Tennis star Caroline Wozniacki shares the money advice she'd give her younger self

Caroline Wozniacki of Denmark celebrates after defeating Madison Keys of United States during their 2016 US Open Women's Singles match at the USTA Billie Jean King National Tennis Center in New York on September 4, 2016.
Eduardo Munoz Alvarez | AFP | Getty Images

In a letter to her younger self, former world No. 1 tennis player Caroline Wozniacki grants herself permission to buy the car she's been dreaming about since she was a kid: a red Ferrari.

"There will be no mega-yachts in your future. No jetpacks. No Fabergé eggs," the Danish tennis star wrote.

However, "if you promise to take it easy with all the handbags, I'll allow you one — one! — Ferrari," she continued. "Not six. And not a Rothko original, or any sailboats. No random expensive things. You've got to really love something you spend a ton of money on, Caroline."

Wozniacki, who has earned over $22 million in prize money over the course of her career, believes in treating yourself on occasion: "If you've thought it through, and you can make it work without doing any long-term damage to your finances, then it's O.K. to reward yourself sometimes. And you love that car. So buy it."

It appears she did just that. Earlier this year, the 26-year-old posted a picture in front of a red Ferrari on Twitter. And in May, she rolled up to the amfAR gala in the supercar.

Of course, after splurging, "go back to being frugal again for a while," she noted.

Wozniacki's philosophy is similar to personal finance expert Jim Cramer's. The host of CNBC's "Mad Money" told Farnoosh Torabi on her podcast: "I am a big believer in finding something that you really like that's expensive. You can put your money on that, and then be frugal besides that."

Determine what extravagances are important to you, aim to earn the income required to spend without guilt on whatever those may be, and then live frugally everywhere else, Cramer told Torabi.

"I am a Stanley Frugal except for my box at the Philadelphia Eagles games," he said. "My wife and I are of the same ilk: We're not crazy about spending, but when we do it, we do it big."

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