Category Archives: Retirement

Blogger Interviews, Financial Independence, Interviews, Investing, Retirement

Accidentally Wealthy on Purpose: An Interview with Accidental FIRE

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Man, Business, Adult, Suit, Bitcoin, Cryptocurrency

“We gonna win more. We gonna live more. We the best.” – DJ Khaled

I know what you’re thinking. How do you accidentally get wealthy on purpose. Well guess what? You’re about to find out.

This latest blogger interview comes from Dave of Accidental FIRE.

I reached out to him after seeing his name on like 20,000 blogs.

Here’s how it went down because as you know it goes down in the DM. 🤣

I sent this tweet out after seeing a post Dave published. I thought it had an inspiring title. So I retweeted it.

To my surprise, Dave responded. 😮

So I responded to Dave. 😁

That’s when he told me to hit him up in the DM! 😉

So yes ladies and gents, this post happened from a tweet!

He seems as passionate about writing and blogging as I do!

I was born for this, born for this It’s who I am, how could I forget? – Macklemore

Let’s get right down to it! It goes down in the DM!!! It goes down. It goes down!!! 😂 Yo Gotti – Down In The DM

The blog and the interview was done by Miriam of Greenbacks Magnet, but those lyrics up top are by Yo Gotti.

INTRODUCING 

Welcome aboard all! All are welcome!

Welcome to Greenbacks Magnet. Home of attracting Greenbacks like Magnets! 🤣Can I help you find financial freedom?

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I want to thank you all for coming along this financial journey with me as I study the self-made and do blog interviews. You know, you are all my copilot’s on this magic carpet ride.

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In the illustrious words of #Aladdin Genie, “You ain’t never ever had a friend like meeeee!!!”🤣

Let’s Meet Dave!!!

I actually met Dave at FinCon. He was positive and had a great attitude. That was the thing I remember about him most. He may not have known it but I thought to myself now there’s someone I would not mind working with. 🤔

And here we are today.

Another day, another breath (another breath)
Been chasing dreams, but I never slept (I never slept) – Glorious Macklemore featuring Skylar Grey

I told Dave I thought he was one of the hardest working men in the blog business. I said that because I would go to read a post by a personal finance blogger and he would have already been there and posted the very first comment!

I couldn’t keep up with him! And I work HARD!!!

I remember seeing a comment on one blog post he did and he said, “Oh get out the popcorn. I see an interesting comments section coming on this post.”

Yep, that’s Dave.

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What it felt like to meet Dave at FinCon.

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He’s a genuine guy. 😉

Let’s talk about how Dave caught on financial FIRE!

DAVE STARTS A FINANCIAL FIRE BLOG

GBM: Hey Dave!! You should let me interview you for the blog! 5 questions tops! If it will get this ball rolling. I know you’re busy, but I promise to keep it short and snappy. Scouts honor. 😉

Dave: Hey Miriam, I will have to ponder these and will get back to you, interesting questions 😉 

What is FIRE? It stands for Financial Independence Retire Early.

There are tons of blogs out there on the topic.

I even wrote a post called How do you play with FIRE?

WHAT IS FIRE?

According to Camp Fire Finance, the elevator pitch for FIRE is this, “When your investments generate enough money to cover your annual expenses you’re financially independent (FI). At that point work is optional and you can retire early (RE) if you want to.”

Basically, you have more than enough money coming in to stop working. Usually, this requires anywhere from $1 million to $5 million dollars depending on what you want or need to spend to maintain your lifestyle or that of the one you dream of having.

For example, if you decide you want to withdraw at least $80,000 a year, you would need to have a $2-million-dollar portfolio.

This is how I visualize myself on FIRE! 😂💋

Jennifer Lawrence in the Hunger Games was serving them eye candy with that dress. It was literally ON FIRE!!!

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To stay on theme, I will pick this image for Dave. 😉

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Let’s get to the interview. 😊

Dave: Hey Miriam, here are my responses.

1. How did you come up with your blog name?

I named my blog Accidental FIRE because I reached FI accidentally – meaning I wasn’t intentionally trying to get to a point where I didn’t have to work anymore.  I just wanted as much of a nest egg as I could get because I come from a background and family that has no money.  So it was about building security in my life.  But when I discovered the 4% etc it then accidentally became about working less too.

