I want people to remember me as a full on entertainer and a good person. – Aaliyah
In case you have not already heard the news, the late superstar Aaliyah has her very own Madame Tussauds Wax Figure in her likeness from the Try Again Era.
Madame Tussauds for VIBE
Although, Aaliyah is gone she is not forgotten.
Therefore, this next post is titled in her honor. This post is named after her first ever record, Age Ain’t Nothing but a Number which is the debut studio album by American singer Aaliyah. It was released under Jive and Blackground Records on May 24, 1994, in the United States.
I learned a lot from watching Aaliyah work so hard in her youth.
Like her, I want to be remembered as well, although as a full on financial blogger and a good person.
So let’s get right to it and start talking money.
When in doubt: save.
Don’t ever let anyone tell you what you cannot do or accomplish.
People have said to me the following:
You’ve been in school forever. Are you ever going to graduate?
Are you in school finishing your associate degree, because I know the bachelor’s takes a long time so you are probably only halfway done right?
You should write a book or something? Are you ever going to do that?
It is impossible to save any money. Is it possible to save thousands?
Winning the lottery is a great way to get rich. Do you play?
You should go for the Master’s degree. Why a second bachelor’s?
Why get a 2nd Master’s degree? Why not go for the doctorate?
You really have no car payment?
You’ve gained a little weight.
You’ve lost weight.
You have been saving forever, you are not ever going to buy a home.
I laughed at all these questions and comments.
This is my life. I set the pace. No one else. I control my destiny and the outcome of my life. I control the narrative.
And just to set the record straight, I did finish my bachelor’s and Master’s degrees. So take that haters. In addition, I also bought a home, started a daily exercise routine, a health and wellness regimen, started a blog in 2016, wrote an eBook in 2019, paid off my car in 2009, don’t play the lottery, and learned to save thousands by not shopping or taking fancy vacations.
And after I paid off my car, this is how I felt. Just like Katelyn Ohashi at the ESPYs. And like in her acceptance speech that night, I too had made a reference about Cardi B.
Paying off debt and saving. This all took many years. Like over a decade to accomplish. I know folks are out there retiring at like 27. But guess what? Life is full of ups and downs, but I never let my goals be far from my mind and kept them in sight because whether you retire at 22 or 62, fiscal age ain’t nothing but a number.
Safe to say, I set out to conquer every mountain or hill that was put in front of me. Yea baby!! I feel like dancing!!!
Life is complex. No one has all the answers. No one has a crystal ball to see the future. But reading up on the past has let me make some great predictions on what I think will happen.
Financial markets are cyclical. About every 10-20- years the market corrects itself and there is a recession. Plan accordingly.
When stocks go down, buy more.
Save until it hurts. Something like 50% or more of your income.
Things will get more expensive in the future.
You can expect inflation to average at least 2-3% a year.
Investing in real estate tends to yield good results over many years.
If you do nothing else in real estate, at least purchase your primary residence.
Buying franchises is expensive.
Find your talent and exploit it for profit. If you are a good mechanic, then charge a good and fair price for your work.
Never undervalue yourself.
I truly believe optimism is the key to happiness. I am always in a good mood. Laughter is always a part of my day and life.
My mind is always full of ideas, my eyes are clear and my heart is full.
I can’t hear you!!! Say it with me now!! Louder!!! Say it like you are in a stadium full of screaming football fans and Antonio Brown is out there running drills and scoring like he did on an episode of HardKnocks! So say it loud for me! One more time for the cheap seats in the back!!!
When people start complaining, I always feel that they should also provide solutions to their problems. I believe in being solution-based.
One of the greatest joys of my life is speaking my mind. I have done this since I was a little girl. I hold nothing in or back. I am always respectful, but I set clear boundaries on how I let people treat me. I respect others so I expect the same treatment in return. Instead of holding back, I dive in. Speaking your heart is a great way to free yourself from the constraints of life. You have to tell people what you want if you ever expect to get anything. SO SPEAK UP!!
In this life, you have to keep going. There is no time to rest on your laurels. No pity parties here. If you want financial independence, then you must fight for it. You have to work your butt off for it. Even if it takes, 10, 20, 30, or 40 years. My goal is to have at least $2 million in assets before I retire. Over 10 years later, I am still working on that goal. NEVER GIVE UP ON YOUR DREAMS AND YOUR GOALS!!! If you fall down, get up! You get up, dust yourself off and like Aaliyah said, “try again.”
Best of luck to you all in your fiscal adventures.
I’m a lot like Cardi Bin that song Money and I like it because like her, Now I like dollars, I like diamonds! However, in order to fund that lifestyle you have to have money in the bank.
I want deep-pockets; therefore, I avoid debt, save and invest.
And between you and me, I can’t stand debt. That’s no secret if you have been reading my blog. It just weighs you down.
I figured out a way to make myself feel better about paying off debt. I tend to use the debt-snowball method. I like small wins. And you should too, if it helps you continue to work on paying off your debt over several years, which can be 2-5 years.
The debt–snowball method is a debt reduction strategy, whereby one who owes on more than one account pays off the accounts starting with the smallest balances first, while paying the minimum payment on larger debts. You typically use this method when paying off revolving credit card debt.
Dave Ramsey discusses this and the debt avalanche, paying off debt with highest interest rate first, both are good methods of paying off debt.
But my favorite is the debt-snowball method. This strategy is where you pay off debt in order of smallest to largest, gaining momentum as you knock out each balance.
