I grew up in the Washington DC metropolitan area and have been working in the financial services and lending industry for over a decade. I earned a bachelor's degree in psychology and master's degree in distance education from the University of Maryland University College.
“It doesn’t matter how great your shoes are if you don’t
accomplish anything in them.” ― Martina Boone, Compulsion
I thought women loved shoes, but I’m beginning to think men
love them more.
Nobody does it to the same grandiose scale as the NBA
players of today’s time.
If you have ever watched the series Uninterrupted or MTV’s Nice
Kicks, heard commentary on Kneading Dough or read the Complex magazine or
Coveteur online, then you know the NBA are paying salaries large enough to fund
startups with paychecks that are bigger than some countries GDP.
What do some of these players do with all this money?
Invest it in shoes, of course.
WHAT IS SHOE GAME?
Shoe game is all the shoes you own, your shoe wardrobe, used
when comparing the type and amount of shoes you have against another person.
I know it sounds crazy, but many top sports superstars have
shoe closets that could rival any boutique or downtown footlocker.
The real shock isn’t the amount of shoes, but the sheer
price tag to owning all these shoes in the first place.
Each year, analysts predict that the sneaker bubble will
soon burst. However, the shoe business is a billion-dollar industry that just
keeps on growing.
WHAT IT TAKES TO STEP UP YOUR SHOE GAME?
It seems the first step is to simply own a whole bunch of
pairs of shoes.
Generally, in the hundreds or thousands.
Usually one corner of the master bedroom closet is never
enough.
These sneakers need some room to breathe.
Therefore, many are opting to get custom made closets. People
are devoting as much as 800-square-feet or more dedicated to housing 3,500
pairs of shoes. That is larger than some people’s apartments! In some cases, people have gone on to give
their shoes storage units, commercial buildings or whole wings of an entire
house!
This isn’t cheap. A custom closet could go from an average
closet costing up to $1,200 to $5,000. However, a custom closet fit for a
sneaker connoisseur can cost upwards of $15,000 to $25,000 or more.
For that price, many closets come with climate control,
lighting, and tons of racks for you to house massive amounts of sneakers.
They even have apps you can get to showcase Sneakology for
any Sneakerhead that wants to do it right.
HOW MUCH DOES IT COST TO SNEAKER IT UP?
Well, a few people out there have thrown out some numbers.
Considering that some have anywhere from 500, 3,000, or even
6,000+ pairs of shoes, you have to know that is a lot of dough being spent on
shoes that you can only where one pair at a time on your one set of feet.
Rare sneakers can fetch anywhere from $500 on up to $5,000. One
pair of Jordan’s is going for $25,000!
If the average pair of sneakers cost $80 a pair, we can
start to do some of our own math.
A few numbers I came across include:
500 pairs at $80 each equates to $40,000.
1,000 pairs at $80 each equates to $80,000.
3,000 pairs at $80 each equates to $240,000.
6,000 pairs at $80 each equates to $480,000.
That last one means some poor soul spent a half a million
dollars on shoes! Most of which they are unlikely to ever wear more than once.
I read one guy had 3,500 pairs averaging $214 each for a
total value of $750,000.
One post I read on Coveteur stated one guy had 3,600 pairs
at an average of $280 each which equates to $1,000,000! You could buy an
apartment building for that! I say get that rent money and be a landlord
instead of a shoe lord.
Shoes won’t pay you every month to stay on your property,
but tenants sure will.
A tenant could help you pay off your mortgage in half the
time. Say, 15 years on a 30 year mortgage.
I read that most people keep their favorite 10 pairs of
shoes in regular rotation.
That would mean all these people could have saved themselves
anywhere between $39,000 to $479,000. Just something to think about right
there.
MONEY SPENT ON JUST YOUR FEET
When I think of all that money spent at shoe stores across
the nation, it just makes me shake my head.
I know you can spend your money on anything you choose, but when
is it enough?
Just a peek inside some of these closets let you know that enough money is being housed in there that these sneakers may need to be in some kind of vault.
DJ Khaled via Instagram NBA player Joe Johnson’s closet via Sports Illustrated Custom closet showcased on nextluxury Modern Mens Closet Design With Neon Blue Light Shoe Wall Shelf
For that kind of money, you need these babies in a fire proof room or safe.
If you’re getting heart palpitations just from reading these
numbers, then I understand. That’s a lot of money that has to be protected and
put under lock and key. Security can be another added expense on top on housing
and maintaining these shoes.
WHAT ELSE CAN WE DO WITH ALL THIS MONEY?
You could actually invest in startups by becoming an angel
investor.
According to Brian Cohen, an experienced angel investor and
the chairman of the New York Angels, a consortium that focus on start-ups in
the New York City area, most startups fail.
However, Fred Wilson of VC firm Union Square Ventures says that one-third of early stage investments are hits, meaning they return five times the investment or more. Guess what happens to the other two-thirds? Most go bust.
Therefore, you must research any investment before you hand
over even $1 of your money.
You could sell them.
A Guinness World Record holder at one time had 2,500 pairs
of sneakers called the Shoezeum.
When asked what brands he wore he replied, “Nike. It’s
sneakers or barefoot, and sneakers are always Nike.”
He also has some frugal tendencies. He stated, “I bought
1,800 pairs of Converse Chuck Taylors for $1 each. I took them all to a swap
meet and sold them for $5 a pair.”
Not bad.
However, regardless of what you do, put your money into
something that it can earn interest and grow.
