Tag Archives: Adonal Foyle

Precious Stones of Wisdom: Life Lessons from Indiana Jones and the Temple of Doom

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Train yourself to let go of the things you fear to lose. – George Lucas

If you have ever seen any of the Indiana Jones films, then you know they are all full of action and adventure.

However, my absolute favorite in the film franchise is Indiana Jones and the Temple of Doom.

There had some jaw dropping moments throughout the entire film.

They take you on the joyride of a lifetime in 120 minutes!

You get to see Indiana Jones (Harrison Ford) at one of his most defining moments in his career. As well as, watch him put the well-being of people ahead of money and things.

The series was created from the mind of Star Wars creator George Lucas and directed by Steven Spielberg.  

Now let’s go back to 1984! No legwarmers required! 😂

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RULE #1: LISTEN

The film was released on May 8, 1984. Adventure sequel extraordinaire. The film went on to gross $333.1 million dollars at the box office.

My favorite number is 3. That is one of the 3 reasons I chose to start saving $13,333 a year.

See my post

Halle Berry on Success and Failure: Why She and I Continue To Save So Much

Here is the synopsis of the film.

Intrepid archaeologist Indiana Jones, on the trail of fortune and glory in Old Shanghai, is ricocheted into a dangerous adventure in India. With his faithful companion Short Round (Jonathan Ke Quan) and nightclub singer Willie Scott (Kate Capshaw), Indie goes in search of the magical Sankara stone, and uncovers an ancient evil which threatens all who come into contact with it.

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The second of the George Lucas/Steven Spielberg Indiana Jones epics is set a year or so before the events in Raiders of the Lost Ark (1984). After a brief brouhaha involving a precious vial and a wild ride down a raging Himalyan river, Indy (Harrison Ford) gets down to the problem at hand: retrieving a precious gem and several kidnapped young boys on behalf of a remote East Indian village.

His companions this time around include a dimbulbed, easily frightened nightclub chanteuse, and a feisty 12-year-old kid named Short Round. Throughout, the plot takes second place to the thrills, which include a harrowing rollercoaster ride in an abandoned mineshaft and Indy’s rescue of the heroine from a ritual sacrifice.

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In the beginning of the film, Indiana instructs his companion to stay out of the light and follow his steps exactly behind him.

Of course, the man gets greedy and this ends in a Mortal Kombat style fatality.

Here is Indiana Jones the Atari game.

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Indiana Jones and the Temple of Doom Atari  screenshot photo

And here is Mortal Kombat.

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If you truly want to be successful, you must learn to listen to those that are more knowledgeable than you are.

That is why I listen to and read the shareholder letters of Warren Buffet.

He says stay away from debt and ALWAYS have cash reserves.

This simplistic and basic money advice is why his company Berkshire Hathaway has the most expensive stock on the NYSE at over $300,000!

According to The Motely Fool, one takeaway from the annual shareholder letter (which are excellent reading sources for learning about investing and life) is the following: At the end of 2018, Berkshire Hathaway had nearly $112 billion of cash and equivalents on its balance sheet, officially consisting of $30.4 billion in cash and $81.5 billion in short-term Treasuries.

You must have cash if you are to build wealth.

See my post Forget Simon, Do What Buffet Says

RULE #2: FOCUS ON WHAT IS MOST IMPORTANT

There is a scene in the film where our hero is poisoned. But, there is a cure.

The anecdote is rolling around on the floor and so are millions of dollars in diamonds in a small jewelry bag.

Willie comes across the anecdote while trying to find the diamonds. Instead of casually dismissing it as many might have, she picks it up and puts it in a safe place. This ultimately saves Indiana’s life.

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There are times in your life when you will have to choose: right or left.

I prefer to choose the path of least resistance but also the one that will help the most people.

Remember: The needs of the many outweigh the needs of the few.

In The Wrath of Khan (1982), Spock says, “Logic clearly dictates that the needs of the many outweigh the needs of the few.” Captain Kirk answers, “Or the one.” This sets up a pivotal scene near the end of the film.

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Speaking of Star Trek, I read William Shatner’s book Live Long and… which was pretty good.

He says to spend the money on the living. No expensive funerals or caskets. Pay for what you want in cash and if you don’t have the money, then you can’t afford it.

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RULE #3: WHEN IN DOUBT, RUN

Indiana comes across another archaeologist that steals his stone he just risked his life to get!

Instead of trying to fight for it, he lets the man take it. While the man is distracted with his patting himself on the back and his own vanity, Indiana makes a run for it! And keeps his life long enough to fight another day.

The same rules apply when buying stocks or spending money.

If the risk is too high for you, then sell. You will sleep better at night. Forget trying to get you money back. That is like gambling in Vegas.

Or if you just so happen to come across someone in a nice suit and briefcase that promises to double your money, pass.

There is no such thing as guarantees. All risk involves possible losses. That is why you do your homework and take calculated risks.

If it sounds too good to be true, RUN!!!

