Serena Williams hit by world financial crisis

Serena Williams wearing the 427-diamond necklace in SydneyIs this really possible? Serena Williams is cutting back her spending on designer handbags and jewelry, the tennis star who has earned almost $22 million in career prize money and reportedly makes close to $10 million a year in endorsements.

The bag I'm carrying now is worth $12. I have really cut back. It's low tide for me. I'm not out there buying crazy things.

I still believe she simply likes that cheap bag, and the jewelry she can borrow anyway, like the 427-diamond necklace she wore in Sydney this month.

The Australian Open starts on Monday, and the 27-year-old Williams will begin her campaign for her fourth Australian Open title against China's Meng Yuan. (source: Reuters)

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