Make your money work even harder for you than you had to for
it.
There are only so many hours you can work in 24 hours of a
day. Your money can work 365/24/7 in the stock market. So, let it.
Porsche. There is no substitute. – Tom Cruise, Risky Business
When I was growing up, I don’t remember caring about labels.
It wasn’t about getting or giving expensive gifts. It was about being safe and
warm.
Maybe, that is why to this day I still keep things until
they fall apart because of the memories attached to them. Not to mention it’s
cheaper.
Today, I have noticed a shift in kids. They are so focused
on what’s on the outside that I feel that may begin to forget that it’s what’s
on the inside that counts.
I know it’s cliché, but I do not want the next generation
growing up thinking that they are less than because they don’t have on the
expensive pair of shoes or have the hot new cell phone.
In my opinion, the best gift you can give your kids is to
not be a financial burden to them.
That means saying no to pricey things today, so that you can
have the money necessary to live and enjoy life tomorrow.
MONEY DOES NOT FIX ALL THINGS
Prada and Gucci and Dior, Oh My!
That sounds like something Carrie Bradshaw would say on Sex and the City.
Following the diamond bricked road can be dangerous.
However, I hear more young people taking about incredibly
expensive name brands and labels than in any other point in my life.
I, myself, am a little more like Rory from Gilmore Girls.
Things are not that important to me. I am perfectly fine
with a good book. My parents did not spoil us.
In fact, we were encouraged to work and be thrifty. Our
parents just were not buying it. It wasn’t really about the money; it was just
not needed so our parents said no.
My father would always say that you have to learn to accept
no just like you accept yes.
From him, I learned not to be spoiled or to spoil children.
Spoiled kids turn into rotten adults.
When you never hear the word no, you can get very upset.
Teaching young people today to be thankful and grateful for
what they have is something that will be good for them to know and use
throughout the rest of their lives.
Spending money does not always equate to happiness. It can
make things easier, but it does not solve every problem. And in some ways,
money can cause more problems.
I had a friend recently tell me she knew someone who had a
kid that asked for Gucci boots for Christmas.
How do they even know about that?
And they want the real stuff.
Got some diamonds round my neck no fugazi – Future lyrics
off the Streetz Calling album
Fugazi is just another word for fake.
I looked up the price of Gucci boots. The lowest price I
found was $980. I have gone on vacations for less. After tax, you are paying
$1,000 for one pair of boots! Absurd.
The only teenager that deserves a $1,000 pair of Gucci boots
is on stage with her two friends Kelly and Michelle.
That money could be used for books for college or starting a
fund for tuition.
You have to use your dollars wisely today or you may not
have them when you need them tomorrow.
DIAMONDS OR STOCKS
You could buy designer purses or expensive vacations. But
those things are fleeting.
Especially, if you come back home to a stack of unopened and
unpaid bills.
You are right back in the same situation before you left or
bought that designer handbag. What sense does that make?
Who cares if you own a Tiffany bracelet if your rent check
is late or worse yet, bounces!
Diamonds around your neck or wrist won’t keep you warm at
night.
Things will not feed you, make you happy, or pay your rent.
However, having a passive income stream can.
Money that is working on your behalf is like the gift that
keeps on giving.
A stock can be like a goose that lays a golden egg.
If you own a mutual fund comprised of hundreds of stocks,
then you can receive dividends and interest on the money you invested.
With a return rate of 7 percent over 30 years, the following
can happen to your invested money:
$1,000 can turn into $7,5000
$10,000 can turn into $75,000
$100,000 can turn into $750,000
And that is without adding another dime to your initial investment.
Think of how your money could grow if you added money
annually.
If we add an additional $3,000 (that’s $250 a month) every
year, we get the following:
$1,000 can turn into $300,000
$10,000 can turn into $400,000
$100,000 can turn into $1,000,000
You read that right. Start with an initial investment of
$1,000. That pair of Gucci boots.
Putting away an additional $250 per month for 30 years can
net you $1,000,000!
FAT STACKS ARE FAR BETTER THAN THINGS
Basically, if you could forgo pricey labels, you could save
and invest your way to a fortune.
For me, that is far more exciting than having some diamonds
on my wrist.
While a diamond bracelet is nice to look at and pretty to
hold, a stock is something that never gets old.
I tell people all the time to get the money first, then you
can buy whatever you want.
Money in the bank or sitting in a brokerage account is far
more valuable that getting the latest hot gadget.
Once the novelty wears off, all you are left with is another
trinket or item that sits in your house and collects dust.
I know there is no substitute for quality.
What I ask you to really consider is opportunity cost? If
this item will bring you long lasting happiness and prosperity?
If not, then you should focus on doing the things that will.
How did a small company that sold shoes out the trunk of a car get this far?
One word: Endurance.
The man behind it all fought through endless money woes,
legal problems, lawsuits, and inventory issues for 20 years, but came out ahead
in the end.
He is now estimated to be worth over $10 billion dollars.
His name is Phil Knight and this is his story.
A RUNNER WITH NO DIRECTION
“If you’re following your calling, the fatigue will be
easier to bear, the disappointments will be fuel, the highs will be like
nothing you’ve ever felt.” ― Phil Knight
Phil Knight was born in Portland, Oregon on February 24,
1938.
In his youth, he liked two things: sports and running.
At the University of Oregon (OU) he earned a journalism
degree in 1959.
