Since her chart debut in 1976, Reba McEntire has sold more than 55 million albums. She's also made movies, starred in a self-titled sitcom and started her own lines of clothing, footwear and luggage. With the financial freedom all of these successful ventures have afforded her, it's no wonder she can splurge from time to time.

Reba tells financial website that her first extravagant purchase in the mid-1990s and a recent one both have a familiar "ring" to them.

"I bought a ring for myself that I still have today," says the 54-year-old superstar. "I went to the jewelry store to buy my secretary something for Secretary's Day -- that's what we called them back then. I bought her a gift and was walking out and saw this ring. I thought it would be a good little commemorative thing for myself, so I bought it. It has four diamonds in it, and I just love it. It's a really nice memory because I had just finished the movie 'Is There Life Out There?'"

And not long ago, Reba purchased a gift for a friend, duet partner and tour mate.

"I bought Kelly Clarkson a really pretty diamond and sapphire ring. I wanted to give her something as a remembrance of our tour. So my latest big splurge was on a friend, not on me. I don't need a thing, really."

When it comes to handling the day-to-day challenge of balancing a busy entertainment career and a family, however, there is one thing Reba concedes she needs -- a great team of people to keep her on schedule.

"Time management is a key. I have a lot of lists all over the house, reminding me of what to do and when to do it. I have a great support team that helps remind me of things, too, (such as) 'You have an interview, you have to pick up Shelby (her 19-year-old son), you've got to be here then,' -- a great team."

Reba also reveals that one of her greatest challenges is keeping herself up-to-date in the fast-changing world of fashion, and making sure her clothing line is the best reflection of herself as both an artist and a successful brand name.

"You always have to come up with new styles and when they're not going right, (the question is) how to make it Reba," she says. "We found that we were getting into this area of, 'That's not right, that's not the brand, that's not Reba.' And it took us a good six months to get everybody convinced that this is not the Reba brand; this is not what Reba wears. My fans know what I wear and won't wear. And now, everything is doing wonderfully well."

When it comes to Reba's recently introduced line of luggage, the multimedia mogul decided to introduce a feature that would pay tribute to the rodeo career she pursued before becoming a country star.

"The luggage, it's leather with a belt buckle on it," she says. "The buckle is what got me started in the rodeo and ranching family, me singing the national anthem at the National (Finals) Rodeo in 1974. So we put the buckle on the outside of the luggage."

Reba also admits that if she had it to do over, she would have raised Shelby in a different setting - one that would include more livestock.

"I could have been a better mom, and spent more time with him," she says, "but I think children need to see parents working. I think they need to see parents being together and loving each other. But you have to instill into a child this work ethic. I think the worst thing I've done for Shelby is spoiling him. If I could have changed something, we would have lived on a farm and had chickens and cows, and he'd have had to go out and milk and gather the eggs, and we'd had a garden. But things didn't work out like that. It wasn't meant to be this time around, so I guess I kind of want my cake and eat it, too."

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