In the book called Winning the Money Game: Lessons Learned from the Financial Fouls of Pro Athletes by Adonal Foyle. He was an NBA player who describes the things he says while playing in the league in regards to how other athletes dealt with financial management or lack thereof.

He that said you should learn the basics of money and that you should rule your money or money will rule you. He saw many people lose homes, cars, wives, and careers.

In addition, he said you should audit anyone who comes into contact with your money. That includes family. Even your MOM!!! Shocking right???

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See my post More Money More Problems

RULE #4: FOOD IS FUEL, BUT NOT ENTERTAINMENT

One of the absolute best scenes in the film is the dinner scene.

I will not give too much away, but let’s just say the room is full of snakes! LITERALLY!

They say health equals wealth.

Let’s say you are investing for the long-term (as you should be!). Then in order to realize those gains, you must live long enough to see them.

That requires you to eat your three square meals, lots of fruits, nuts, berries, leafy greens and veggies. In addition, drink mostly water and tea.

This will alleviate 90% of ailments that are associated with poor diet.

Food is not for taste; it is for nutrition.   

And please, no smoking.

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Can’t stand exercise? Find a fun or simple activity such as bowling, walking, or dancing. Done.

See my post Health Really Does Equal Wealth

RULE #5: THE KIDS ARE OUR FUTURE

Indy sees that children need his help. He does not turn his back on them. He helps them.

They are more precious than any stone.

People were always more important to him than things or money.

See my post Generosity Can Go A Long Way

You want to help someone in need?

Read to the elderly.

Start a book club.

Volunteer to be a troop leader like Phyllis Nefler in Troop Beverly Hills.

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Donate to college scholarship funds.

The point is to get involved.  

You are powerful. More powerful than you know.

One person can change and lift all tides.

Case in point, the late Senator John McCain voted against the repeal of the Affordable Care Act. That vote saved MILLIONS from losing healthcare coverage! One man. One voice. One vote.

I’m just saying.

More money more everything including problems

More money does not mean you are free of problems. Money can make life easier, but it has a price.

You want fame? … Well, fame costs. And right here is where you start paying. With sweat. – Debbie Allen in Fame

“Stardom equals financial success and financial success equals security. I’ve spent too much of my life feeling insecure. I still have nightmares about being poor, of everything I own just vanishing away. Stardom means that can’t happen.” – Steve McQueen

“I think everybody should get rich and famous and do everything they ever dreamed of so they can see that it’s not the answer.” ― Jim Carrey

“What people don’t realize is that fame—whatever your worst experience in high school, when you were being bullied by those 10 kids in high school—fame is that, but on a global scale, where you’re being bullied by millions of people constantly.” – Megan Fox

People assume I’m out there having this great life, but money doesn’t erase the pain. When you’re young you barrel through life, making choices without thinking of the repercussions. A few years down the line, you wake up in a certain place and wonder how the hell you got there. – Jennifer Lopez

MONEY PROBLEMS

What’s the problem with money? The problem with earning more is that oftentimes followed precipitously by spending more.

Overspending can cause many problems such as stress, depressions and weight gain. It also leads to debt, poverty, and negative net worth’s.

Although, having vast sums of money can cause some headaches and of the same problems as stated above, money has many good uses as well.

For example, once you have it you are able to espouse love in numerous ways, such as paying for good health care, an excellent education, adequate housing and healthy food.

Money offers protection.

Especially, for the harshness of life. However, the reality is that money has no power until you use it. Power by itself is not good or evil. Money is not good or bad. It is what you do with it that gives it meaning.

It is all up to you.

They say be careful what you wish for. Especially, money. It can be a gift or a curse depending on the way you look at it.

I read a book called Winning the Money Game: Lessons Learned from the Financial Fouls of Pro Athletes by Adonal Foyle. He was a professional basketball player who describes the things he says while playing in the NBA in regards to how other athletes dealt with financial management or lack thereof.

He that said you should learn the basics of money and that you should rule your money or money will rule you. He saw many people lose homes, cars, wives, and careers.

In addition, he said you should audit anyone who comes into contact with your money. That includes family.

I cannot count the number of stories I have read about some celebrity losing millions to unscrupulous financial and business managers.

It’s a great way to keep accountants and others on their toes and let them know you are watching.

CASH RESERVES

Cash reserves are a must. Any individual with an income should put a money cushion aside for lean times because trust me they will come.

The problem is that when money comes fast, which is true for athletes and lottery winners, it usually goes out that way as well. Before many have had time to adjust and learn the ropes of handling money.

If you own a home and want to build a fortune as a real estate mogul or landlord, then usually that comes with sweat equity (a fancy term for hard work and fixing up your property yourself).

You also need to set aside money for maintenance or vacancies. As every business needs capital.

Should you choose to pursue wealth, fame, fortune, and your dreams you better have a backup plan should all not go as you hoped. (Foyle was forced to retire due to an injury at the ripe old age of 35)

He started preparing financially many years’ prior and was on solid financial footing when the day came for him to stop earning paychecks from his career as a basketball player.

I advise everyone to do the same.