After Phil Knight graduated from University of Oregon, he then
earned an MBA from Stanford Graduate School of Business. He graduated from the
school with a master’s degree in business administration in 1962. At the age of
24, he has no idea what to do.
He looks over his final paper he wrote on shoes.
In his small business class, Knight produced a paper,
“Can Japanese Sports Shoes Do to German Sports Shoes What Japanese Cameras
Did to German Cameras?,” which would foretell his eventual foray into
selling running shoes.
WHAT’S IN A NAME
Ford had just paid a
top-flight consulting firm $2m to come up with a name of its new Maverick, I
announced to everyone. “We haven’t got $2m — but we got 50 smart people, and we
can’t do any worse than… Maverick.” – Phil Knight
The company was founded on January 25, 1964, as Blue Ribbon
Sports (BRS), by University of Oregon track runner Phil Knight and his coach Bill
Bowerman, with a partnership by handshake and officially became Nike, Inc. on
May 30, 1971.
The name from Nike, is named after the Greek goddess of
victory.
When they needed to choose a name for Nike, the “Buttfaces”
(an affectionate term for the inner circle) were trying to come up with
something.
That night as Nike legend has it, Johnson, from a dead
sleep, sat upright: “Nike, the winged goddess of victory! That’s IT!”
Jeff Johnson, employee number one of Nike, and fellow
Stanford runner whom Phil hired as he hasn’t met anyone with his passion for
running, suggested calling the firm “Nike,” named after the Greek
winged goddess of victory.
It’s pronounced “ny’-kee.”
The name is Nike and their rival was Adidas.
It met with a lukewarm Buttface reception. In the eleventh
hour, Knight begrudgingly went with it.
“‘What’d you decide?’ Woodell asked me at the end of
the day. ‘Nike,’ I mumbled. ‘Hm,’ he said. ‘Yeah, I know,’ I said. ‘Maybe it’ll
grow on us,’ he said.
FIND A MENTOR
FPhil had a great mentor, Bowerman, a great American running
coach, who was constantly experimenting with shoes.
Bowerman would make then on his waffle iron.
Bowerman stressed that an extra ounce on a shoe added 55
pounds of lifting over one mile. As a mediocre runner, Phil was Bowerman’s
favorite guinea pig (he wouldn’t dare jeopardize the top runners with
experimental shoes).
He trained Olympic athletes so he knew what they needed to
wear on their feet to compete. He trained one of the most prolific Olympic
runners of that time: Steve Prefontaine.
Somebody may beat me,
but they are going to have to bleed to do it. – Steve Prefontaine legendary runner
of the 1972 Olympics
Bowerman was the most famous track coach in America,
training local champions. It was said future Olympian Steve Prefontaine known
as “Pre” did not want to run for anyone, but him.
He was also one of the top paid Nike endorsers before his death
in 1975.
In my personal opinion, I do not think I have ever seen any
runner run like Prefontaine with so much passion. I hold my breath every time I
watch him run. It’s like time is standing still. You don’t want to blink
because you know without a shadow of a doubt that you are witnessing greatness
and what the human spirit could do without limits.
The real Steve Prefontaine
THE BUSINESS OF RUNNING
“Don’t tell people how
to do things, tell them what to do and let them surprise you with their
results.” ― Phil Knight (original quote by George S Patton)
Back in his day, running wasn’t a “thing.” People were
ridiculed for running. There were no real running shoes. So, he set out to
change that.
After graduating, he decides he must travel to figure out a
plan how to see what the Japanese do with the making of shoes. Alas, he has no
money. His only option is to ask his no-nonsense father. However, he feels that
his father will not fund his wanderlust. But in a surprise, his father agrees
and gives him $1,000 to go to Japan.
“How can I leave my mark on the world, I thought, unless I
get out there first and see it?” ― Phil Knight, Shoe Dog
Phil goes to Kobe, Japan, in November 1962.
His father has two friends in Tokyo, and they dispense
business advice – the Japanese are soft negotiators, not fans of the aggressive
American style. Armed with this advice, he sets out.
He discovers the Tiger-brand running shoes, manufactured in
Kobe by the Onitsuka Co. Phil was impressed by the quality and low cost of the
shoes. Knight calls Mr. Onitsuka, who agreed to meet with him. By the end of that
meeting, Knight had secured Tiger distribution rights for the western United
States. Off the top of his head and thinking on his toes, he thinks of the blue
ribbons on his walls in his room he won from running when asked what the name
of his company as he says, “Blue Ribbon Sports.”
SIDE HUSTLE OF SELLING SHOES
SIn the beginning, there was no money.
Phil sent shoes to his old coach to see if they would sell.
Bowerman, who was obsessed with runner performance and making shoes lighter,
not only liked the shoes, but asked to work on product shoe designs and from
there a partnership was born. This was 1964.
His father’s friend advised him to get a CPA. With an MBA
and CPA, he would likely never be out of work. So, he gets his CPA and a job at
a small firm. It had 4 employees. He worked 70-hour weeks.
Phil still worked as an accountant during the day while
trying to get his business of the ground. Finally, in 1969, he quit working for the
likes of firms as Price Waterhouse to work on his business full-time.
So why was selling
shoes so different? Because, I realised, it wasn’t selling. I believed in
running. I believed that if people got out and ran a few miles every day, the
world would be a better place, and I believed these shoes were better to run
in. People sensing my belief, wanted some of that belief for themselves.
