Passion is energy. Feel the power that comes from focusing on what excites you. – Oprah Winfrey
I fully agree with that statement. I learned from Richard Branson, the founder of Virgin, to do what excites me. So, every post I write is a topic that I am excited about.
I write what’s brewing around in my head, what is burning in my soul, and straight from my heart.
Sometimes, I think of that scene in Spider-man Homecoming when Tony Stark (Iron Man played by Robert Downey Jr. aka RDJ) meets Peter Parker (played by Tom Holland).
You can check out that scene here.
He says this to him:
Tony Stark: Why are you doing this, huh? What’s your MO? I’ve got to know, what gets you out of that twin bed every morning?
I ask myself that question. What gets me out of bed every morning and gets me going? If it doesn’t excite me, then I’m not going to do it. And that is exactly how I feel about writing for this blog.
This blog will be very lively and spirited. That’s me. Full of energy.
GET EXCITED
I don’t plan to bore you. I want to be the place you go to wake up to. Like a radio station. I want people to come here to learn new things, get inspired, and when they leave to feel good.
I also try to only do what excites me in my personal life as well. There’s no fear of missing out for me. If it’s meant to be, it’ll happen. If not, move one. There’s always another rainbow, opportunity, or chance for adventure somewhere. I say, onward and upwards.
Obviously, Oprah needs no introduction. You know the face and you know the name.
She has won multiple Daytime Emmy’s, been nominated for an Oscar, and is regularly asked to attend and speak at major events all over the world.
Well, Oprah once did the commencement address at Wellesley in 1997. In her address, she discusses 5 important lessons she has learned for a better life.
Here are the 5 quotes from Ms. Oprah Winfrey that have inspired me and I hope they do the same for you.
OPRAH ON LIFE
My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style. – Maya Angelou
Life is a journey. Every day experiences will teach you who you really are.
I remember reading a book and a man commented that he witnessed someone being mistreated. When he asked the man why he didn’t say mean things back to those who were saying awful things to him, he responded, “You cannot fight hate with anger. You can only show peoplewho you are by how you live your life.”
Indeed.
See my post on how to thrive by working harder than others that I learned from Jay Leno
When someone shows you who they are, believe them the first time. – Maya Angelou
2. When people show you who they are, believe them the first time. This is especially helpful with men. Don’t force them to beat you over the head with the message.
I have definitely learned this lesson.
In this life, if you want to not only survive and thrive, then you must learn to weed out the good from the bad apples quick!
Check out my post on what can happen to people that learn to value things more than people.
Let us be grateful to people who make us happy, they are the charming gardeners who make our souls blossom. – Marcel Proust
4. Be grateful. Keep a daily journal of the things you are grateful for. It will keep you focused on the abundance in your life.
It most certainly helps to think about all you do have, instead of what you don’t.
OPRAH ON HAVING VISION
Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow. – Melody Beattie
5. Create the highest, grandest vision possible for your life because you become what you believe.
We have to teach our girls that they can reach as high as humanly possible. – Beyonce
I remember reading that Bella Thorne creates a vision board for herself every year. Say what you want about her, but she is a hard working woman. You know why? It’s because she has a vision.
Arnold Schwarzenegger does something similar. Read all about it below. Very motivational.
If you want something in this life, you better be prepared to work for it. Nothing is free. Rarely is anyone ever handed anything in life. And even if you are, do you know what to do with it? Or how to manage it? It’s a lot harder to stay on top, when you haven’t done any of the work it takes to get there in the first place.
It wasn’t until I decided that I would be rich, that I started earning and attracting more money.
I learned that it all starts with the mind. Change your thoughts, change your life.
You’ve got to work to succeed. – Owner of a Lonely Heart Song and Lyrics by Yes
If you crisscross the country, you will see home prices are highly inflated. Homes values have gone up, but so too have prices.
I look to my left and to my right, but I don’t really see any new starter homes being built.
How is a family just starting out supposed to find affordable housing without any affordable homes?
You need to keep your fixed expenses low, so that you can keep more of your money in your pocket.
Remember the future is more expensive. Things do not go down in price. Prices go up.
I urge you to reconsider purchasing anything that will mean paying a high fixed amount over a long period of time such as a mortgage.
High fixed expenses can cause folks to go bankrupt.
If you do an online search, you can lookup bankrupt celebrities and see my point.
When going through their financial records and bank statements you see the glaring red flags right off the bat.
Here is a typical list of items I see when high profile people file for bankruptcy:
The newest or latest Range Rover
Large wardrobes and expensive designer suits or furniture
Huge credit card bills
Expensive foreign car leases
Tax liens
Medical debt
Back mortgage payments
Multiple child support or alimony payments
Back taxes owed to Uncle Sam
There is one-line item I would like to pull out in particular and that is the mortgage payment.
Let’s say hypothetically speaking, one was to bring in $70,000 a year, but was once pulling in $520,000. That’s a pretty huge drop in income right there. Would signify some belt tightening needs to be done right?
Nope.
Instead folks were continuing to live in the same neighborhood and even in the same house. In addition, driving fancy cars, and pretty much were living as if there had been no drop in income.
