Eartha Kitt knows real gold from glitter
By Christine Dugas
USA Today
NEW YORK — From the first dollar she earned as a child picking cotton to the first stock she purchased some two decades later, Eartha Kitt has strived to be financially independent.
"I want to be cared about, not taken care of," said Kitt, the legendary singer, actress and sex symbol over lunch at the swank Carlyle Hotel.
The pain of being abandoned as a child drives her desire for self-sufficiency. Born on a South Carolina cotton plantation, Eartha Mae later was sent to live with neighbors because her stepfather didn't want a light-skinned child in the family. Today, at 74, she clearly remembers how she felt when she earned $1 for picking 100 pounds of cotton.
"That was the most precious dollar anybody could ever earn," she says. "I went out to earn my way, to prove that I was a worthwhile person."
Since then, Kitt has more than earned her way as a cabaret performer, recording artist, actress and author. Along the way, the woman who can make men tremble with her trademark purr has developed some definite ideas about money and wealth.
"Greed can be very dangerous because you sacrifice your soul for the sake of something material, and then you start sacrificing people in order to keep that which is material," she says.
And despite her stage persona as a sultry temptress who wears glamorous gowns and sings about champagne, stretch limos and pearls, Kitt is not extravagant. Offstage, she doesn't wear jewelry. At lunch, she dressed in simple khaki pants, a white T-shirt and a khaki jacket. They're Ralph Lauren — purchased on sale, she said with a chuckle.
When Kitt was about eight, she began living with an aunt in Harlem. Money was tight. Sometimes she was given just a quarter to pay for lunch and the subway to school. But often, she only had a dime and had to do without lunch. Kitt became adept at scrounging for change.
"I still can't go over a subway grating without looking down to see if there is some money there," she says. Armed with a stick and chewing gum, young Eartha Mae would sometimes collect enough change to pay for a meal at the Automat. Kitt attended a high school for the performing arts and later received a scholarship from a Katherine Dunham dance school. Her first salary for a Broadway show was $45 a week. As soon as she saved some money, she opened a bank account.
"You should always have a few pennies in the bank, to tide you over for at least a year," she said.
Even as her career took off, she didn't always know where her next gig would come from. She decided real estate was the answer. Her first purchase was a building on East 92nd Street in New York. She lived in one apartment and collected rent from two others.
The rental income came in handy after she spoke out against the Vietnam War during a White House luncheon in 1968. She was ostracized for years. Contracts were canceled. Those who did offer her work paid less than her usual salary. "But because I bought real estate, I was able to survive," she said.
Real estate is still the core of Kitt's investment strategy. It can increase in value and, though not liquid, can be used as collateral to borrow against. "I just sold a house in London," she said.
Asked about the stock market, Kitt pulls out her latest Vanguard mutual fund statement and an article about picking stocks. She says she's not an active investor and keeps up with the stock market mostly out of curiosity.
"I like to know what is going on because what is happening with the market usually means something is going on with our society and our government."
She first bought stock in AT&T when her daughter, Kitt Shapiro, was 3. Since then, she's always owned equities. "I always say if you're going to invest in the stock market, invest in something you know will always be needed. You can't do without food of some kind. You can't do without energy. And now you cannot do without things like telephones."
Among the stocks that have been profitable for her: Sara Lee. And among the high-tech stocks in her portfolio is Lucent, which is down about 88 percent from its 52-week high. "I haven't sold it," she said. "I think it will come back."
Kitt is happy to be juggling many different things. She's touring with "Cinderella" and promoting her book, "Rejuvenate! It's Never Too Late."
Later this year, she'll appear in a Showtime movie based on the Anne Rice book "The Feast of All Saints."