Accidental Fire

Good for you! 👍

It’s great to have goals. I call that a win!

Win, Word, Scrabble, Letters, Wooden

GBM Miriam: Some people may think building a nest egg from the ground up is impossible. I say personal finance is not rocket science. It is about earning, saving, and consistency.


Thanks for keeping it 💯and sharing that.

2. Any favorite finance books? What’s on your nightstand?

My favorite financial book is “The Simple Path To wealth” by JL Collins because it does the best job of boiling the basics down to make a FI path, well, simple.  On my nightstand now are two books “War Letters: Extraordinary Correspondence from American Wars”, and “The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure”.  Also my eyeglasses and a candle.

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Well ok ✌That’s some good reading material right there. 👍

GBM Miriam: I am actually reading The Simple Path to Wealth by JL Collins right now! I guess great minds think alike! 😉

This was me in school. 😂

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Even today, if I’m not reading, I like to exercise. 🤣 I like to keep busy. No idle hands.

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I still read comic books too! My favorite is Red Sonja.

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She Devil with a Sword

Fun Fact: The Marvel comic Red Sonja was turned into a film in 1985 starring one of my favorite self-made people to quote Arnold Schwarzenegger.

“Don’t focus on getting to $1 million; focus on getting to $2 million.” – Arnold Schwarzenegger

I heard that little gem when Mr. Schwarzenegger was doing a radio interview.

I’ve learned to make every dollar count. Focus on turning every $1 into $2. Instead of $1 million focus on $2 million. I learned that from @Schwarzenegger 😉

Just my 2 cents. Smooches 💋

Did this book inspire this post I wonder? 🤔

3. What’s the most interesting thing about you that we wouldn’t learn from your resume?

I’m a pretty good juggler.

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Awesome! 👍That’s pretty cool.

4. What’s in your wallet? How did you start building wealth?


If you mean what kind of credit card I have a US Bank VISA that gives great reward points and that I use for everything.  I started building wealth as soon as I started working when I was 16, I’ve always spent less than I made.  But I started supercharging my wealth-building after reading a copy of Money magazine in 1995 and putting money in index funds.

Nice! 👌

GBM Miriam: I actually started after reading a Kiplinger magazine around 2007. I also put my money in index funds like the VFINX 500 index with Vanguard, which tracks an index like the S&P 500.

I try to save and invest over 40% of my income.

Although it is now closed to new investors you can put money into the VTSAX which is 80% comprised of the 500 largest companies in the United States.

Your story on how you grew up and got started building wealth reminds me of the song Glorious from Macklemore.

I feel glorious, glorious Got a chance to start again!

I loved it in the Crazy Rich Asians movie trailer.

5. What 80’s film best describes your relationship with money or the lifestyle you would like to have?

I guess I’d pick “Stand By Me” It doesn’t have much to do with money but I love the movie because it reminds me of my childhood – being in a small pack of super close friends and exploring and maybe sometimes getting into thins we shouldn’t have.  And I’m still friends with all those guys today so it’s fun to reminisce about when we were younger and our knees didn’t hurt so much!

I hear you! 😉

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Love that movie! It had some inspiring words. Love the 80’s. 💖

You know? Dialogue like this. 🤣

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GBM Miriam: Seriously, though that film makes me tear up at the end every time. A great coming of age story about friendship.

Why we blog about finances?

I’ll let Skylar Grey answer that:

We gon’ be alright, put that on my life
When I open my eyes, hope I see you shine
Now I feel glorious, glorious
I feel glorious, glorious

Well, we have come to the end of this interview. Hope you had fun.

Here at Greenbacks Magnet we like to have fun. And I had a blast!!!

GBM Miriam: Thank you Dave for stopping by!! I sure hope we will see each other again at the next money meets media conference as FinCon19 is coming to DC! But if not, there is always Twitter and DM’s. 😉

I bid you all farewell. Until we meet or tweet again.

I will give you one of my farewell messages that I tweet as a show of my appreciate for you hanging out with me here at Greenbacks Magnet.

Hope you had fun with me today and my Lipstick confessions. I must bid you all a good night. And go back to my regular identity. May the 80s live on forever in our hearts. Smooches💋 Greenbacks Magnet

Shows over Synergy. #Jem

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Are you surprised I sent this tweet? Well, don’t be. I told you I loved the 80’s!!!

