“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.” ― Dr. Seuss, Oh, The Places You’ll Go!
Mannequin was a film released in 1987 starring Andrew McCarthy and Kim Cattrall. The story was about finding love and doing your passion. It was a feel good romantic-comedy (rom-com), that is memorable for its theme song Nothing’s Gonna Stop Us Now.
Mannequin Trailer
PASSION TRUMPS ALL
Find your passion and get paid for it
The main character in the movie, aptly named Jonathan Switcher, as he was constantly switching jobs in the film. Kind of reminds me of John Ritter as Jack Tripper in Three’s Company, as his character was always tripping or falling. Ritter’s character also did lots of pratfalls (falling down) like Chevy Chase would do on Saturday Night Live for laughs as a sight gag dating back to the days of vaudeville.
Anywho, in the film Jonathan was really an artist at heart, but he just couldn’t find the right gig. Finally, as luck would have it, being nice and kind, is what got him his start.
He was walking when a little old lady (Estelle Getty, Sophia from Golden Girls) came into the path of a huge store sign that was falling. He pushed her out of the way and saved her life! She just so happened to be the owner of a major women’s department store and offered him a job on the spot.
This changes the course of his life.
Once she learns what he can do, she gives him a job as a window dresser. This is where his artistry skills come into play. He finally found a way to make a living doing something he loved and was good at. And people were willing to offer him good money. A competitor wanted to offer him big bucks for his skill by doubling his salary. He said he didn’t do it just for the money.
Turn your passion into your career.
He kept his job where he was. This is where the movie truly begins.
Your Fired! Pick up your paycheck and get out of here.
COMPASSION
Compassion for others
Before getting his job as a window dresser, Jonathan had lost his job, his girlfriend (Roxy, played by Carole Davis), had no money, and was just sad and alone. All that changes when he starts dressing a Mannequin who comes to life!
Her name is Emmy. She says she saw him last night in the rain. He looked so sad and lonely. So, she came back to life just for him.
Emmy Comes Alive
DANCE
Dance
It’s good exercise and fun. Singing also can help cure loneliness, sickness, and unhappiness.
So, like I once heard Toni Braxton say to her sistsers on Braxton Family Values, “Don’t be the fun police. Don’t be the fun po-po.” When you go out, have some fun. Don’t be a wallflower. Go out there on the dance floor and dance.
Good health is vital on the road to wealth. You don’t have to lift a ton of weights, but you do need to get moving.
So, sing and dance, will ya.
The absolute most fun and funniest scene in the movie was the dance scene. That is what dancing does, it brings you to life and in this film that means literally.
Dancing scene
NO STEALING
Don’t steal
The men in the film are competitors to Switcher’s company. Once they find out about Emmy and her helping him make a name for himself as an in-demand window dresser, all hell breaks loose. They steal Emmy and then get arrested for it.
Do not steal. That’s all I have to say.
BE NICE
Be nice
Jonathan was a nice guy, but he was nobody’s fool. His kindness to others was always reciprocated back to him. He was nice. Then he got a job offer. He was nice. Easily, he made a friend. He was nice. And found his true love.
Good things can happen when you are nice. Being nice attracts things to you. In this film, it was a job.
Real love is something worth waiting and fighting for
My favorite and best scene of the film was the ending where they get married while the song Nothing’s Gonna Stop Us Now by Starship is playing. This is the most memorable part of the movie. It was a good way to end the film. It was a great scene and it made you feel good. Jonathan had finally found true love with Emmy.
When she came on the scene she informed him that she wanted to escape a loveless marriage from 4000 years ago B.C. She waited to come back to life to find the right man. And she commented to him in the film that she was so glad she picked him. And they only had eyes for each other.
Window Wedding Scene
This life is unpredictable. There are only a few things that are worth fighting for. Love is definitely top of that list.
I remember this movie fondly. It still has a special place in my heart.
This movie is what inspired me to help little old ladies. I had to help a complete stranger get out of a chair at a hotel one time. It just so happened that she was alone and I saw her struggling to get up. I walked over and asked if he needed help getting up. She looked up at me in surprise and said yes.
It sure felt good to help someone in need.
I do it every chance I get. Helping people across the street. Answering questions. I try to tip pretty well.
You know, I just try to treat people the way I would like to be treated.
I am nobody’s doormat, but I try to help the little guys out.
So recap…
Find your passion and get paid for it
Have compassion for others
Dance
Don’t steal. Earn your keep. Work for what you want.
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.
Those willing to do more than the bare minimum. We are talking captains or titans of industry and business mavericks, that buck the trend, throw caution to the wind, and are all in.