Foyle has started coaching and advising other young athletes about money as he saw a need and decided to help others and he continues to help people regardless of what has happened in his life.

No matter what you go through in this life do not lose your humility or your humanity.

Your friends and family are the ones that will help you in good times and bad.

Always treat people like gold.

They are the most important asset in the world.

Do not cash out your retirement accounts

“Don’t put your retirement on a credit card.” – Suze Orman

I recently read in the news that a guy emptied out his 401(k) to have enough cash to go see Super Bowl LII. That’s insane.

That is the financial equivalent of throwing all your money in a trash can, pouring gasoline on it, lighting a match, throwing it in, and setting it on fire.

The only time you should cash out is when you hit it big in Vegas at the poker table. Otherwise, just walk away and don’t do it.

They say poker is not about knowing how to play the game, “It’s about playing the other guy.” – Sam Winchester, Supernatural (Season 5 episode 7)

You can buy the whole Supernatural series on Amazon.

Well, in this case the other guy is the IRS. Since, the rules have recently changed you better make sure you learn them as there is no playing the feds.

This is not a game of craps where you just shoot the dice. This is for real.

Your future self is depending on you to do the right thing in the present.

The economy is still getting its act together, but in the meantime you still have responsibilities. I get it.

Millions are people are struggling with debt.

Americans owe about 2 trillion in credit card and student loan debt.

Many are just trying to keep their head above water.

Be forewarned, that even if you have good intentions, cashing out to pay college tuition costs for the kids or grandkids is a big no, no too.

YOU CANNOT FINANCE RETIREMENT

You cannot finance retirement, but your kids can finance their education. Just limit what you borrow.

I know someone living on a fixed income. She was short paying her property taxes because she owed over $25,000 in credit card debt!

And she was scared she would lose her home if she did not pay. She was shaking and crying it was so bad.

I gave her the part where she came up short. You see, she gave me a place to stay many (16) years ago. I had not forgotten. And I never forget a favor.

The good you do can definitely come back to you full circle.

I had a chance to repay her for her kindness and I took it.

Full disclosure: she is an 86-year-old grandmother who got into debt helping her grandkids.

I am not saying not to help your kids. Just be mindful what can happen if you do and you are not financially able or prepared.

Here is what I want you to know.

CASHING OUT A 401(k) IS EXPENSIVE

Cashing out means the following:

  • Paying a 10% federal tax penalty on the money you withdraw
  • Every penny is taxed as ordinary income (negating any pre-tax gains)
  • Any 401(k) loan money you repay is going to get taxed again
  • Every dime you take out is unable to earn interest for the future
  • Present pleasure will not erase future pain and problems when the money is not there to help
  • Every dollar is unable to turn into two from compounding over the years

I know people will switch jobs or attempt to stave off bankruptcy, but I am telling you this is not the way to do it.

Just like there is a way to structure your leaving a job, there is a way to structure how you repay your debts.

Did you know your retirement accounts are protected from creditors?

There’s a little tidbit many creditors will not likely tell you. Well, I am letting you in on the recipe of the secret sauce.

You can learn even more about money and debt by reading any of the books listed in this post and purchasing or renting from the library.

If you cash out, that money is up for grabs. You are all in and could lose to the house.

The decks are stacked against you in this standoff with the banks as you have nothing left to bargain with once you have exhausted all your resources.

That is why it is best to put down no more than 20% on a down payment on a home.

If you decide to do more, like, say 35%, and the market tanks, you could lose your shirt and every dime you put into the property!

That’s too much skin in the game.

ALWAYS PLAY TO WIN

You could also lose your home, literally as well.

Once the money is cashed out, it’s gone forever.

If you cash out to pay off credit cards, medical bills, or back mortgage payments then that’s all folks.

The money is spent. You can’t get it back. And if something else goes wrong, then it’s game over.

All of those things can actually be discharged and wiped away in bankruptcy.

You are; however, still responsible for child support, alimony, back taxes, fines, penalties, and restitution you owe for breaking the law and student loans.

So, you could cash out, pay the credit cards and mortgage, and still get into financial hot water again should a medical or some other type of emergency arise.

You are far better off going ahead with a bankruptcy than breaking the 401(k) piggy bank.

That is, if you truly can’t afford to make the payments and pay your debts.

When your financial back is against the wall a bankruptcy may be your best course of action not cashing out your retirement.

A chapter 13 bankruptcy can possibly even help protect the equity you have in your home.

The money in your retirement account is protected from bankruptcy.

That means if you have $1 million in your 401(k) and go into personal bankruptcy due to owing $100,000 in medical bills the banks and courts can’t touch it.

When you cash out you are likely to pay 35% of the balance of the funds you withdraw.

There is even a possibly after the taxes and penalties are paid, you will not have enough left over to pay the debts you wanted to pay off!

All that work and you still get the short end of the stick.

When the chips are down, just leave them on the table and walk out. Do not add in more chips!

Whatever you decide, make sure cashing out is the last Hail Mary pass in your financial playbook.