Hey Dave!!! Thank you. Appreciate that quick turnaround right there!

ACF Dave: thanks Miriam 👍

Remember how I said I saw Dave on like 20,000 blogs. Well, I guess that is a popular number.

Got 20, 000 deep off in the street like we some warriors
My mama told me never bow your head, woo! – Macklemore

But this time, you can take a bow and bow your head Dave. You were a great guest to have. 👏👏👏

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Want more on purpose money advice from Dave of Accidental FIRE?

Visit his website Accidental FIRE and Follow him on Twitter @Accidental_Fire and

Book Reviews, Celebrities and Money, Retirement, Saving, Wealth

The Capitalist Code by Ben Stein

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The first step to getting the things you want out of life is this: Decide what you want. – Ben Stein

Ben Stein is an economist and actor, who wrote a book in 2017, called The Capitalist Code: It Can Save Your Life and Make You Very Rich. He has an estimated net worth of over $5 million. So, I thought I would check his book out.

On my quest to follow the money, I have discovered lots of books, blogs, and information about money.

I have been told I am seriously into all things money. Friends sometimes call me “the money lady.” That’s fine with me. I take that as a compliment. There are much worse things to be called than that.

But, I get it. I do have a laser-like focus when it comes to getting things done. I can be a task-master. It comes naturally to me. I just can’t help it because I believe in finishing what I start.

I learned that lesson from one of my favorite childhood books Where the Red Fern Grows.

You could say I’m a bit obsessed with learning about money. However, it has served me well to know about personal finance. I have a six-figure retirement and save over 40 percent of my income. All that came from reading finance books!

That is how I came to find this book. It is a quick read as the book is on the small side at 146 pages in length. I knew the name Ben Stein, but I wanted to find out What is The Capitalist Code?

But first…

WHO IS BEN STEIN?

“I’m an economist by training. I don’t really work as an economist. I only worked briefly as an economist.”

There is a short bio description of him online at goodreads which states:

Jewish-American economic and political commentator, writer, actor and attorney. He gained early success as a speechwriter for American presidents Richard Nixon and Gerald Ford. Later he entered the entertainment field and became an Emmy Award-winning actor, comedian, and game show host. He is famous for his monotonous yet humorous voice in acting.

For those who may not be that familiar with the name you may remember him from his self-titled television show, “Win Ben Stein’s Money” or from the film, Ferris Bueller’s Day Off.

“As to a media personality, well that just happened in large measure because people found me amusing, and I did lots and lots of T.V. news interview shows.”

“It’s a great stretch for me to do my game show. It’s very hard. It’s not me at all. The only part that’s me is sort of when I’m sitting in the booth looking tormented. That’s the only part that’s the real me.”

In Ferris Bueller, he is actually discussing a real topic of the era. During the 1980’s, Reaganomics was also referred to as voodoo economics or trickle-down economics. I’ll give you more on this topic later, in a future post. 😉

Ben has written for publication’s such as Barron’s, The New York Times, Fortune, and the Wall Street Journal. And numerous financial books including this one.

WHAT IS CAPITALISM?

By definition, an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. You will often hear it referred to as a free market or free enterprise.

Simply put, capitalism is a system of investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained by individuals and corporations instead of by state-owned means.  Participants privately own capital.

Ben says, “Free market capitalism is a fantastic wealth-producing system and allows individuals to amass wealth.”

In addition, “There is no freer, more diverse, and more equal opportunity employer than capitalism. . . If you can produce a large amount of excess over your costs, you get well paid. And if you produce very much more than you cost, you get rich.”

A free market of competition, not a central government or regulating body, dictates production levels and prices. True capitalism needs a competitive market because without competition, monopolies exist.

See my post in which I discuss monopolies for more information

WHAT IS BEN’S ADVICE ON CAPITALISM?

“If there’s a recession, I’d buy stocks. That’s when you make money: when markets are spooked.”

His primary objection of this book, is to get people off the sidelines and into the market.

“The sad fact is that spending rises every year, no matter what people want or say they want.”

This book gives you the #1 simple thing you can start doing today to grow your wealth — thanks to this “rigged” system known as capitalism.