That is no way to do your finances.
You have to respect money. You cannot spend before you earn. As the song goes in the lyrics stated above, you’ve got to work to succeed.
You can’t continue to have the trappings of success, if you truly can’t afford them.
So, let’s discuss buying less home in order to be wealthier.
HOME PRICES ARE THROUGH THE ROOF
According to Zillow.com, the median home price in Washington DC is $575, 800.
If you have a 5% interest rate and a 30-year mortgage, that means you will owe $3,091 a month. And that’s just for the bricks! You have not paid property taxes, closing costs, home warranty, or utilities.
Adding in homeowner’s insurance and property tax, you are looking at $3,419 a month.
The Mortgage affordability rule states you should spend no more than 36 percent of your gross income on all your total debt, and this includes mortgages.
Based on the numbers, to purchase a home at this price point, you would need to bring in over $12k a month. That’s $150k a year. And this amount includes no down payment no debt except a mortgage.
Who doesn’t have a car payment these days? However, make anything less than that and its sorry game over.
Let’s not forget that this is for a property in Washington DC. There are tons of other metropolitan areas where to pay to play is even more egregious.
What a home in swanky parts of New York, California, Connecticut, Florida, Colorado, or Texas? Well, it’ll cost you.
Homes in gated communities can be well into the seven figure range.
If we take three times $575,800, that gives us $1,727,400. A $1.7M home will cost you approximately $10k per month, which is $120k a year and $10k of that goes just to property taxes.
In a decade you would have paid $120k for property taxes, just for you to sit on your couch in your living room .
That means a $3.5M home would cost the homeowner $250k over 10 years.
That’s right. A quarter of a mil. Just because the house is standing.
PROPERTY TAXES ARE FOREVER
Oh and by the way, did I mention that property taxes are forever?
You don’t ever stop paying it.
That means you will always have some cost associated with owning a home, even if everything inside of it and the dwelling itself is paid for.
Wishing you could buy a manse like Hova and Beyoncé. Well, be prepared to shell out big bucks cause the property bill alone is massive.
It was reported they bought an $88M mansion in California. A pricey piece of property indeed. A ritzy neighborhood for sure and a jaw-dropping beauty of a home.
In sunny California, the property tax rate is composed of three types of levies: general tax levy, voter approved bond indebtedness repayment, and special district assessments. The general tax levy was frozen by Proposition 13 at 1 percent of assessed property value.
So, let’s get down to the bottom-line. Property taxes on an $88 million-dollar home at 1% is $880,000 dollars! That is for one year. I shudder to think about the cost of upkeep.
Although, this is obviously not what the average American homeowner is paying in property taxes, it does illustrate that paying these taxes can be mighty expensive. Especially, if you are living on a fixed income, which many Americans one day likely will be.
HOW MUCH CAN YOU SAVE
What can you do instead of buying a huge property?
Glad you asked.
You can buy less home and save money.
This will effectively allow you to increase the amount of money you save.
For example, just buying a property that is $100,000 cheaper could allow you to save $584 a month in mortgage payments and property taxes.
Investing that $584 over 30 years at an 8% rate of return could net you $877,423.
You would be giving up close to $900k in wealth to live in a neighborhood that ends in the name of Hills instead of Heights.
Basically, you could save a small fortune.
HOW MUCH GREENBACKS MAGNET SAVES
I decided to buy a smaller home than most friends and family members I know.
In one case, I paid $500k less than my peers or their families. In another, I paid less than $700k!
Just figured less home would mean less to do for maintenance, lower utilities, and more freedom because less time is needed to manage my household.
I was right.
It is way less stress to care for a smaller versus a larger home.
You have less stuff because you have less space.
Either you throw out and donate crap or get creative in storing it. I prefer to come up with less storage solutions and just stop buying stuff.
This $100,000 bottle of water costs as much as a house in some parts of the country. Heck, even the world!
Thirsty? Well, this bottle of H20 will only cost you $100 grand. You heard me. $100k! Yes, that’s USD.
That’s the most expensive sip of water I have ever heard.
What if I accidentally spill it? Oh, to perish the thought!
I was sure it was a joke. Like how Jokey the Smurf brings you a present and then you find out it’s a gag gift. You know, something like that.
I can’t even fathom parting with that much cash for something you could get for free out the tap at home or at any restaurant.
Who are the marketing geniuses who thought of this? Who is the target market? What are the demographics?
Who in their right mind would pay $100k for some water?!!
WHO WILL BUY $100K BOTTLE OF AQUA?
Fine. I’ll bite. Who are they?
I guess you could say this water is targeted at a high-end clientele. Those that have pockets so deep, that smacking down that type of scratch is no problem, as all they have to do is whip out their Centurion Black Card. Swipe, sign, and done.
The company actually got rapper 2 Chainz and DJ Diplo to taste the water. They have both sold millions of albums. So, sure you could market to them. Market to the affluent is a must at this price point.
If you don’t have to bat an eyelash at this type of transaction, then good for you.
