Steve Harvey wants his fans to know that everybody is trying to pay off their debt, even rich people.
In recent weeks, Steve came under fire for “flaunting” his wealth.
As Monsters and Critics reported, the multimillionaire posted a photo of himself and his wife, Marjorie, kissing in front of their private jet.
His critics felt the photo came across as pretentious and sensed he was being a bit showy by posting it online.
Amid the backlash, Steve took to his Facebook page and posted a video discussing wealth and debt.
Steve captioned his video, “Everybody tryin’ to pay off they debt… rich folks owe money too!”
The video featured a clip of Steve speaking to a Family Feud audience in between takes from a show recorded five years ago.
In the segment, Steve told his audience, “See, people always wanna pay off their debt, but rich people owe money.”
“The key to getting rich is OPM: other people’s money,” he continued.
Steve Harvey shares some keys to getting rich with Family Feud viewers
Steve offered financial advice, telling his fans that continually paying off debt limits their ability to grow wealth.
“You gotta remember something about debt,” Steve advised.
Steve admitted it’s hard to get a “chunk” of money, so if the opportunity arises, he suggests not using it to pay off a large debt.
He theorized that paying off a big chunk of debt will incur more debt.
However, he did suggest paying off high-interest credit card debt, just not home mortgages, since a home is “too valuable of an asset” to pay off since you can borrow from your home’s equity.
Steve is a multimillionaire who worked his way to the top
It seems Steve knows some things about managing money, given that his reported net worth is $200 million.
Steve came from humble beginnings but worked hard to become successful and wealthy.
At his lowest point, in the 1980s, Steve lived out of his 1976 Ford Tempo and had $35 to his name.
He worked as a stand-up comedian before eventually snagging other roles in the entertainment industry.
Steve’s primary income comes from hosting Family Feud. That earns him roughly $20,000 to $100,000 per episode, accounting for around $10 million annually.
Steve enjoys the finer things in life because of his hard work and money management.
He often shares about himself and Marjorie traveling to tropical locations, enjoying yacht rides, driving jet skis, and smoking cigars.