Steve Jobs, Bill Gates, LeBron James, Phil Knight, and Walt Disney, to name a few, embody the characteristics of what it takes to dominate in one’s field. They are outliers. If you dare to dream and be an outlier yourself, then you are in great company.
WHAT IS AN OUTLIER?
A person or thing that is atypical within a particular group, class, or category. – Merriam Webster Dictionary
Simply put, you are different than the rest. You stand out. An outlier is the proverbial diamond in the rough or needle in the haystack. The 1 out of a million.
We all know how it worked out for Aladdin in the end.
When everyone else goes right, you go left and turn down the street.
You have tunnel vision. All energy is focused on a single task until it is completed or you are an expert. The rejection of noise and naysayers are a must.
A great definition of focus is this: To follow, without halt, one aim: There’s the secret of success. – Anna Pavlova (Prima Ballerina)
WHO ARE OUTLIERS?
The more you like yourself, the less you are like anyone else, which makes you unique. – Walt Disney
We will take the examples above and expand on those individuals that have either been born great, achieved greatness, or had greatness thrust upon them. (To revise Humphrey Bogart’s famous words: Here’s looking at you, William. Shakespeare that is.)
So, who are these mavericks you say? Just keep reading.
Steve Jobs
Photo: Forbes.com
Steve Jobs was the CEO and co-founder of the most valuable brand in the world: Apple. The first ever trillion-dollar company in the entire world. He pioneered revolutionary technologies. Thanks to his genius and willingness to dare to be different, we now have a computer in our pockets.
He decided to buck the trend and paid no dividends for Apple shareholders (this changed in 2012), as he thought that money could be better spent to expand the company.
Forbes, in 2011, estimated Jobs’ net worth to be around $6 billion to $ 7 billion dollars prior to his passing.
Bill Gates
Photo: Forbes.com
Bill Gates is a business magnate who is the founder of Microsoft. He took the road less traveled by famously dropping out of one of the most elite and prestigious universities in the world: Harvard.
Mr. Gates devoted every minute of his time to computer technology. He would read trade magazines and stay informed on the latest in tech. Becoming an expert in the field and later launching Windows in 1985. It became the top operating system for PC’s.
Forbes lists Gates’ net worth at $96B.
LeBron James
Photo: Forbes.com
LeBron James started playing basketball at a very young age. He loved the game so much that he played and practiced non-stop. By the time LeBron was 14, he had ESPN covering his high school basketball games because he was just that good.
He was drafted in 2003, to play professional basketball with the NBA. It is estimated that he spends $1.5 million dollars a year just on his health care and personal training to keep his body in the best athletic shape possible. He would go on to win the first ever championship for Cleveland. Ever. He recently built a school and is offering college scholarships to those students.
Forbes estimates James’ net worth at $440 million. That’s a lot of M’s just for going hard in the paint. It pays well to be the best.
Phil Knight
Photo: Forbes.com
Phil Knight is a business magnate and the co-founder of Nike. He ran track for the University of Oregon under the infamous track coach Bill Bowerman, with whom he co-founded Nike. Bowerman is famous for coaching 31 Olympic athletes including the legendary Steve Prefontaine.
After attending Stanford Graduate School of Business, Knight decided to become an entrepreneur. His business plan paper became the catalyst for his company. He traveled to Japan to see about good running shoes, which would go on to become Nike.
Forbes estimates Knight’s net worth at $31B.
Walt Disney
Photo: Forbes.com
Walt Disney was a pioneer in the American animation industry. He always loved to draw. He had a paper route with a grueling and exhausting schedule as a kid, which contributed to his poor grades at school.
None the less, he continued to draw. He had $40 dollars in his pocket when he moved to CA to start his career. After, getting fired from a job in animation at one company, he decided to start his own.
People laughed at him for wanting to draw a talking mouse. An old legend states he was rejected 302 times to get financing to start Disney World. He ended getting the last laugh as Disney is the biggest and most diversified mass media and entertainment conglomerate in the world.
At the time of his death in 1966, he was estimated to have a net worth equal to $1 billion in today’s dollars (adjusting for inflation).
HOW CAN BEING AN OUTLIER MAKE YOU RICH?
Go confidently in the direction of your dreams. Live the life you have imagined. – Henry David Thoreau
People are willing to pay for unique. Something that is one of a kind. The rarer the better.
Do something so good that people can’t wait to see you.
“Make sure it’s mean so them fiends keep on coming back” – Who Dat (Song by J. Cole)
Keep them wanting for more.
They say the riches are in niches.
Mae West wrote on taboo subjects in the 1920’s. She made a mint in real estate and oil. This is what she thought of all that hoopla she made way back when.