Anyone can do it. You don’t need to have a Harvard or Economics degree or be a financial expert.

Basically, he wants you to do this: Invest in the stock market.

It’s a way to own a tiny piece of a big business and minimize your risk. Your piece of the American financial pie.

More specifically: invest in an index fund of the S&P 500.

You’ll own a tiny piece of a bunch of businesses and you’ll have more money when it’s time to retire.

That is also Warren Buffet’s advice among others.

See my post below on stock ownership

Patience is the key to wealth 

BEN ON WALL STREET

“Trying to pick individual stocks is a trap. I can’t do it. Warren Buffett can, but hardly anyone else can beat the indexes over a long period of time.”

It’s easy to think of big business as morally bankrupt, but it isn’t, really. Business leadership can make poor/unethical decisions, but being big doesn’t make them inherently wicked, and being a small business doesn’t make it inherently virtuous.

“I agree that there are some bad apples on Wall Street. I spent about ten years exposing corporate and financial fraud for ‘Barron’s’ magazine and I found a lot to write about.”

If you want to know more about stocks, you can read numerous books and magazines on the topic such as Value Line, The Intelligent Investor, and anything by Jack Bogle.

The key point is this: Free market capitalism is an incredible machine for making wealth. Corporations “rain money” year after year. If you don’t participate, you are making a huge blunder. It doesn’t take a genius, but it does take a plan—a “little bit of knowledge and an even smaller amount of action.”

SCARY STATISTICS

“The education system should teach us about money; it’s an incredibly big subject. I run into people all the time that don’t have the first clue of what they should do about money.”

Ben states the following about personal finance in America:

  • Most Americans have not inherited wealth or a successful business that could set them up for life
  • 80% of millennial’s have no plan whatsoever for retirement savings
  • Many Americans are saving NOTHING
  • The average person says they need about $50,000 per year for retirement; but only has savings to achieve 20% of that number
  • We live in a country where more than half the people couldn’t come up with $500 in cash today if they had a family emergency

Source: GoBanking

WHAT YOU NEED TO DO

According to Ben, you need to save first, and then spend— automatically.

That’s similar advice that Shark Tank’s Kevin O’Leary says: “Don’t spend too much. Mostly save. Always invest.”

Barnes and Noble provides this overview of the book: harness the incredible power of the U.S. economy for enjoyment and security by being owners of profitable businesses-by consistent, conservative investment starting as young as possible in a diversified port- folio of stocks. Anyone can be a capitalist—and should be. All it takes is a little bit of knowledge and an even smaller amount of action. All it takes is The Capitalist Code.

BEN ON EDUCATION

“There is a clear, unequivocal, if generalized, connection between the amount of education that a man or woman achieves and the amount he or she earns.”

In the book, he shows what women can earn with a degree…

And men.

Agreed. I notice that the more education you have, the more informed decisions people tend to make.

Although, in my opinion, education is not an equalizer it does; however, provide you with increased opportunity, knowledge and exposure to scholarly information.

For most folks, a bachelor’s degree is enough. Particularly, from a reputable in-state public or private accredited institution.

I will never forget when I was reading Arnold Schwarzenegger’s biography when he saw a PhD professor driving up in an old, beat up car and he said to himself that if that is what an advanced degree gets you, then that guy was in the wrong career.

BEN ON SPENDING

“You must arrange your life from the very get-go so that you are spending less than you earn.”

Yep. I have learned it is not what you make, but what you spend.

You can totally blow through $200,000 USD a year after taxes! Just keep buying big homes and expensive cars.

BEN ON PICKING STOCKS

How should you invest?

“You don’t need to “play the market” and try to pick stocks. Just buying and holding index funds is a simple, effective method that beats money managers most of the time.”

How long should I hold onto stocks?

“Hold onto these funds as long as possible.”

Should I sell as soon as I get a sizable gain?

“Take advantage of huge tax subsidies for deferring investment gains.”

BEN ON WEALTH

“A highly disproportionate amount of the good things in life accrue to those who have financial capital. The easiest way is to own index funds.”

He states you must acquire wealth.

I too have read you must pursue wealth. You may not want to chase money, but sitting on your laurels won’t attract money and abundance to you. Wealth is something that is attracted to those that have beat inertia and exhibit exertion.

