Miley Cyrus still remembers the first purchase she ever made upon making “a little money.”
It was “a black perforated Alaia belt,” Cyrus, 32, told The New York Times in an interview that published on May 31. “I do still have it, and that’s why I’m so emotionally attached to Alaia.” Perforated Alaia belts currently run for $850 to $1,750 each, according to the French design house’s site.
Cyrus, who wore a custom crop top and skirt made by the brand at the 2025 Met Gala on May 5, is perhaps best-known today as a three-time Grammy-winning recording artist. But she first attained public recognition and wealth as a child actor — playing the titular character on the Disney Channel’s TV show, “Hannah Montana.” The show first aired in 2006, when Cyrus was 13 years old, and ran until 2011.
Cyrus’ affinity for high-end fashion hasn’t gone away: In December, she purchased a vintage Bob Mackie dress at auction that was previously estimated to sell for up to $8,000, according to the Hollywood Reporter. (The actual price Cyrus paid remains undisclosed.)
Clothing is a popular choice among newly minted celebrities, looking to spend their first big paycheck. NFL star Travis Kelce spent around $10,000 on a limited edition pair of Nike Air MAGs, he said on his “New Heights” podcast, in an episode that aired in May 2023.
“Saturday Night Live” star Bowen Yang bought a pair of Gucci shoes with his first paycheck from the TV show, he told New York magazine in a video published on Dec. 4. “The kind that everyone got, and the kind I wouldn’t feel super cool wearing out now,” Yang said.
DON’T MISS: A step-by-step guide to buying your first home—and avoiding costly mistakes
Other high-profile first big-money purchases include homes, sometimes for family members, or cars. Retired NBA star Shaquille O’Neal did both: He spent his first $1 million within hours on paying off his mom’s house, three Mercedes Benzes — for himself, his dad and his mom — and “rings and diamonds and earrings,” he told Business Insider in November 2017.
If you ever receive a windfall of money — whether that’s winning the lottery or landing a job with a major pay raise — don’t be hasty, financial experts advise. Working with estate and tax advisors can help you avoid unnecessary taxes, Warren Racusin, a wealth planning attorney and partner at Lowenstein Sandler, told CNBC in December 2023.
Those financial experts can especially help you prevent regrettable spending decisions. At age 24, for example, comedian and actor Kevin Hart shelled out for a series of throwback jerseys from athletes like Julius Ervin, Reggie White, Magic Johnson and Larry Bird, he told CNBC Make It in October 2018.
He declined to share how much he spent. “If I had to put a number on it, I would say it was stupid plus stupid, which equals stupid, OK? I don’t even feel comfortable talking about it,” Hart said, adding: “In my defense, so many people don’t understand the value of money until they have it … When you have it and lose it, you understand the value of it and its importance.”
Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts “Saturday Night Live.”
Are you ready to buy a house? Take Smarter by CNBC Make It’s new online course How to Buy Your First Home. Expert instructors will help you weigh the cost of renting vs. buying, financially prepare, and confidently navigate every step of the process—from mortgage basics to closing the deal. Sign up today and use coupon code EARLYBIRD for an introductory discount of 30% off $97 (+taxes and fees) through July 15, 2025.