The rest of us reasonable mere mortals are not buying it. Where did this water come from? Is it magic water from the fountain of youth? Will it heal all maladies or whatever ailments you have. Basically, will it cure what ails you and eliminate the need for the ever increasing cost of healthcare?
Could I rub it and make 3 wishes?
Like in the show Gargoyles, this isn’t Aladdin’s lamp. All things have their limitations. Even the character called Puck agrees with me. Check it out 30 seconds in.
MAKERS OF THE MOST EXPENSIVE BOTTLE OF WATER IN THE WORLD
The company is called Beverly Water. They are located in Beverly Hills, California. The water is called Beverly Hills 90H20. It is crafted spring water from the California Mountains.
Coined “The Most Expensive Bottle of Water in the World,” is clearly meant to entice people with deep pockets that this is a must have item.
Here is the description that I posted on their website:
Description
“The Most Expensive Bottle of Water in the World”
Limited to only nine bottles in the world, the Diamond Edition of the Luxury Collection of Beverly Hills 9OH2O is the ultimate in water. Designed by Jeweler to the Stars Mario Padilla, each exquisite bottle features a white gold cap set with over 600 G/VS white diamonds and over 250 black diamonds, totaling 14 carats. Each bottle comes in a custom secured presentation case together with four engraved Baccarat crystal tumblers, and it is presented in person by renowned water sommelier Martin Riese at a private water tasting anywhere in the world. In addition, the Diamond Collection package includes a one year supply of the Lifestyle Collection of Beverly Hills 9OH2O.
THE MOST EXPENSIVEST SH*T
There is a video posted of 2 Chainz and Diplo getting a tasting of the water from a, get this, water sommelier. It turned out as expected. Neither care to buy $100k bottle of water. Why you ask? It’s simple. It’s just water!
After, introducing the water to the two gentlemen, which is housed in a massive case, you get the feeling something is seriously off here.
Then comes reality.
THE $100,000 DOLLAR QUESTION
2 Chainz asked what everybody wants to know, “What are you paying $100,000 for?”
The white-gloved sommelier then points at the bottle cap.
You are not really paying for the water, but what the water comes in and with.
Which is a 14 real diamonds, 600 white ones, 250 black diamonds, and white gold.
For this diamond luxury experience, you’re getting the case, and 4 diamond baccarat glasses.
After I stopped laughing hysterically, I started reading the comments on the video.
The hands-down and absolute funniest part after watching the video is reading the comments section.
MY SENTIMENTS EXACTLY
Here are just some of the comments I saw that popped out at me.
Imagine how disappointed you were if you paid $100k for this bottle thinking its vodka
MBA lesson right here
If you can convince someone to buy a bottle of water for $100k. You deserve that $100k.
I will put some tap water in a bottle and sell it for 500k!
Marketing and BS.
Ima stick with my Aquafina😂😂😂
I’m no mathematician, but that’s more than 2 chains.
For those who didnt catch it, you are not paying 100k for the water. You pay 100k for the Diamonds and the gold on the Cap.
The glasses the diamonds and the case cost 99,999 and the water 1$
0$ water … 100k bottle cap
Man, that water better have the power to cure all diseases for that kind of price. 100K seriously???
I better become a mermaid after taking a sip for 100k
100k for a bottle of water? That sh*t better bring Jesus and 2pac back.
Meanwhile in Flint, Michigan…
This water better come from the fountain of youth.
Bottle of air 2billion dollars
One person put my exact thoughts, as I described above, into an elegant rebuke of buying water this freaking expensive.
MadeInVolantis 2 years ago
For 100k that water better turn me 18 again. For 100k that water better cure my thirst forever. For 100k that water better wash me of my sins. For 100k that water better make me a million dollars back somehow.
Well said.
Basically, it’s a $100k jewel-encrusted capped bottle with water inside.
Let’s think about this for a second. What could you do with one hundred thousand dollars? I’m about to tell you.
YOU COULD DO BETTER THAN BUY A DIAMOND CAPPED BOTTLE OF WATER
You could do all types of things with that kind of money. These are just some suggestions.
WHAT YOU COULD DO WITH $100,000
Start a college fund for underprivileged kids
Put every dime in the market and get historical ROI average of 7%; be a millionaire in 30 years (there goes that million bucks the commenter above was talking about)
Start a business
Donate $1,000 to 100 charities
Donate $10,000 to 10 charities
WHAT WOULD BE FUN TO DO WITH $100,000
Rent out a blimp over your old college campus, get $100,000 worth of ones and make it rain
Go to Vegas, rent out the Penthouse of an expensive hotel , and bet 10,000 on black
Get on a plane to Dubai, UAE, fly first class on the Emirates and visit every attraction
Visit Rome, Paris, China, London, and Australia just to get a keychain
Get back stage and front row passes to see your favorite artist in concert
Enter a professional poker tournament with a $10,000 buy-in
Walk up to anyone of the people collecting for the salvation army and give them a check for $25,000 (kind of like that scene in the movie Ghost)
Great scene. You will love it. No need to thank me for uploading it here.
If you have never seen the movie, then I highly recommend it.