Well, there you have it.

Straight from the guy who is pretty focused on one-task himself as he continued to utter that famous line, Bueller? Bueller? Bueller? Bueller? 

Just like someone had pity on him and answered him in the movie, Mr. Stein has answered a lot of your money answers in his book. The code is capitalist. He has given you the key to unlock the secrets on how to build wealth. So, use his key. Because guess what? The secret is out!

Financial Freedom, Financial Independence, Investing, Retirement, Saving, Wealth

Do you want a million dollars? Ask for it!

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Life is a negotiation – Louisa May Alcott

Growing your net worth from $0 to $1 million takes time. First, you have to ask for what you want. It starts at the negotiation table.

The sorted topic of coin. Everybody needs it, but those that really want it ask for it.

Ask for what you want. Anything at all. That includes money.

It may not be easy, but you have to negotiate.

It is the only way to get the best deal for you.

You know your worth, so don’t accept anything less.

Speak up to be heard.

Always be reaching. Never settle.

SPEAK UP

A lot of people are afraid to say what they want. That’s why they don’t get what they want. – Madonna

Remember that piano scene in Sex and the City where the piano player kept saying, “one more time for the cheap seats in the back.”

Well, that is real advice.

No one can hear you if you whisper. You have to shout. If you do not speak up on your own behalf, no one will.

Believe me, prince charming or princess darling isn’t coming.

It’s like that part in The Lord of the Rings where Gandalf shouts, “fight for your lives.”

I say that to myself all the time. Do it like your life depends on it. Whatever it is, make it count. Finish strong.

Like that voice in Mortal Kombat used to say, “fight hard.”

Either that or die trying.

BE FEROCIOUS AND FEARLESS

Better to live one year as a tiger, then a hundred as sheep. – Madonna

I can’t tell you how many times I’ve been called a rebel.

For standing up for myself. For voicing my opinion. The list goes on and on.

I think back on that scene in Troy. To fight back.

To fight back when people attack me? Dog has that kind of courage.

If you want something, then you better be willing to go to bat for it.

I have asked or negotiated for better pay, grades, food, clothing, a deal on a house, fees, and interest rates.

I’m a lioness. I’m like Miley Cyrus says, “I can’t be tamed.”

I like to go for the gold, but I’m not ashamed to get silver or bronze.

Now when people say no, I only hear yes to my dreams.

WHATEVER DOESN’T KILL YOU

I stand for freedom of expression, doing what you believe in, and going after your dreams. – Madonna

Whatever doesn't kill you makes you stronger.

You know the saying…only makes you stronger. Well, it’s true.

I will never forget those hard times being picked on as a kid.

I heard Jillian Michaels say she was bullied and teased relentlessly until she started taking martial arts. She says then the bullying stopped real quick.

I just focused on my studies. And my dreams. Just ignored everyone and everything. I was laser-focused.

I maintained good grades, a well-kept appearance, good manners, strong work ethic and a no nonsense attitude. The teasing stopped real quick.

It truly has paid off. As I have done the following:

  • Completed my education
  • Paid off debt
  • Learned how to invest and build wealth
  • Traveled more
  • Maintain my health
  • Took martial arts
  • Became a writer by starting a blog

I just did what I believed in.  And I believed in myself. I just trusted my instincts. I picked a path and didn’t look back.

Things may not have always worked out the way I wanted, but I was never standing still. The needle of my life was always moving forward.

BE THE ARCHITECT OF YOUR LIFE

Don’t you ever let a soul in the world tell you that you can’t be exactly who you are. – Lady Gaga

What do you want?

Be specific.

I’ll give you an example.

I plan to have enough money to retire in 13 years.

Be more specific. No problem.

By May 5, 2031, I plan to have enough money in savings and investments to retire from full-time work forever.

And that is not a wish, but a goal. This is real.

I am planning for that date. Right now.

Will I retire? I don’t know. However, I still plan to have the option to do so.

Scrooge McDuck said no man is poor who can do what he wants every once in a while.

Madonna said, “Poor is the man whose pleasures depend on the permission of another.”

Warrant Buffet decided at age 10, after going on a trip to the NYSE, this planted the idea in his young head to organize his life around money.

You are the person in charge of your destiny. Never forget it.