Belief, I decided. Belief is irresistible. – Phil Knight
THE RICHES ARE IN NICHES AND PITCHES
TRunning is not a hobby or sport during his time in the 1960’s.
Mostly only student athletes were buying their shoes, as popular
as they were, they appeal to just a small niche
of the population.
He sold shoes at track meets out of the back of his car in
the Pacific Northwest.
The pitch: Japanese shoes are extremely high-quality,
low-cost shoes.
A 300 order of shoes
cost $1k. He got his half $500 from his father and the other was put up by
Bowerman.
They SOLD OUT!
The shoes were so popular that people were showing up at his
house to by them.
PHIL ON MONEY
P“But that’s the nature of money. Whether you have it or not, whether you want it or not, whether you like it or not, it will try to define your days. Our task as human beings is not to let it.” ― Phil Knight, Shoe Dog
Money problems plagued the company.
Distribution rights became an issue so he had to fly to
Japan (ticket paid for by credit card as he has no money) to plead his case to
keep selling and got the green light. He found this out from a letter his
employee named Johnson sent him. The lesson here is to listen to good counsel
and advice. This very well may have saved the company from ever existing today.
However, the company did want a bigger player in the shoe
game to represent them, but Phil said they had offices in both coasts to shore
up the deal.
(He was lying – they didn’t’ have an East Coast office).
No venture capitalist or angel investors in 1965. Phil had
to use banks. They wanted big profits and slow growth. Phil was having none of
it.
BOOTSTRAPPING IT LITERALLY
BThe company was always strapped for cash. They had to stay
lean to survive. And worked mainly in storage rooms and Phil’s apartment.
Meeting the demands of the banks and customers became
equally tougher.
EVERY. SINGLE. YEAR.
Trying to get imports on time, make cash payments to
creditors, and get orders to customers was a logistical nightmare.
Onitsuka is painfully unresponsive as shoe shipments arrived
late, which meant less time to sell, and each loan repayment period to
creditors tougher.
EVERYDAY I’M HUSTLING
EPhil did everything he could do to keep the lights on, make
payroll, and keep the company going. They were growing every year and sales
were doubling, but they still had problems financially.
First year, they made $8,000 in sales in 1964. By 1967, says
had grown to $84,000. They double again in 1968 to $160,000, but Phil still can’t
afford to draw a salary.
So, he did what he and adult has to do when they need money:
get a job.
That’s right, he went back to working in accounting.
He doesn’t love the work, but it pays the bills.
At this point in Phil’s story, I had to give him the slow
clap of praise for doing what needed to be done.
However, sales double again to $300,000 in 1969, Phil is able
to draw a salary of $18,000. He quits his job teaching and is at BRS full-time.
In 1970, doubling again, sales reach $600,000. By 1971, they crossed the
million dollar sales mark at $1.3 million.
Finally, it all came to a head when their Japanese exporter
decided to buy them or give their business to someone else.
AN ACE UP HIS SLEEVE OR SOLE?
A“Have faith in
yourself, but also have faith in faith. Not faith as others define it. Faith as
you define it. Faith as faith defines itself in your heart.” ― Phil Knight
The biggest asset Blue Ribbon has is Bill Bowerman.
He learns that Japanese and American bodies are simply
different, and thus the shoes need to be different, like more arch support. To
have a great chance in the US, he believes Onitsuka needs to customize their
shoes for Americans.
He draws up countless designs and sends them to Japan, only
to receive no response. Occasionally they relent and make a few prototypes, and
indeed they’re far better. Undeterred by Onitsuka’s hesitance, Bowerman even
experiments with producing homemade rubber to make new soles.
You might be able to see where this is going.
OUR SOLES AT KNIGHT LEARN YOYO: YOUR ON YOUR OWN
OThey secretly start manufacturing their own shoes. Having
dreamed about Nike as the name for the company, it was then born and the
sidestepped acquisition.
Their reputation sold their shoes and saved their company.
They also learned how powerful celebrity endorsement is as
well.
When the company was in dire financial straits one of his
top employees (#4 full-time) Woddell and his family gave him their life savings
of $8,000 ($50,000 in 2017 inflation) to keep Nike afloat. A friend indeed.
PHIL ON MANAGEMENT
PHis employee in CA, Johnson, he sends Phil mountains of
letters, detailing his every development, every sale and notable customer.
He sends advertising ideas (Phil doesn’t believe in
advertising), shoe designs (Phil already has enough to deal with Bowerman), and
his insistence on opening a retail shop in Los Angeles.
Phil feels smothered and rarely replies to Johnson’s
letters. From studying war heroes and generals, he holds a virtue: “Don’t tell
people how to do things, tell them what to do and let them surprise you with
their results.”
And Johnson delivers results. His customers love him, depending on Johnson to solve their problems in both running and life. Even when he gets in a car crash and breaks his skull, he’s continuing to sell shoes. Phil even issues him a challenge – sell 3,250 pairs of shoes in a few months, and Johnson could open his retail space in LA. And sell he does – now Blue Ribbon has an official runner mecca in Los Angeles.
MARKS OF VICTORY
MOn his travels, he stopped in Greece. While visiting the temple of Athena, he notices a carving of Athena – bending down to adjust her shoe. She is known to be the goddess of wisdom, battle strategy, and victory or “nike.”
And what’s THIS?
That’s a swoosh.
The hell’s a swoosh?
The answer flew out of me: It’s the sound of someone going past you.
They liked that. Oh, they liked it a whole lot.
