Although American households held over $98 trillion of wealth in 2018, the median net worth of the average US household is about $97,000. This is a clear indicator that a small percentage of the population owns the majority of the nation’s wealth. Every day, the average American strives to achieve financial independence and secure their future. While a good number of people admire the lifestyles of the rich, very few understand what it takes to get there. There are numerous lessons that we can borrow from successful people which if implemented, can help us manage our finances better.
Elton John, arguably one of the most acclaimed and successful solo artists of all time, has had an eventful career and life. Today, Elton John’s net worth is estimated to be $500 million, making him one of the richest celebrities. Having come into the music industry in 1967, the British singer and songwriter has achieved admirable success. He not only uses his fame and success to earn money but also as a platform to express political views and devote his efforts to various charities. In order to understand who Elton John is, it is important to look at his life journey.
Who Is Elton John?
Elton John is a British singer, composer, and pianist. Along with being a successful musician over the course of his career, he has also found success on Broadway. Once famous for his string of hit records and flashy clothes, Elton John recently became a humanitarian. With Elton John’s net worth, he focuses on supporting charities involved in helping people with Acquired Immune Deficiency Syndrome, commonly known as AIDS.
Elton John's Net Worth: How He Earned His Money
One of the reasons why Elton John rose to become one of the biggest music icons of the 20th century is his ability to blend pop and rock styles. However, he was also musically gifted from an early age. When he released his first self-titled American album in 1970, it was received warmly and propelled him into international stardom. Some of his most successful hits include “Philadelphia Freedom,” “Crocodile Rock,” and “Candle in the Wind.” Elton John wrote “Candle in the Wind” to honor Marilyn Monroe and went on to perform it as a tribute to the late Princess Diana.
Elton John, in full Sir Elton Hercules John, was born Reginald Kenneth Dwight in 1947 in Middlesex, England. He is the eldest child of Stanley Dwight, who was a member of the Royal Air Force and the only child of Sheila Eileen. The journey to building Elton John’s net worth started at an early age since he discovered his passion for music early on, teaching himself to play the piano at age four. Proving to be a great talent, he studied at the London Academy of Music.
John had a difficult relationship with his father. When his parents divorced, John was a teenager, and he disagreed with his father over his future. By this time, John had developed an interest in the sounds of early rock and roll and was keen on pursuing a career in pop music. He dropped out of school two weeks before graduation at age 17 to follow his dream where he joined a band called Bluesology. He would then create his stage name from the names of two members of the band.
In 1967, John responded to an advert for a songwriter for Liberty Records. When he got the job, he teamed up with fellow lyricist Bernie Taupin. The two later moved to DJM label in 1968 where they wrote songs for other artists.
Start of the Singing Career
Elton John’s first break as a singer came in 1969 when the album Empty Sky, featuring songs by John and Taupin was released. While this album was a commercial failure, his self-titled effort that featured his first hit “Your Song” was successful in both the United States and England. Other hits and top-selling albums followed soon after, and in 1973 he launched his own record label called Rocket Records.
Elton John dressed in oversize glasses and outrageous outfits and had elaborate concerts. With Elton John’s net worth increasing as a result of growth in his career and financial success, he enjoyed shopping sprees, expensive cars, and large homes. However, his popularity began to decline shortly after and his albums became less successful.
Over the course of his music career, Elton John has won numerous honors and awards. He was inducted into the Rock and Roll Hall of Fame in 1994, was knighted by Queen Elizabeth 2 in 1998 and received a Kennedy Center honor in 2004. However, his journey to the top has been marked with numerous struggles. Despite the challenges, he continued to record new music later in his career, releasing his 33rd studio album in 2016. In January 2018, John announced that he would retire from the road after a planned road tour later that year. At 72, John has sold over 300 million records, making him one of the best-selling music artists in the world.
Substance Abuse Issues and Elton John AIDS Foundation
During the period when his popularity began to decline, John also revealed that he was attracted to both men and women. This further damaged his popularity, a factor that pushed him to start abusing alcohol and drugs.
During the 1980s, John struggled with substance abuse issues for a number of years. The substance abuse issues, particularly with cocaine, would trigger epileptic seizures. This saw him go into rehabilitation in 1990. He admits that he took risks with unprotected sex during the period and was lucky not to have contracted HIV. After the death of his friends Ryan White and Freddie Mercury in 1990 and 1991 respectively, John became closely associated with AIDS charities. He also founded his own charitable organization, the Elton John AIDS Foundation, an organization that has brought in over $400 million to supports HIV/AIDS programs.
There is no doubt that Elton John has had to overcome great odds. With Elton John’s net worth standing at around $500 million, he is not only one of the richest celebrities but also an inspiration to many.
Statistics show that most wealthy people are advanced in age. While a good portion of Elton John’s net worth came from the music industry, it is important to know that he is also an avid investor. Sir Elton John invests both money and time regularly to raise funds for the causes that are dear to him.
Elton John, who is a football fan, started investing in the mid-1970s when he invested considerable sums of money in Watford. He became the club’s chairman in 1976 but would later sell it in 1984. He then purchased it back in 1997 but reduced his shareholding over the next few years. Today, he remains the club president and has a considerable financial interest in the club.
In the music industry, Sir Elton John has invested in cars and pianos. He also invested over $2 million in the US software startup Gobbler. In 2017, Elton John went beyond football and music, investing in Qloo, a cultural artificial intelligence data platform.
Sir Elton does not have the extensive, public investment portfolio associated with typical high net worth individuals. However, it is clear from his investments that he does his homework and that he continues to enjoy a positive financial return from his esteem and extensive music career.
The Movie Rocketman
It is difficult to talk about Elton John’s net worth without mentioning Rocketman. Rocketman is a musical film about the life of Sir Elton John. The overall arc of the movie captures the emotional and musical journey of the man, according to Elton John himself. He says that while not everything in the movie is true, it is generally the truth.
The movie depicts John’s father as a stern figure, a factor that contributed to their strained relationship. There's also the process through which Reginald Kenneth Dwight became Elton John. While some scenes were added for flair, John admits that this is the true account of the genesis of his stage name. Some of the other truths in the movie include his turbulent relationship with his manager, John Reid, and his two relationships with women. The movie shows that John could write songs in a matter of minutes and that the music star struggled with bulimia and addiction, issues that the singer confirmed.
Daily Habits to Steal from Elton John
Considering Elton John’s net worth, there are a few things that we can learn from his life. Considering statistics on the net worth by age, these lessons can help you achieve more in life, both financially and in other spheres. The music icon admits his mistakes, follows his passion, acknowledges when it is time to stop, relies on himself to get through tough moments, and is motivated by family. These daily habits have helped him overcome challenges and work on his continued growth.
There are many people out there who would like to build a fortune comparable to Elton John’s net worth. It takes a lot to join the league of the wealthy. But it is important to know that the dream is achievable. As one of the richest celebs, Elton John, demonstrates that you have to take advice and fully understand the associated risks to enjoy returns from your investments.