WHAT YOU SHOULD DO WITH $100,000
Donate 10% to charity
Put a down payment on a piece of property
Pay off all or a large portion of your debt
Invest in the stock market like the S&P 500 index
Pay cash for college
Buy a car outright
Invest in your health
If you want to impress people, just show up to their events on-time and don’t complain.
And if you just so happen to get thirsty, stick with VOSS, Evian, or Deer Park. Can’t go wrong.
That’s just my $0.02, er ehh, I mean $100k money saving tip of the week.
John Legend is a Grammy and Oscar Award winning musician. The singer-songwriter won his first Grammy Award with 2004’s Get Lifted. The album went platinum, thanks in large part to his hit single “Ordinary People.”
He was a child piano prodigy. He skipped two grades and graduated from high school at 16.
He sang in the church choir (which he joined at 7 and was leading it by 11), was head of the music department in his church, served as a music director in college and also worked as a wedding singer.
He has done numerous interviews in his career and much of the information in this post comes from them. I discuss multiple ones in this post.
John has an estimated net worth of $40 million dollars.
He did an interview with Katherine Schwarzenegger for her 2014 book I Just Graduated… Now What?: Honest Answers from Those Who Have Been There. You may recognize the last name. Yes, she is the daughter of Arnold Schwarzenegger and Maria Shriver (Kennedy).
Here is some of what he had to say. (Not every word or quote is from her book, but numerous interviews) I highlight his advice in her book with KES (Ms. Schwarzenegger’s initials). There they are (KES) on the board right behind her.
“I had followed the path that the Penn graduate was supposed to take, but I didn’t fall in love.” – John Legend
KES: John directed theater productions in school and performed in talent shows. He wanted to be a big star, but did not know the steps to get there. John said he had a fire in his belly. No one was coming along to make him a star as he learned along the way. John had to put together a demo and have it produced by the right people. Anything that he was doing that wasn’t music, was going to be temporary.
Although, music is his first love, he worked a safe corporate job for three years while hustling to get his music off the ground. He received lots of rejections, but continued to side hustle as a musician playing anywhere he could.
DON’T BE AFRAID TO FAIL
“Fear of failure stops too many people from doing things. It’s not wrong to be afraid, but you have to fight through fear to overcome it.” – John Legend quoted as saying this in Katherine’s book (KES)
Many of his friends became bankers and consultants so he did too. However, after following in their footsteps he found that was not meant for him. He was not cut out to be a consultant.
“I couldn’t shake my passion for music.” – John Legend
He made savvy moves to make his dream a reality. During the day he did PowerPoint presentations, but at night he wrote and performed music.
Fun Fact: While in college, Legend was introduced to Lauryn Hill by a friend. He played piano on Lauryn Hill’s “Everything Is Everything.” That was his first album appearance.
WHY SIDE HUSTLE?
“I needed money. I lived in New York and had to pay my rent.”
KES: John didn’t have any financial support from his parents and he had student loans to pay back. He found that you could make good money in consulting.
He was rejected by all major labels. All the heads of these labels all turned him down.
KES: John paid his own way through college, racking up tons of student loans in the process. He had to deal with them after graduating college. He rolled the dice, took chances, and worked his butt off to follow his dreams, and never lost faith along the way.
Basically, he moonlighted his way to a music career.
BREAKTHROUGH
Havin’ money’s not everything, not havin’ it is. – Kanye West
KES: John would go to the studio straight from worked dressed in his business attire. He said he definitely stood out from the way everyone else was dressed in the studio. He ended up getting a manager and a lawyer that were also well-connected. This was in 2002.
If you want to be treated like an adult, you have to dress like one. – Diane Kruger (actress and star of National Treasure) See my post on the film.
Through his collaboration with Yeezy, he was able to parlay that into a record deal. His first album was produced by Kanye. He got a deal with Sony.
That album would go on to earn eight Grammy nominations.
Years of toiling and hard work had paid off. It just goes to show, it’s not only what you know, it’s who you know. If you want to be taken serious, then you have to act like you do.
John Legend joined the elite group to have earned Hollywood’s most prestigious awards – an Emmy, Grammy, Oscar and Tony – on Sunday. At 39, he is the youngest person to achieve EGOT status. He’s also the first African-American man to win all four awards. https://t.co/5YSh5rYfPUpic.twitter.com/AUK3Kgh1S0
“When I got my first big check, I paid [my college loans] off. No more debt!” – John Legend
As you can see, his biggest earnings are from his music. It goes to show that passion can pay off big!
KES: John quit his job and started working part-time so he could focus more on his music. He struggled for a while, living on credit cards and skating by. Then he started making money touring with Kanye. In 2004, he got a deal with Columbia Records and when that happened he didn’t have to worry about money anymore. As soon as he got my record deal, he paid off all his student loans and credit card debt. He said no one ever told him about college loan debt and how to manage it.
Preaching to the choir here with not knowing how to manage debt. And in his case, that is literally speaking as he was in the church choir singing, which would become his meal ticket.
INVESTMENTS
“I bought a place [in Manhattan]. I just bought some art—some abstract stuff—and some collages are coming too. A friend who works at MoMA is like my art consultant. I just wanted nice stuff that would hold value.” – John Legend
You should always invest and buy things that go up in value. It just makes sense.