I believe in censorship. I made a fortune out of it. – Mae West
Figure out what you are good at and make it happen.
When you start out you have to take what you can get, but when you blow up, you can name your price.
Remember that song Back Then by Mike Jones. Yeah, it can be something like that.
GO AHEAD AND TAKE THE ROAD LESS TRAVELED
Two roads diverged in a wood, and I — I took the one less traveled by, and that has made all the difference. – Robert Frost
Many people have made a fortune off being different.
Success depends in a very large measure upon individual initiative and exertion, and cannot be achieved except by a dint of hard work. – Anna Pavlova
Let’s see some numbers for clarity and perspective.
Only the best can become NFL players. Here is what the best can make.
Rookie Salaries in the NFL
Source: FootballNextLevel.com
Highest Paid Players in NFL
Source: Spotrac.com
These are just salaries for one profession. There are many others.
CEOs are making bank. In addition, so can authors, producers, actors, musicians, professors, doctors, and more can as you can garner success in many other fields.
How hard are you willing to work to make success happen?
Dwayne “The Rock” Johnson says success takes no less than everything you’ve got. You don’t need directions on the road to success, just point to the top and go! Here are a few more of his words of wisdom for motivation.
I'm always asked "What's the secret to success?". The secret is, there is no secret. Be humble, hungry and the hardest worker in the room.
I get it. You win the jackpot and your financial freedom. You’re on cloud nine.
However, you have to plan your escape from the rate race whether or not you win the lottery.
If you want to get rich, either by picking winning numbers or otherwise, you better learn quick how to manage a fortune.
Here’s why.
CHANCES OF WINNING
Are pretty slim.
According to Fortune magazine, the odds of winning the lottery are about one in 300 million. Considering that there are over 326 million Americans, that makes your odds quite small.
Chances of winning the lottery today: 1 in ~300 Million
Chances of being born as yourself: 1 in ~400 TRILLION
If you want to close this gap, you will have to increase your scope of numbers to play and play more often.
It’s not enough to do the kids birthdays or your anniversary. Going to have to get creative. You need the locker combination to your high school locker, your kids Xbox password, your great-aunt’s wedding date, and your first love’s old address. You know, something like that.
But all jokes aside, you will have to increase your range of numbers to increase your odds of winning.
In addition, you will have to play more often.
It has been well-documented that people who win the lottery once are likely to win it again.
The problem with this is that you also increase the amount of money you lose while playing the game.
LOTTERY WINNERS GO BROKE
Get rich or die tryin’. – 50 cent
Did you know a high percentage of lottery winners end up broke? According to the National Endowment for Financial Education, 70 percent of lottery winners go broke.
According to @NYTimes, 90% of lottery winners go broke within 5 years of winning. What would be your plan to keep your winnings long term?
“Using money you haven’t earned to buy things you don’t need to impress people you don’t like” – Robert Quillen
I have seen too many lottery winners go bankrupt. You win all that money just to go back to being broke! No, thanks.
Forget your friends and family telling you to spend. Do not inflate your lifestyle and then upgrade it even more after moving to that gated community in Beverly Hills. You do not need to outspend your neighbors.
You can still drive a Honda. The kids can still get jobs. If you think that it is taking away an opportunity for someone else to work for a needed paycheck, then let junior volunteer.
That was the advice Fran gave Mr. Sheffield in The Nanny. He wanted to teach his daughter about responsibility and the value of money. So, in S02E21 Maggie became a candy striper at a hospital. Great advice.
Fun Fact: In the S02E08 of Gilmore Girls, Rory gets in trouble at school. It just so happens that one of her schoolmates in that episode was none other than Mr. Sheffield’s youngest, Grace, played by actress Madeline Zima. You can see her in the blue sweater walking behind Rory in this clip.
My advice to anyone who comes into large sums of money whether by inheritance, large windfall, bonus, or lottery is to stay humble.
Hire an intermediary to answer requests for money on your behalf
Set a daily, monthly, annual spending limit
Hire an attorney
Take the lump sum
Create your own annuity with a spending budget
Hire a CPA
Learn how to manage money
Understand your tax liability
BUY STOCKS INSTEAD OF LOTTERY TICKETS
I would much prefer people spend their money wisely than to bet it on chance.
You could invest your money instead of throwing it down on the roulette table. If you are want to be a part owner of Caesar’s Palace, instead of merely placing bets at one, you can buy REIT’s or mutual funds.
Even better, you can buy index funds that includes hundreds of stocks that track a benchmark such as the S&P 500.
Every dollar you invest can possibly be turned into two or three dollars.
Source: familyfinancefavs.com
Not sure what all this is? No problem. Go down to your local library and ask for books on personal finance. You can also look up any words you are unfamiliar with online.