The trademarks of “Just Do It” and the Swoosh logo became synonymous with Nike. The logo is also one of the most powerful in the world.
The logo was commissioned for a mere $35 USD from graphic
design student at Portland State University by the name of Carolyn Davidson in
1971. She charged them only $35 for her work.
According to Nike’s website, Knight said at the time:
“I don’t love it, but it will grow on me.”
PHIL ON PRAISE AND CHARITY
PPhil never gave praise or money. But…
He was so pleased with the logo that in 1983 he gifted
Carolyn with an undisclosed amount of Nike stock for her contribution to the
brand. She had worked for the company from 1971 until 1980.
That year, 1980, is the year Nike went public with an IPO.
Phil told Oprah on her show in April 2011, that he gave
Davidson “A few hundred shares” when the company went public.
For years, the value of the stock was unknown.
Well, guess what? You’re about to find out right here, right
now.
What is the cost of helping someone when commissioned with a
task and not thinking it is beneath you?
Counterkicks got a
hold of a recent Nike shareholders meeting transcipt in which Knight reveals
exactly how much stock he gave Davidson and the value of that stock today…
“…we
hired a graphic art student at Portland State University, and told her to come
up with something that connoted speed, and we gave her $75.00 for what she came
up with. When we went public in 1980, we called her back up and gave her 500
shares of stock, which she has never sold, and is worth close to $1 million
this day.”
His top employee’s or the foot soldiers as I like to call
them, Bowerman is worth $9 million; Woodell, Johnson, Hayes and Strasser each
about $6 million; Phil $178 million.
In 2012, it was reported that Knight himself owned
67,097,005 shares of Class A Common Stock and 7,740 shares of Class B Common
Stock in the Nike corporation.
Nike has revenues of $20 billion annually.
In 2018, he is now estimated to be worth $29 billion
dollars. Him and his wife donate $100 million a year.
PHIL ON HELPING OTHERS
P“When goods don’t pass international borders, soldiers will.” Though I’d been known to call business war without bullets, it’s actually a wonderful bulwark against war. Trade is the path of coexistence, cooperation. Peace feeds on prosperity. – Phil Knight
When on travels in his younger years he went all over the
world.
He noticed incredible poverty in places like Vietnam.
When his goal of taking over Adidas as the number one shoe
company in the world, by 1986, total sales hit $1 billion, and Nike surpassed
Adidas to become the No. 1 shoe manufacturer worldwide.
He also was able to fulfill some other dream. He opened
factories in Vietnam so that war would likely stop there due to commerce and
work.
Luck plays a big role.
Yes, I would like to publicly acknowledge the power of luck. Athletes get
lucky, poets get lucky, businesses get lucky. Hard work is critical, a good
team is essential, brains and determination are invaluable, but luck may decide
the outcome. Some people might not call it luck. They might call it Tao, or
Logos, or Jnana, or Dharma. Or Spirit. Or God. – Phil Knight
Knight’s memoir, Shoe
Dog, was released on April 26, 2016 by Simon & Schuster, was rated
fifth on The New York Times Best Seller list for business books in July 2018, and
details the building of the Nike brand.
Knight has donated hundreds of millions of dollars to each
of his Alma Maters including $105 million to Stanford Graduate School of
Business in 2006.
As of 2016, according to Portland Business Journal,
“Knight is the most generous philanthropist in Oregon history. His
lifetime gifts now approach $2 billion.”
It is safe to say that Phil Knight and his Nike business are a running success.
Concrete jungle where dreams are made of there’s nothin’ you can’t do. – Jay-Z featuring Alicia Keys Empire State of Mind
Women and high heels.
It is a love affair that has been raging on for 500 years. Since about the 15th or 16th century.
Those 3-inch spiked heels and peep-toe pumps can really turn heads.
“It is better to be looked over than overlooked.” – Mae West
However, is that what you really want? Or is it something more to it than that?
Here are some women in pop culture that regularly work, dance, sing, wear, perform, and even workout in high heels.
Let’s take a look.
Nicole Scherzinger – estimated net worth $8 million (she was known to run on the treadmill in heels)
Shakira – estimated net worth over $80 million (she is known for her belly-dancing skills)
Victoria Beckham – estimated net worth over $100M (Posh Spice loves her some heels)
Beyoncé – estimated net worth over $350 million (performs in high heels while doing intense dance choreography)
From what I gather, the high heel is all about power.
In what way you ask?
Keep reading and find out.
WHERE THE HEELS HAVE A NAME
And the Clackers just worship her. They call them Clackers, the sound that their stilettos make in the marble lobby. It’s like, “Clack, clack, clack”. – Anne Hathaway in The Devil Wears Prada
Clackers are characters in The Devil Wears Prada. They are known for the clacking noise their stiletto heels make against the marble floors of the fictional Elias-Clark.
One of the biggest cities in the world, Manhattan, in New York is known as much for its power lunches and business suits as it is for women decked out in sky-high heels.
A business and fashion capitol of the world. It is also known as a concrete jungle. And the Empire state.
However, you have to pay the cost to be the boss.
A custom made bespoke business suit can cost anywhere from the low thousand-dollar range on up to $5,000. Regardless, if you are in New York buying a Tom Ford three-piece suit, or across the pond in England buying from Henry Poole & Co on Savile Row.
And women’s shoes are no exception.
When a Manhattanite was asked why women wear heels, she says the power is everything. The reason why women wear shoes that hurt their feet is about POWER.
