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 Shields got her start in an ad for Ivory Soap at 11 months old,
then starred in the Louis Malle film "Pretty Baby" at 12. She
became a teen icon after "Blue Lagoon" and snared the cover of
Vogue at 14. Her more recent roles on TV include "Suddenly
Susan," "Lipstick Jungle" and "Law & Order: SVU."
For the latest in Reuters’ Life Lessons series, we spoke with
Shields, 54, to talk about her past, present and future life in
the spotlight.
Q: How did you handle success at such a young age?
A: Because I never had relative anonymity, it never came as a
total shock. It was more of a gradual understanding of how that
part of my life was going to work.
Q: How did you and your mom, who was your manager, approach
wealth?
A: My mom didn’t really have a financial background, and to her
owning land was the most important thing. She had very romantic
visions, such as what it would be like to have a ranch in
Montana. At one point we had like six properties – it was
insane. When I started paying closer attention to money, we had
to liquidate a lot of that. Luckily I still had the potential to
earn.
Q: Did financial advisers help steer you in the right direction?
A: I was never cognizant of how diversified I was. So I found
advisers who helped put me in a position where I never had to
make risky career decisions. They help me grow my money
consistently, without going for big windfalls, which I’m totally
fine with. And my husband and I both continue to work at a heavy
rate.
Q: You’ve been very public about your struggle with depression –
what life lessons did that period teach you?
A: This was something that flattened me. All of a sudden hard
work, and a good attitude, and a great education were just not
enough. It is important to be able to say that you need help, or
that you are not feeling strong. There is still shame around
that, and I only got released from that shame myself by sharing
my story with others.
Q: You are now a spokesperson for Life Happens, which raises
awareness around life insurance, so what is your message there?
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A: There is a real stigma surrounding the idea of life insurance,
because people don’t like to talk about death. My mother, for
instance, never talked about it. But I always knew that if I ever
had children, I would want to protect them. Many people seem to
think that life insurance is cost-prohibitive – but it’s not. Life
is so unpredictable, and it’s good to give yourself peace of mind.
Q: What charities do you devote your resources to these days?
A: I work with one called Win (Women In Need) in NYC, which helps
women in dire financial straits. It houses them, and provides a safe
place for their children, so they can get out and work. Many people
are homeless because housing is so expensive in New York City, and
they have been financially displaced. A big portion of the city’s
homeless are women with children, and a lot of people are surprised
to find that out.
Q: What do you envision retirement looking like?
A: They are going to have to pull me off the stage. The idea of
retirement is kind of like death to me; I can’t even wrap my mind
around it. Work is a huge part of my identity, having done it for 53
years now. It’s like a blood source to me.
Q: Since you have two teenagers, what life lessons do you try to
pass along to them?
A: Maintain your integrity, be present, and keep things simple.
Everyone has a tendency to make things so complicated. Just work as
hard as you can, don’t take handouts, and surround yourself with
good people.
(Editing by Beth Pinsker and Chris Reese; Follow us @ReutersMoney or
at http://www.reuters.com/finance/personal-finance.)
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