Justin Bieber EMPIRE & Money Management! Scooter Speaks!

MAY 1, 2012

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At just 18 years old, Justin Bieber is worth a reported $105 million and is ranked No.3 on Forbes’ list of “The World’s Most Powerful Celebrities,” behind Lady Gaga and Oprah and just ahead of U2. Since Justin Bieber was still a minor when he started to earn the big money, his manager, Scooter Braun put in place a system of checks and balances for Justin.

Scooter explained to Business Insider after accepting an award at the Tribeca Disruptive Innovation Awards ceremony in New York City on Friday.

“We have a business manager, we have two portfolio managers, we have a lawyer, his mom, myself.”

“We set up a trust with a board of advisors and basically created an element where the amount of money he’s made at this point, he would have to be a complete idiot to go broke if he doesn’t invest wisely.”

After the financial bootcamp he is being put through,  unlike most child stars, it’s doubtful Justin will lose what he has earned as a minor.

“Justin is very involved. Once a week I make him spend an hour with his business manager or his lawyer because my whole thing is, the only way this is all going to fall apart is if people allow fear into his life. And through education there is no fear.”

“So I want him to be very educated. He’s a really smart kid, he’s very aware. He asks a lot of the right questions and we make sure he’s extremely well educated so he never has any doubt what’s going on.”