PASSION MAKES A GRAMMY WINNER
“But that cool detachment only gets you so far. Passion gets you a lot further. It makes you a better entrepreneur, a better leader, a better philanthropist, a better friend, a better lover.” – John Legend
He chose to pursue his interest. This made him his fortune. I call it the House that was built on a piano. 😉
Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength. – Arnold Schwarzenegger
Arnold Schwarzenegger is one of the biggest movies stars in the world. His iconic roles in The Terminator, Predator, Total Recall, and True Lies are just some of his hit Hollywood blockbuster movies. During the 80’s and 90’s he raked in big bucks at the box office and cashed in big paychecks at the bank as a result.
In my quest to study the self-made, I decided to read up on the “Governator” himself, Arnold Schwarzenegger.
Arnold wrote his autobiography, written in 2012, entitled, “Total Recall: My Unbelievably True Life Story.” Clocking in at 656 pages long, it is a massive read. I actually completed this undertaking last December 2017. It took me 3 weeks to finish reading from cover to cover. In the book, Mr. Schwarzenegger actually lists his paychecks for his hit films. At one point, he was making $20 million per film.
How did he do it? There is only one word to describe it: unbelievably.
Here is his story.
ALL GREAT STORIES HAVE GREAT BEGINNINGS
The mind is the limit. As long as the mind can envision the fact that you can do something, you can do it, as long as you really believe 100 percent. – Arnold Schwarzenegger
Arnold Alois Schwarzenegger was born on July 30, 1947, in Thal, Styria, Austria. His father, Gustav Schwarzenegger, served in World War II. Arnold’s mother, Aurelia, was working at a local shop when she spotted his father in uniform. That was all it took for her to fall for him as she loved a man in uniform. I must admit, so did I.
His parents married on October 20, 1945. His mother was 15 years younger than his father as she was 23. They were strict disciplinarians. Arnold said in Austria the rod was not spared if a child was disobedient. In the book, he said his father would make him and his brother earn their breakfast by doing pushups or sit-ups. His father believed that the way to fix any problem was through discipline.
YOUNG EXUBERANCE
Arnold was an average student but, was popular and well-liked for his boundless energy, humor, and cheerfulness. He started playing sports and picked up his first barbell at age 14. He decided that bodybuilding would be his career. His deep interest in the sport took up almost all his spare time. At one point, he even broke into the local gym when it was closed and began to lift weights for a couple hours just to get in his workout.
Money was tight growing up. There was no inside plumbing or bathroom. They fetched water to bathe from a local well and one of the highlights of his youth was getting a refrigerator, where he said they would marvel at the opening and closing of the fridge door. When going shopping his mother only used cash and never bought anything other than the essentials.
Austrians believed in conformity and were not allowed to be individuals. However, Arnold had different plans. He was considered a rebel because he wanted to move to America and be rich. He stated he wanted to be somebody. Due to his rebellious tendencies and other issues, Arnold was never close to his father as his favorite was Arnold’s brother. However, he had a close relationship with his mother until her death.
A chance meeting at his bodybuilding coaches house would change his life. Arnold, in 1966, met bodybuilder and movie star Reg Park, his idol, and he went on to become his mentor. Schwarzenegger decided he would not only be a body builder, but also a movie star, just like Reg Park.
BARBELLS AND COMPETITIONS
Training gives us an outlet for suppressed energies created by stress and thus tones the spirit just as exercise conditions the body. – Arnold Schwarzenegger
Arnold would work out almost every day. Lifting weights became an obsession. He would break into the gym on weekends when it was closed and work out.
He couldn’t stand to miss a workout. Arnold has said he couldn’t even look himself in the mirror, if he missed a workout. That is dedication. This was 1961. By 1965, all Austrian males, at the age of 18, are required to fulfill one year of military service, but Arnold had other plans.
AWOL BODYBUILDER
While in basic training, Arnold learned he was able to eat meat every day. Growing up, his mother had a garden where she would grow vegetables so she could feed her family on a tight budget. They rarely ate meat. Once he was able to get protein on the daily, he was constantly growing out of his uniforms. He went up a size every month and required a new uniform several times.
During his service, he learned basic tank mechanics, almost wreaked one by not putting it in park, and learned to ride a motorcycle. He said those skills would later serve him well while doing the Terminator and other films. Arnold learned to become pretty fearless. He was scared, but he would push ahead anyway.
During his time in the military, a Junior Mr. Europe Contest came up. He went AWOL and served a week in military prison because he chose to attend. But Arnold won that title.
He later received a job offer to work and train in a gym as a bodybuilder. He used this information and his past transgressions to convince the military to release him and he received an honorable discharge. That competition in Europe made him famous and the Mr. Universe title was his ticket to America-the land of opportunity, where he felt he could become rich.
CALIFORNIA BOUND AND HOLLYWOOD DREAMS
Arnold was happy to leave Austria as he had been telling people for many years as a kid he was going to America, but no one believed in his dreams. But the day came in October of 1968, when he was headed to California to train at the infamous Gold’s Gym in Venice, Los Angeles. He could barely speak English, but at the age of 21, was going to America to live and work.