I read online that a Manhattan woman was quoted in the New York Times saying “Low shoes are for those who give up. If a woman cannot wear heels, can she really take over the world?”
“Give a girl the right shoes, and she can conquer the world.” – Marilyn Monroe
You saw how crazy in love women can get with their heels on Sex and the City.
At one point, Carrie Bradshaw (Sarah Jessica Parker) was regularly dropping some serious coin on the likes of Jimmy Choo, Manolo Blahnik, Christian Dior and Christian Louboutin. Anywhere from $300 to $1,000 a pair!
If these boots were made for walking, then she was usually in heels. Remember this iconic newspaper dress. Well, those shoes are Louboutins.
WHY SO HIGH?
That’s a great question.
I actually read a book about finance and in the book it discussed women wearing heels while working as cocktail waitresses. Particularly in casinos. When asked why they wore heels that obviously hurt their feet and back, they replied, “bigger tips.”
The higher the heels, the better the pay.
Even with this fact, statistics say at least 40% of women have given heels up.
So, basically it’s all about money. As a study reported, taller people or at least those that look taller make more money. Like $800 or more per year. Go figure.
WHAT DOES IT COST TO LOOK THIS GOOD?
“I like my money where I can see it – hanging in my closet.” – Carrie Bradshaw
Glad you asked.
As an extreme example, we will use a reference by Carrie Bradshaw.
Remember that episode where her building was going co-op. She had to come up with a down payment or lose her home. An apartment in a great location.
She told her friends Samantha, Miranda, and Charlotte (Kim Cattrall, Cynthia Nixon, and Kirsten Davis) that she didn’t have the money.
When prompted why she didn’t she stated she wasn’t sure where her money was going.
They tallied up her shoe addition.
Those Jimmy Choo’s ain’t cheap after all.
At $500 bucks a pop, she owned maybe 30 pairs. She then gasps, and clutching her chest she says, “I spent $15,000 on shoes!
That is a down payment on a home or rental property.
Using the rule of 72, with a 12 percent interest rate she could have doubled her money every 6 years! In 18 years, that $15k is worth $120,000! In 48 years, that’s $3,840,000!
Come on, Carrie. I need you to spend more wisely. And follow your own advice.
“Beauty is fleeting, but a rent-controlled apartment overlooking the park is forever.” – Carrie Bradshaw
BUT DOES IT SCALE?
Buying all those shoes I mean.
Scaling can mean a lot of things, but in this case I mean making best possible use of the resources we have and amassing wealth. Can we also do better things with our money ethically?
If she was a costume designer, and she got paid to shop and was paid in shoes and money. Then yes.
However, since someone else isn’t footing the bill, that money is coming out of your pocket. Gone forever.
According to philosopher Kant, there is no greater good to come from this.
If buying shoes was a hobby she turned into a business, like taking all those heels and putting them all in one marketplace online for resell with an upsell. Then using that money for a better purpose.
That’s money in your pocket. More is coming in than going out.
Saving equals success.
WHERE CAN ALL THOSE SAVINGS GO?
Another great question!
I’ll tell you.
But first…
A few questions for you.
• What interests you? • Do you want to earn money? • What do you like to do with your time?
Once you have a starting place, you can go from there.
Therefore, if remodeling, decorating, scrapbooking, sports, or the ballet interest you, then maybe you should consider putting your money into those things.
You could place your money in REIT’s (real estate investment trusts). These mutual fund stocks allow you to invest in real estate without doing all the work of managing a property or paying property taxes on it.
Like to play sports?
How about investing in sports teams.
You may not be an owner like Jerry Jones, but you can certainly buy stocks in sporting equipment or businesses that own sports teams. For instance, owning shares in a publicly traded team like the New York Knicks.
You can also buy sporting goods stores who sell retail merchandise and apparel. Like Dick’s Sporting Goods, Foot Locker, or Nike and Adidas. On the New York Stock Exchange (NYSE), the Nike shoe brand is listed as NKE.
Are you interested in the arts?
You can donate to charities like libraries, hospitals, and museums. For example, the Metropolitan Museum of Art or “The Met” in New York City.
Founded in 1870, its statement reads: The Met “collects, studies, conserves, and presents significant works of art across all times and cultures in order to connect people to creativity, knowledge, and ideas.” The art and library is accessible to anyone and you can make any donation you wish. Anything will do.
You can also donate to your local library or other places that are close to your values because the best thing you can do with your money is put it where your values are.
Rather than love, than money, than fame, give me truth. –
Henry David Thoreau
I recently read the book Oprah Winfrey Speaks : Insights from the World’s Most Famous Influential Voice.
It was very inspiring.
Here are some of the things the “Queen of Media” had to say:
“Just tell the truth. It’ll save you every time.”
“Don’t complain about what you don’t have. Use what you’ve got. To do less than your best is a sin.”
“Every single one of us has the power for greatness, because greatness is determined by service-to yourself and to others.”
“I am a woman in progress. I’m just trying like everyone else. I try to take every conflict, every experience and learn from it. All I know is that I can’t be anybody else. And it’s taken me a long time to realize that.”
“If you’re angry, be angry and deal with it. Don’t go eat a bag of Ruffles.”
“God blesses you better when you pray on your knees.”
Oprah Winfrey is worth an astounding $2 billion dollars. I figured if anyone could talk about what it takes to be successful it’s her.
