, have always wondered what the family was doing with the funds they received from the show. And I have to say I am impressed!
June maintains her couponing, low budget lifestyle, and says things will remain that way. She says that their family lives off not only a small budget, but her husband’s income as a contractor. June also says you’ll never see her living above her frugal means.
To be honest, I’m very impressed. While many celebrities succumb to financial problems (Speidi, Octomom, and Lilo, just to name a few) it seems that the Thompson family is playing it incredibly smart. More power to them!
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Photo Credit: CNN
Topics: Here Comes Honey Boo Boo, TLC Reality TV Shows, Toddlers & Tiaras |
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