— ⛓ Old School Gold ⛓ (@OldSchoolGold) May 30, 2014
Arnold was able to get a role in a film in 1969, “”Hercules in New York”, which paid him $12,000. He continued to train from 1970-1974 non-stop. In 1970, he won his first of seven, Mr. Olympia titles.
EDUCATION IS JUST AS IMPORTANT AS PHYSICAL FITNESS
In the 1970s, Arnold is enrolled in college throughout the decade. He bounced around to several taking math, English, science, and eventually earned his bachelor’s degree from the University of Wisconsin-Superior in 1979. It took about 10 years, but finally he had his college degree.
He also stated in the book he would write down his goals on an index card at the start of every new year.
At one time in his life, he met Pope John Paul II in 1983, they talked about workouts. The pope rose daily at 5 a.m. in order to stick to his regimen. It was something like 300 push-ups. If he could do it, this book says, you can do it, too. This is where I got the idea to start my daily fitness routine. I, personally, like boxing.
ALL ROADS LEAD TO HOLLYWOOD
All roads not only lead to Rome, but in Arnold’s case also to Hollywood, California.
OLYMPIC CHAMPION
Arnold also competed in the Olympics and won the title of Mr. Olympia 3 times. After the 1971-74 competitions, in 1975, filmmakers convinced him to do the bodybuilding film Pumping Iron.
The worst thing I can be is the same as everybody else. I hate that. – Arnold Schwarzenegger
Arnold is big into frugality. He saved every dime he could from any winnings he made while competing. When he first got to America, he had $27,000. That is the equivalent of $173,000 (adjusted for inflation) in 2017. His motto was turn every dollar into two.
Arnold invested his money in real estate. He researched for 3 years and worked with an agent before finally setting his sights on putting a down payment on his four-unit apartment building at the cost of $214,000. Then he sold the building the next year for $360,000. Then immediately put his profits into a new 12 unit building. He did this to avoid the huge tax bills of his profits.
The Los Angeles real estate market was booming. You could make $100k profit in just a year or two.
Arnold then bought a 36 unit building, followed by a 100 unit building. Within about 10 years, Arnold Schwarzenegger was a real estate tycoon and millionaire.
This was close to 7-8 years before he would become a bankable Hollywood action star. He was able to be pickier and choose plum movie roles because he did not have to take any role that came his way. He always believed in going to the top. Go where its empty and you can chart your own path. He aimed to be the leading man.
CONAN
“The idea is not to live forever, it is to create something that will.” ― Andy Warhol.
After small roles in various film and television, he was offered the lead in his breakthrough film role of Conan the Barbarian in 1982. The movie was a hit.
Love the painted look.
Then he starred in the sequel, Conan the Destroyer, in 1984.
For me life is continuously being hungry. The meaning of life is not simply to exist, to survive, but to move ahead, to go up, to achieve, to conquer. – Arnold Schwarzenegger
Arnold got to meet and work with lots of people. He feels that building relationships is key to having a successful, happy, and fulfilled life. Some of those people include, Linda Hamilton, Sharon Stone, Michael Ironside, Vanessa Williams, and the late Andy Warhol.
THE TERMINATOR
I’ll be back. – Arnold’s famous line as The Terminator
Arnold was offered a role in a film where there is a futuristic war between man and machines. At the meeting, with Gale Anne Hurd (The Walking Dead) and James Cameron (Avatar), he was convinced that the role of the T1 was pivotal, if the film was to be a success.
He was right. Listen to Ah-nuld! I just watched the film a few weeks ago. It still holds up.
Here’s one of my favorite scenes from the film; it’s Kyle Reese, played by actor Michael Biehn. He did an incredible job as he also did in the film Aliens.
Arnold Money Lesson: When Arnold met his future wife, Maria Shriver, he accidentally left his wallet at home. She had to write him a check for $70, to pay his train ticket home. He paid her back and wrote her a thank you note. In addition, he learned a valuable lesson. Always have cash. From that moment on, he would carry $1000 cash and a high or no limit credit card. He learned the motto of this blog, that cash is king.
He then decided to do a film by new first time director, Jim Cameron, called The Terminator. It went on to gross $80 million and Arnold was officially a bonafide movie star.
Fun Fact: Arnold likes to tell jokes. He decided early on that his films should include quips that are memorable one-liners and catchphrases. Like this, “Hasta la vista, baby” — Terminator 2: Judgment Day.
I actually heard that same phrase in a Jody Whatley song Looking For A New Love from her self-titled 1987 album. That was 4 years before T2.
HOLLYWOOD MAKING IT RAIN DOWN ON ARNOLD
“Money doesn’t make you happy. I now have $50 million, but I was just as happy when I had $48 million.” – Arnold Schwarzenegger
From there it just keeps getting better. He’s a hit factory and the paychecks got bigger and bigger. Arnold made $250,000 for Conan and $360,000 for Conan 2. Then took a pay cut for The Terminator, at $75,000. Arnold earned $1.5 million for 1985’s Commando, $3 million for 1987’s Predator and $8 million for 1988’s Red Heat. Bang, bang, bang! That’s all money in the bank.