PENNIES OR DOLLARS

The mind is the greatest weapon. – Rambo

Oh, it is. If you have ever seen an episode of MacGyver or been in a tight situation and talked yourself out of it, there’s your proof right there.

I have noticed that math and science are great skills for analytical thinking. Great subjects to study in school or to use to prepare for a career.

In the 2004 film Ray, Jamie Foxx plays Ray Charles and is told the way to get a better deal is to ask for one.

Don’t be afraid to ask for more.

My mother taught me that.

She says all people can do is say yes or no.

In the movie, the man says to Ray you think pennies you get pennies, you think dollars you get dollars.

That was just by changing your mindset.

When I think now, I always think in millions.

For instance, it will take approximately 20-30 years to build a million-dollar investment portfolio depending on how much you save and the interest rate. Investing $10k a year at a 8% interest rate will net you $1,000,000 within 28.55 years.

You just have to decide.

Do you want thousands or millions? You think millions, then you get millions.

If you ask for it and are turned down, then use your mind to find a way to create this reality.

Legally, of course.

Celebrities and Money, Retirement, Saving, Wealth

Introducing the $100,000 bottle of water

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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.

Water can quench your thirst, clean you, keep you healthy and alive, and that’s about it.

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.

Budgeting, Celebrities and Money, Credit Cards, Retirement, Saving, Self-Made Millionaires, Wealth

Money Lessons I learned from Jay Leno

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Photo: Forbes.com

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.”

He has worked two jobs simultaneously since he was 16.

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.

Jay on saving money

“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.”

“I would always spend the lesser amount of what the two were.”

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.

Jay on old-fashioned values

“I’m not a big splurge guy, partly because I had Depression-era parents: “They just frightened me to death, saying, ‘You gotta save every penny!'”

“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.”

“I’ve never touched a dime of my ‘Tonight Show’ money. Ever.”

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.

Jay on idle hands

“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.

Jay on money to blow

“So many people get to be the age I’m at now and they’ve got nothing because they just blew it all.”

“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.

Bankruptcy, Retirement, Saving

From Pulitzer Prize winner to Penniless

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‘All happy families are alike; each unhappy family is unhappy in its own way.’ – Leo Tolstoy from Anna Karenina 1877

The rich are all alike, to revise Tolstoy’s famous words, but the poor are poor in their own particular ways. – William McPherson

William McPherson, was a Pulitzer prize winning novelist and an editor at The Washington Post.

Although, he tried in earnest, he did not become a man of means.

A career in writing does not often come with riches. Writing tends to be a labor of love.

The career you choose can determine your outcome. It could mean the difference between fulfilling your destiny or starving.

No one wants to be a starving artist. I am not a romantic when it comes to money.

That is why I occasionally write these Cautionary Financial Tales such as these:

From debt-free to owing $1 million in mortgage debt

Meet an orthodontist with $1 million in student loan debt

Why the Rents shouldn’t pay your rent

Before Mr. McPherson died, he wrote an article called Falling, that was published in 2014, regarding his descent into poverty. It was published in The Hedgehog Review.

He went from book critic, novelist, and an editor at The Washington Post to destitute. That is a far fall from grace indeed. Here is his story.

HOW TO GO FROM PULITZER PRIZE WINNER TO PENNILESS

William Alexander McPherson was born on March 16, 1933. His father worked as a plant manager and his mother was a homemaker.

He attended public schools and eventually went on to college. Between the period of 1951 to 1966, he attempted to get a college degree. He attended several universities during this time. Alas, the coveted sheepskin (college diploma), remained ever elusive as he did not earn a degree.

He married in 1958, but it ended in divorce.

By 1969, he started working at The Post.

As an editor, he was in charge of Book World for The Post and under his leadership, he turned that into one of the leading literary publication in the United States, which is no small feat. That is a tremendous undertaking, job, and responsibility. However, here in the real world versus in college, he thrived.

WINNING THE PULITZER

In 1977, he was awarded the Pulitzer Prize for distinguished criticism and the judged noted his large breath of literary and historic knowledge.

A Pulitzer Prize is a coveted award in literature. It first began in 1917. This prize is given out for achievements in magazine, newspaper, literature, journalism, and music composition.

