Celebrities make a lot, but spend a lot, too

Celebrities make money in a lot of different ways, but they also spend a lot.

That's the bottom line for a story in the latest issue of New York Magazine.

A celebrity making $18 million a year, for instance, can spend about $1 million on security and $300,000 to $700,000 on child care costs.

So should we feel sorry for these celebrities?

"It's kind of hard to," Jo Piazza, author of "Celebrity Inc: How Famous People Make Money," said on "CBS This Morning."

In addition to their earnings from television and film appearances, celebrities often cash in on their star power in a number of ways, from tweeting about products and appearances at clubs to appearing in overseas advertisements. Piazza noted that a celebrity can make $1 million to $2 million just for showing up for a day's worth of work.

Yes, George Clooney Is Available for Your Ad -- But Only in Foreign Countries

For more discussion with Piazza on the economy of celebrity, click on the video in the player above.

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