OPRAH ON COMMENCING SUCCESS
Oprah gets requests to speak at college commencements. Sometimes she accepts. Hear her talk about life and success to recent college grads in this 2018 commencement video.
And now, let’s talk Oprah’s 10 commandments for success.
OPRAH ON PLEASING OTHERS
Oprah Winfrey’s Ten Commandments for Success
Don’t live your life to please others.
You better believe it. When I was younger, I was so concerned with what other people thought of me. I was teased so bad that I just got numb to it all.
I started focusing on my education. Read every book I could get my hands on. Looked for colleges I could go to that were affordable. Made sure my personal style and grooming became impeccable. The teasing stopped. I never looked back. Read my post on being fearless.
That was in high school.
When I stopped trying to people please my life got better.
I also noticed whenever someone would call me selfish after I just finished helping them out or because I chose not to help them out at onetime or another. Just ignore the them. Push ahead and move forward.
I let those people go and cut them out of my life. Or cut them back. I need people that will lift me up.
No one can stop you. If you are meant to have it, no one can stop you from getting it.
Thank u, next!
OPRAH ON DEPENDING ON SELF
2. Don’t depend on forces outside of yourself to get ahead.
That’s right. Everything I every really got in life was due to hard work, determination, and persistence.
It didn’t matter if someone helped me out or gave me anything.
I still had to work to keep or maintain it.
OPRAH ON HARMONY AND COMPASSION
3. Seek harmony and compassion in your business and personal life.
I too have noticed when I have my personal life in order,
then I can also get my professional life in order.
The two are connected.
A cluttered home or office usually leads to a cluttered mind.
Simplify your life and always keep moving forward.
Like that animated movie, Meet the Robinsons taught its young audience, you can’t stop moving forward.
OPRAH ON SURROUNDING YOURSELF WITH GOOD PEOPLE
4. Get rid of the backstabbers—surround yourself only with people who will lift you higher.
In the book, Oprah Winfrey speaks, Maya Angelou went to court when Oprah was involved in a lawsuit in Texas. When asked what made her come down to Texas she stated, “I am here to lift Oprah up. For no other reason than that.”
Get rid of naysayers, negative Nancy’s, and Debbie Downers.
They will only bring you down.
You do not have to be friends with everyone. Everyone does not have to like you. But we can respect each other.
OPRAH ON BEING NICE
Abstract autumnal backgrounds with petzval lens bokeh
5. Be nice.
A little kindness can go a long way.
I learned that Oprah said as a little girl her family was poor. They had so little money that one time they could not even celebrate Christmas.
Then on this one fateful night, a group of nuns visited her family and offered Christmas dinner. Oprah was so grateful and thankful that someone cared she decided she would make sure in her life she always helped others.
Due to this story, I decided I would also do the same. Making a difference in the life of others is its own reward. I love to write. So, I write. I don’t do it for the money. I do it because this is my passion.
OPRAH ON GETTING RID OF VICES
6. Rid yourself of your addictions—whether they are food, alcohol, drugs or behavior habits.
Yep. I had an addition to credit and shopping. It took years to understand that I was psychologically using shopping as a way to fill avoid.
Once I was able to identify the problem, I am happy to report that shopping was never a problem for me again. I shop with lists, on a budget, and do not impulse buy.
You are looking at a reformed shopaholic.
I also was able to change my eating habits because I focused my energy more on working than eating.
I only needed three square meals to do the work. Made sure not to have idle hands. And to get the work done, it required me to exercise so I would have more energy and strength to work even more doing my passion!
OPRAH ON SMART PEOPLE
7. Surround yourself with people who are as smart or smarter than you.
I once read a woman say she when she goes out on she asks dates men do they have a passport and a library card.
She wanted someone who had traveled and was as well-read as she herself was. Since, it’s easier to maintain a relationship with people we have things in common with. She figured just ask for what she wanted.
I always recommend books for people to read about finances.That way, instead of always having to ask someone for help, pay a professional financial advisor, or feel inadequate in any way you would now be knowledgeable.
I like to fill the gaps in anyone’s financial education.
That way, if you know what I know, we are equals.
This is also why many people tend to meet and marry people that run in their social circles. It’s easier.
OPRAH ON MONEY
8. If money is your motivation, forget it.
Don’t even get me started.
It’s funny because I noticed whenever I focused on money it never appeared. When I stopped focusing on it, like chicken little said, it fell from the sky.
Money attracts money. Money is attracted to money.
Therefore, it is best to figure out who you want to be and what you want to do. If you are good at whatever it is, the money seems to come.
“Do what you love and the money will follow.” — Marsha
Sinetar.
Build up the capital first, then start a business.
“If you wish to get rich, save what you get. A fool can earn money; but it takes a wise man to save and dispose of it to his own advantage.” ― Brigham Young
I learned that like I control a car, I also control and command my money. I tell it what to do. It doesn’t control me. YOU control it!
When you are angry, frightened or beg for money it seems to pull away from you.
If you act like this, would you want to hang out with you?
OPRAH ON POWER
9. Never hand over your power to someone else.
Absolutely, not!
When I read Pat Benatar’s biography, the two things I remember most are this:
One – when she said that her family went on annual vacations on someone else’s dime. Their creditor. They borrowed from their home to do it.This caused the family to go from having a home that was purchased for $7,000 to balloon to a $45,000 balance! They traded their life energy and many more years of working for a few days of fun every year. The creditor after 20+ years of payments still had power over their lives. She said it was not worth it.