The Pulitzer is named after Joseph Pulitzer, a famed newspaper publisher, that made his fortune in publishing. The award is administered by Columbia University in New York City. Either a gold medal or cash prize of $15,000 (increased from $10,000 in 2017) and certificate is awarded to the winners.

He wrote two published works. One in 1984 and the other, a sequel to the first novel, in 1987. A third was in the works, but was never completed.

At the age of 53, he decided to leave his job, and head to Romania, after the fall of the Berlin Wall. He stayed there for seven years. Mr. McPherson opted for early retirement at the ripe old age of fifty-three. He would not be eligible to receive his pension for 12 years; at which time he would be sixty-five. This is where things began to spiral downward.

Why not retire at 65, when you can receive your money? That just makes more sense. In my opinion, unless you have between $2.5 to $5 million in assets it will be tough for most folks to retire or even justify retiring early before you have access to 401(k)’s, IRA’s, Social Security and pensions.

THE FALL FROM MIDDLE TO LOWER CLASS

Don’t follow any advice, no matter how good, until you feel as deeply in your spirit as you think in your mind that the counsel is wise. – Joan Rivers

After choosing early retirement, having no real plan and giving little thought for his future income, he set out for an adventure overseas.

Although, he is a writer by profession, with age and the decline in his health, he is unable to sustain this way of earning a living. It is far different to be a man of twenty-two, eking out a living by writing than it is at seventy-two. He can long longer grind out the words as he could when he was a young man. He states this is one reason that he is poor.

Inflation would also erode the purchasing power of his money. From 1986 to 2014, inflation has gone up 109.7 percent. Meaning things have doubled in price.

His pension becomes worth half of what it once was and it not adjusted for inflation.

He receives Social Security, but having not worked formally for the last few decades means that this amount would not be very high.

Medical insurance has skyrocketed. It is a much higher cost to insure anyone, let alone a man in his golden years. It now costs him more monthly than he used to pay in a year.

He did not pay attention to his investments and bought stocks on margin.

In addition, he allowed advisors to manage his money and give him advice against his own gut instincts.

Eventually, his investments and brokerage accounts were empty.

FINANCIAL MISHAPS AND MISSTEPS

These are the things that caused Mr. McPherson to lose his financial shirt:

  • No clear vision of a career
  • No path to wealth creation ever established
  • He did not complete his degree; after numerous attempts which is time and money wasted
  • His only income consists of a Social Security check and a miserable pension
  • He retired early without a financial plan
  • Gave no thought to the future or inflation
  • High cost of medical care never even considered
  • Higher cost of housing not considered either (as news flash, things become more expensive not cheaper)
  • Did not plan for health issues
  • Divorced without having a financial net
  • He invested on margin
  • He spent his investment capital
  • Took bad advice from advisors that told him not to buy shares in AOL and Apple
  • Having fun was more important than getting his financial house in order (See my post on Aesop’s The Ants & The Grasshopper)
  • He did not spend modestly
  • Due to this he has to depend on the kindness of family and friends
  • He couldn’t pay for $10,000 of dental work
  • Did not have the money to attend a funeral
  • He subsists on a HUD subsidy for housing and medical benefits
  • Things got so bad, at one point, he only had a quarter to his name in his pocket and no bank account

POVERTY IN OLD AGE

He states by all standards of living that he is poor. Living in poverty is awful and humiliating he writes. Being poor is exhausting and time consuming. Waiting for buses and in lines at assistance offices takes all day.

His income is above $11,670 annually, putting him above the poverty line, as he receives more than that in Social Security. Even though, he has not ever had to apply for food stamps, welfare, or Medicaid he still has had to ask for government assistance.

He feels his younger self was delusional and naïve.

Although, he does not live in a homeless shelter, but living in subsidized housing isn’t exactly palace living. Many living there are poor as well.

The ailments that come with age are hard. Without good medical insurance, medical bills can be catastrophic to say the least. Medical debt has caused some to declare bankruptcy.

According to Elizabeth Warren, Americans are filing bankruptcy in record numbers. The main causes are job loss, illness, and medical bills. Women with children are also most vulnerable to file for bankruptcy.

The things he did that harmed his financial future were unable to be undone.

I share this story because the author had the fortitude to do so. I urge you to not just eliminate, but crush all of your debt and save at least 20 percent of your income because one day you may need it.