In addition, you can read blogs, listen to podcasts, join investing clubs, get a job in banking, take a few online finance courses, or ask friends and family for book recommendations.
Many books offer book recommendations in the appendix.
All you have to do is be willing to do some homework.
Trust me, it’s worth it.
When your one-day sitting on a beach in Hawaii, sipping cocktails and able to get up at noon just because.
Basically, he is looking to have more assets than a fat paycheck. He knows money can slip through your fingers. Assets do not easily slip away.
The bigger the paycheck means the higher the taxes you pay Uncle Sam. In contrast, assets usually go up in value and earn interest over time. Capital gains tax is lower than income taxes.
So, if you want to bet the farm, then put it all on staying in the black and not the red.
CASINOS ARE NOT WHERE THE WEALTHY ARE
I know you see all the television shows and advertisements telling you to go to Vegas. However, that is just a way to get you there to spend money. Most wealthy folks are not rolling the dice with their finances.
I have read enough blogs and books to know that you must hang around like-minded people.
Motivational speaker Jim Rohn said, “You’re the average of the five people spend the most time with.” And so is your net worth.
We are influenced by those we associate with. These relationships over time can have a profound effect on our lives.
Therefore, you must choose wisely when it comes to friends, business partners, and spouses.
The wealthy are about building assets. Therefore, you are not likely to see them at the casino at four o’clock on a Monday afternoon. They are out volunteering, networking, and closing business deals.
HOW DO CASINOS MAKE MONEY
A Canadian study stated that 75% of customers provide only 4% of casino revenues. It’s the habitual gambler that keeps the casino in business.
If you ever saw Mark Wahlberg in The Gambler, then you know who I’m talking about.
Computer gaming and slot machines are all the rage when it comes to gambling.
Most players lose more than they win. I don’t like those odds. Therefore, I do not gamble.
That means people with gambling addictions are the most vulnerable. Or you can become addicted after getting a taste of winning like in the film 21.
Slot machines are, like credit, addictive. Casinos actually can make you poorer. This exacerbates inequality.
CASINOS WILL HELP THE ECONOMY RIGHT?
Not so fast. Let’s take a look at Atlantic City.
Back in 1977, casino advocates made promises that casinos would help give the economy a boost by providing jobs. Don’t get me wrong, they did provide jobs. However, the surrounding local business owners did not get the foot traffic coming into the casinos.
The money that casinos make, stays with them.
Many local businesses had to close up shop. The retail economy collapsed all around Atlantic Avenue in New Jersey. Several casinos have actually shut down since 2014. That means jobs were lost not gained.
HOW TO BET ON YOURSELF
Devote all your time, money, and resources into yourself.
Use your hard earned money to invest in your education, training, and business.
When I was watching David Tutera plan those weddings on television, I learned he wasn’t doing this for, in the illustrious words of Sia, cheap thrills. He did it for a living. And earned good enough money to have a nice home, wardrobe, and chauffeur.
David started party planning and entertaining over 20 years ago. He just invested his time and money into himself. Eventually, he found what he was good at and then he just stuck with it.
There are countless tales of people out there that have found a skill they are good at, practiced and developed it, then went out and started earning a living at it.
Read up on some biographies. See for yourself. I recommend reading anyone you have an interest in or trailblazers such as Gloria Steinem, Arnold Schwarzenegger, Franklin Roosevelt, Charlie Chaplin, Oprah Winfrey, Winston Churchill, or Nelson Mandela.
WHAT CAN YOU DO NOW?
First, I feel people need to assess their situation. For example, when I was growing up I noticed that a lot of kids were not very into studying and really focused on their academics. However, many wealthy people I saw on television always advocated for education.
I figured, why not listen to other successful people?
I started studying and reading more. Especially, thanks to shows like Reading Rainbow hosted by Star Trek’s Next Generation alum LaVar Burton. I would go to the Book Mobile and get tons of books.
Much of my focus was less on having fun and more on learning. Saturday mornings were spent reading on my parent’s couch. Sunday afternoons were spent reading the comics and learning new things and vocabulary words.
I invested lots of time and money into my education and health.
And all of this paid off in spades.
I have four retirement accounts, a home, a car (no monthly payment), and save and invest upwards of 50% of my income.
It took me over a decade to build those things. But it all started with getting an education.
Sure, college helped, but it was sheer grit, discipline and determination that got me where I am today.
Stay away from vices (narcotics, alcohol, gambling, shopping)
Hang around like-minded people
Save 20% or more of your income
Invest 15% or more of your income
If you can do at least two of the items listed here, you have got a shot at making it into the top 10% of households and becoming financially independent.
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
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.