He hit the deca-million ($10 million USD) paycheck mark with Total Recall in 1990. Then made $15 million for Terminator 2 and True Lies. Arnold eventually hit a $20 million-dollar payday in 1996 with Eraser. Yes, that’s US Dollars!
Source: themovietimes.com
He is estimated to have a net worth around $400 million dollars.
And there you have it.
At the end of the book, he also listed Arnold’s Rules for Success.
Here is Arnold talking Life’s 6 Rules during the Governor’s 2009 USC Commencement Address. He said be unique, be a maverick. Maybe even an outlier?
Everyday and in every way, invest in yourself. Invest in your health and education to help build your wealth. With money comes power and protection. The wealthy are protected. Build up your knowledge and money coffers. A war money war chest is your way to ditch the 9 to 5 and get out of the rat race.
Jay Leno gives advice on how to do just that.
MONEY LESSONS FROM JAY
Jay on starting out
“I wasn’t a millionaire when I started.”
“I would alternate between the two, so it was cars and hamburgers, which are actually still two of my passions.”
He started his career working for minimum wage at McDonald’s in Massachusetts. Jay also worked at a Ford dealership. He discovered the key or secret sauce (pun intended) to getting rich: Developing multiple streams of income.
Jay on working more than one job
“I always had two incomes.”
“I’d bank one, and I’d spend one.”
“I had two jobs because I realized that was the quickest way to become a millionaire.”
“When I got ‘The Tonight Show,’ I always made sure I did 150 [comedy show] gigs a year so I never had to touch the principal.”
And there you have it. Basically, if you want riches, then you have to put in the work. If you work 40 hours a week, then find a way to work 50 or 60. Gotta make that paper.
“When I was younger, I would always save the money I made working at the car dealership, and I would spend the money I made as a comedian.”
“When I started to get a bit famous, the money I was making as a comedian was way more than the money I was making at the car dealership, so I would bank that and spend the car dealership money.”
“Then I got to the point where the comedy money was, like, five times the other money, so I decided to flip it around and save the comedy money.”
Therefore, if you are working 2 jobs or more, then you bank the bigger paycheck and spend the smaller checks. Bank the bigger of the two checks and live off the other.
Forget the pundits that tell you not to save. There is value in saving. You need an emergency to help in case of job loss or illness. Life is full of hiccups. Once you have saved reasonable amount, then you start investing your surplus income.
The key is not to only save, but to also invest. Savings help you live your life to the fullest. In addition, savings can help you fund your dreams. Not having to go to the bank for a loan is an incredible feeling.
Jay on living on one salary
“I pretended as if I didn’t even have the ‘Tonight Show’ job.”
“You know, when you start making money, you get lazy. I wanted to make sure I always had that hunger, so I never looked.”
“It would go directly into a bank.”
Simply put, bank it and forget it.
Jay on patience
It took 22 years to accumulate, “a nice little nest egg.”
You heard it here folks. Building wealth takes time. In many cases, it takes a couple decades. There are no get rich quick schemes. There’s is no free lunch. There are no shortcuts. You do the work, get paid, invest the surplus incomes, and wait to earn interest.
Jay on retiring
“If you do something and it works, then keep doing it.”
You do not have to retire early unless you want to. If you are passionate about something, and can make a living doing it, then do it.
Jay on Buy-And-Hold
“The McLaren F1, I paid $800,000 for it in 1998. The last offer I got was $12 million. … The nice thing is, if you buy what you like, and it doesn’t go up in value, you still like it.”
Warren Buffet likes to buy-and-hold forever. Therefore, don’t even part with your cash, if you don’t want to keep an item to infinity and beyond. Just don’t even open your wallet.
Jay on avoiding credit cards
“I barely use credit cards.”
Words to live by. Either use credit sparingly for a purpose and get it paid off ASAP or don’t even bother using it at all.
Jay on house buying
“I didn’t buy my house until I had cash. When you own something and you don’t have to write checks every month, you’re just better off.”
I learned from James Brown, Dick Clark, Jay-Z, Oprah, JK Rowling and Michael Jackson to own what you do. You can control your earning potential and life, if you own. You can continue to make money off the things you own and control for many years to come.
Regardless, of whether or not you’re still working. You can still earn royalties from work you have done in the past. That is how the rich get richer. Earnings on top of earnings.
Jay on debt
“I don’t carry any debt. I don’t write checks at the end of the month for anything.”
“I didn’t buy anything I couldn’t afford to pay for in cash.”
“Here is the money, give me the thing, transaction over.'”
Jay hates installments, as do I. His cash only solution is what the world needs to adhere by.
I have literally saved for two years or more to purchase items or services I wanted or needed.
When I wanted Lasik, I used my flexible spending and waited about 3 years before I did the procedure. It cost between $4,000 to $5,000. And was worth every penny. Paid cash, not credit.
When I needed dental work done, I saved for 2 years. Paid cash, no installments.
Don’t buy on credit, build a fortune.