Two – after signing her record deal with Chrysallis, she said she became an indentured servant. The label or “suits” had control of everything they did. It ruined relationships within the band that took years to repair, if ever. When her contract ended she never gave her power away again!
These are lessons we all can profit from. Do not give up
your power. NEVER. EVER. EVER.
OPRAH ON PERSISTENCE
10. Be persistent in pursuing your dreams
Never give up if you really want something, keep plugging away at it and your dreams can come true. – Robin Leach
I agree. One of my biggest dreams in life was to get a good education. It took me years to get where I wanted to go, but it happened.
Now, I not only finished college, but on average I read about 50 books a year.
It took me 15 years to get to the level I aspired for myself.
There’s always tomorrow and it does get better. – Ariana Grande
That statement reminds me of something Scrooge McDuck says, “there’s always another rainbow.”
Nothing is permanent. All is temporary. So, stay calm and keep moving on.
I remember it like it was yesterday. The car payment had to get paid. If I paid late, I had to pay a late fee.
So, it was either be late with the phone bill or the car. I chose the car because my cell phone could wait.
I couldn’t stand making this payment after the first year.
It took me 6 years to pay that car off!
My lesson was learned. A car payment isn’t worth it.
I cannot tell you how many times I had to make payment arrangement, pay a late fee, or forgo making a payment to one creditor over the other. It royally sucked!
There had to be a better way. It had to get better. And it did.
Once I got down to the last $1,500, I just paid the car off. I immediately asked for the lien and a copy of my payment history.
The last payment had been made. I no longer owed a penny on my car. I was a free woman!
That was about a decade ago.
I wanted so bad to start shopping, traveling, or just do anything with that money. But then I stopped. I remembered all the sleepless nights and the time I spent worrying over how to make my car payment.
That’s when it hit me.
Why not put that money to work? I could max out a IRA or put the additional funds into my 401(k).
So, I looked into doing just that.
WHERE TO INVEST
“If you’re saving,
you’re succeeding.” ― Steve Burkholder
I did some research. The money could go into a Traditional or Roth IRA. In addition, I had the option of my company retirement account.
I chose the latter.
Then, I had to decide what brokerage account. I could go with several including Fidelity and Vanguard.
Vanguard had the lowest fees. So, I went with Vanguard.
Next, I had to decide what fund or stock to actually invest my money.
I though a mutual fund looked pretty good and went with the Vanguard 500 index fund (VFINX).
WHAT’S THE GOAL
Money can’t just sit. There has to be a plan or like idle hands, good things do not happen. Money can’t be idle. It has to be put to work. Save it, spend it, or invest it. Either way, you must choose.
“The habit of saving is itself an education; it fosters every virtue, teaches self-denial,cultivates the sense of order, trains to forethought, and so broadens the mind.” — T.T. Munger
I had read enough about wealth building to know you need to invest your money.
But, I also needed something to aim for. A target.
That’s when I did some more research.
Then, I saw it. The first $100k is the hardest. I had my goal.
THEY SAY THE FIRST $100K IS THE HARDEST
You will find many stories written about getting to the first $100k. It seems to be this is a very important number.
Many have said once you hit that six-figure mark, you are
able to build wealth from compound interest faster.
So, okay.
I just had to find a way to get to five zeroes.
What could I do? How long would it take? How can I get to
$100k?!
HOW DO YOU GET TO $100K
Hitting that magic number.
Once I decided $100k was what I wanted, I had to see how I could make it happen and how long it would take.
I used an online calculator to determine my time horizon to hit the six-figure mark by investing my now retired $450 car payment. That just feels so good to say.
Before, we get to the numbers, I just want it to be known that I did think about buying a new car.
However, remembering how painful it was to write that check every month for years sobered me right up!
“The way to stop financial joyriding is to arrest the chauffeur, not the automobile.” —Woodrow Wilson
Yes, investing was the way to go.
The calculator informed me that if I invested $450 and got a 9% return (wishful thinking as the average is about 7%), then I could hit my target of $100,000!
That money could set me on the path to financial independence.
You start earning way more compound interest at $100k.
Take a look.
Once I hit $100k, without even putting in another penny, at that same interest rate, my money would double in 8 years!
It took 10 years of investing $5,500 a year to get to $100k.
Without investing another dollar, my earlier dollars are doing all the heavy lifting and have gotten to the same $100k it took me 10 years to build in less time than that. It only took 8 years!
All this only involves my car payment.
This does not include any other invested funds.
I excluded my company match and additional funds I am investing.
This was just to show you what could be done with what you’ve already got.
Literally, by just shifting that money to your retirement account has made a huge difference in your 401(k) balance.
From there, if you continue to let it ride, this means no cash
outs, you could again amass another $100k in 5 years! You could even double
$200,000 to $400,000 in 8 years. That is only three more years!
Are you starting to see a pattern?
For every dollar you let sit and compound, you just grow your money without you having to do any additional work. Your money grows every year.
Money you earned and invested over a decade is still paying
you dividends!
Think about how you can also double your $200k in just another 3 years!
“Twenty years from now
you will be more disappointed by the things that you didn’t do than by the ones
you did do.” — Mark Twain
I cannot press upon you any further the importance of investing money and letting it stay invested for the long term. Investing is along game. It can take 10-20 years before you see a significant increase or return on your investment.
“Try to save something while your salary is small; it’s impossible to save after you begin to earn more.” — Jack Benny
Remember, I was able to do all this by just by investing my old car payment.