Jay on Retooling
“Since high school, I’ve always had two jobs. I worked at a McDonald’s and I worked at a car dealership. … When I was doing the Tonight Show, I’d be on the road at least two to three days a week because I thought, ‘We’ll see how long this lasts.’ ”
Do not ever get too comfortable. Things can change. Always have more than one way to earn a living.
Jay on owning
“I own everything. I own my buildings. I own my cars. That way, if it ends tomorrow, I know what I’ve got.”
His conservative money philosophy gives him peace of mind. When you are out of debt you just feel better. Take control of your finances and this too will help give you some peace of mind.
“It’s a little old fashioned, I suppose, but it seems to work pretty well for me.”
No impulse buying. This is the debt trap. Plan your expenses. Budget just means you plan where your money goes and it gives you permission to spend. Use it.
Jay on Taxes
“I just pay. Fine, I’ll get another job, I’ll work harder. That’s probably not very good tax advice. I don’t have money in the Cayman Islands or any of that nonsense.”
Always pay your taxes. Period!
Jay on being frugal
“McDonald’s sent me these Happy Meal coupons, so one day I’m in the McLaren and I’m going to McDonald’s. I say, ‘Give me two Happy Meals.’ And I give them the [coupons].”
“Now I look like the cheapest guy in the world driving this multimillion-dollar McLaren and I’m trying to get a free hamburger.”
He hates spending on clothes and has not touched one dime of his Tonight Show money. At one point, he was earning around $30M a year! It pays to be frugal.
So, you just avoid the mall, invest the money you would spend on clothes and start earning your way to a fortune with compound interest. Delay your gratification. Discipline is the key to wealth. Once you have it, no one can take it from you. Then you can save money to invest. Easy as pie.
Jay on Shifting Gears
“So many friends of mine, all they ever did was the TV show. When the TV show ends, suddenly their life ends, because that was their whole life. I was never that guy.”
It’s great to have hobbies and interests outside of work. See if you can turn a hobby or side gig, into an income. At the very least, have something to do after one thing ends. Remember, no idle hands.
Jay on shopping
“I’m not a big shopping guy. I’m just not interested in clothes outside of the essentials.”
“To me, it seems like a complete waste of money. I just want to have enough clothes to cover legally what parts I have to cover.”
Hear, hear! I used to like shopping. Until I didn’t. That happened once I learned I was losing a small fortune for that new purse or shoes. Read my post How Millennial Money inspired me to start saving $13,333.06 a year for more on that topic and see how I quit shopping for good.
Jay on Fixing Things
“When you’re in a business like show business, everything is subjective. Some people think you’re funny, some people think you suck. …When something’s broken and you fix it, no one can deny it’s running.”
Very true. Always be tweaking or working toward expanding and doing better. People notice you the harder you work.
Jay on setting high standards
He, like Coco Chanel, believe in setting high standards for yourself. Chanel said, “keep your head, heels, and standards high.”
Jay learned this attitude while working at McDonald’s. A key pillar of success: You can never go too far to ensure you’re producing a great product.
He would go home every night after work and write jokes. Jay would go through hundreds with his staff and get it down to the top 20. He would record himself and then re-listen for timing. Tedious? Yes, I know. But effective. The hard work paid off.
Fun Fact: Did you know @jayleno started his career making minimum wage at McDonald’s? Here are 5 things the self-made millionaire did that catapulted him to success: via @CNBCMakeIthttps://t.co/Y7ewRMHNXV
“I meet with the writers at about midnight or so and work until about 4:00 a.m.”
“I sleep four hours, maybe five.”
The way he saw it was, “if you have time to complain, you don’t have enough work to do.”
I am notorious for going to bed thinking of work and getting up to work. Sometimes I get up in the middle of the night to write down ideas about work. I work so much I barely have time to breathe.
I learned that from Pat Benatar who was a workaholic in the 80’s. But guess what? She wrote hits songs for like a decade. When there are times I need a break or pick me up while working, I’ll listen to her songs Invincible, Shadows of the Night or Love is a Battlefield.
For those who may not know or remember those songs, check out the links below. Good stuff.
Jay on failure
“You learn a tremendous amount from the mistakes.”
I have learned to fail better. It makes you stronger. It also humbles you and makes you more empathetic to others.
“I put my money in a hammock and say, ‘You relax. I’m going to go work.’ And when I come back, I put some more money in the pile.”
It’s your money. Don’t blow it.
Jay on Life
“Life is not that complicated … if you’re kind and decent, and try to be honest, it’ll probably work out. Yeah, you’ll get screwed once in a while. I certainly have, but that’s okay … don’t dwell on it.”
Pick yourself up, dust your wallet off, and get back into the grind. Don’t rest on your laurels. Put your head down and work. Stay humble and stay hungry. Generate multiple streams of income, diversify your earnings, increase your savings, and build your wealth. Get that net worth pumping in that interest faster than Arnold Schwarzenegger did lifting weights in Pumping Iron and you will start rolling in the dough!
Just FYI: Jay is worth over $300 million dollars. Has no debt. Is a self-made millionaire. And still works at the age of 68.
You’ve got to work to succeed. – Owner of a Lonely Heart Song and Lyrics by Yes