When the smallest debt is paid in full, you roll the money you were paying on that debt into the next smallest balance. You get a chance to celebrate your hard work by knocking out small debts and slowly working your way toward paying them all off.
For example, I have done the following:
Paying off my payday loan in the early 2000’s, I wrote the final check for $333.
Paying off my car note in 2009, once it got down to under $2,000, I wrote the final check for $1,500 and paid that sucker off!
Paying off my personal loan for $20,000, once I got down to the end, I wrote the final check for $3,500.
Paying off my credit card I got in 2005, once I got it down under $15,000, I wrote the final check (electronic) payment for $14,745, so then I could continue to live my best life.
I did this by saving up my money, paying the minimums on all my accounts until I saved up a certain dollar amount and then I wrote big fat checks to pay off what I owe. I like to pay in lump sums and pay off huge chunks of debt at a time. It makes me feel better. I call it the debt-chunk method. I like to see big results.
I got this idea from reading personal finance blogs like Millennial Money and books like I Will Teach You To Be Rich and Set For Life. In addition to studying the self-made. I combined my knowledge of reading about the money habits of Grammy-winner John Legend and Millennial Money founder Grant Sabatier.
Basically, I combined two different philosophies on saving and debt.
From John Legend I learned that once you have money in your hand you should pay off your debt IMMEDIATELY. If you have the full amount, then pay it all off. Thereby, paying off debt in huge chunks!
From Millennial Money I learned to save huge amounts of money over time by making small increases in may savings rate. I also make sure to take other good advice as well.
For instance, over the years, I have learned to listen to the following:
My partner Charlie says there is only three ways a smart person can go broke: liquor, ladies and leverage – Warren Buffett
Find ways to advertise for less or free. Leverage what you know by thinking outside the box. – Daymond John, The Power Of Broke
Find ways to start or build a business for less, cheaper alternatives out there or for $0 to start. – Zac Bissonnette, Debt Free U
There has never been a time when reading a book has not helped me. Work 10X harder, get 10X the results. – Grant Cardone, The 10X Rule
Work out. Have Discipline. Save and invest your money. I started in real estate and built wealth that allowed me to devote more time to the things I wanted to do. – Arnold Schwarzenegger
Try to save $5 a day. And increase your savings by 1% a month or more. Network. I bought coffee for those I wanted to learn from every week! – Grant Sabatier, Millennial Money
Save $25,000 to stop living paycheck-to-paycheck. Spend more on fun not less. Spend money on the things you care about and cut spending on the things you don’t. – Scott Trench. Set For Life, Bigger Pockets podcast
Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t. – Ramit Sethi
Focus your energy on the big wins!
If you can cut your housing and car costs, your stand a chance to save $500 or more per month. That is a nice amount to start stashing away in your 401k.
Cutting out $5 lattes and couponing alone are not going to get you to amassing a fortune. But first, before you do anything, you must save!
It is far easier to control and cut your spending than it is to go out and earn more.
Besides, the more you make the more Uncle Sam takes! I am all for people earning more money, but it will make no difference if you spend every last dime.
Therefore, start focusing on slashing expenses, cutting costs, saving an emergency fund (for big expenses), a rainy day fund (for short-term expenses i.e. a flat tire) and paying off ALL YOUR DEBT!!! Doing those five things can start you on the path from broke millennial to millionaire.
And that is because all millionaires know you get there by saving $10 bucks at a time. – Mr. Money Mustache
Therefore, if you want to get rich, just start by saving $10 bucks at a time.
I have never been much of a babysitter. Looking back, I think it all started with seeing the sensational film called Adventures in Babysitting.
The film was released in theaters on July 3, 1987. I remember consonantly watching this movie on cable in the 90’s while growing up. Adventures in Babysitting (also known as A Night on the Town in certain countries) is a 1987 American comedy film written by David Simkins, directed by Chris Columbus (in his directorial debut), and starring Elisabeth Shue, Maia Brewton, Keith Coogan, Anthony Rapp, Penelope Ann Miller, Bradley Whitford, and brief cameos by blues singer/guitarist Albert Collins and singer-songwriter Southside Johnny Lyon.
Tonight we will talk about 5 lessons from the film that has stuck with me.
Why do I love this movie so much?
The sheer adrenaline rush of one long night of misadventures, a Thor reference, and nonstop chaos are what good 80’s movies are all about!
So put down that tub of Haagen Dazs ice cream and slice of pizza because I am about to take you on the babysitting ride and night of your life!!
FINANCE LESSON ONE: DATE NIGHT ON A BUDGET
Ah yes, the proverbial date night is a time-honored tradition that starts in puberty and goes all the way through the ages and well into marriage.
The movie starts when seventeen-year-old Chris Parker (Elisabeth Shue from The Karate Kid) get a call from her boyfriend (Bradley Whitford) that he has to cancel their date on their anniversary. What type of guy cancels on a girl on their anniversary? You will have to watch the movie to find out. Sorry no spoilers for that part here.
Opening credits
Speaking of date night, please do not get suckered into thinking you must impress the person you are with by picking up your date in a $50,000 BMW convertible, taking her to an expensive restaurant and buying equally expensive flowers.
For the right guy, I would settle for movie and a pizza. Just a small tip: Frugal couples tend to be the happiest couples. 😉
Fun Fact: I got to meet the cast of The Karate Kid at AwesomeCon in DC this past April 2019. They were exactly as you would expect: Fabulous. Totally cool, easy to talk to, upbeat, and just decent human beings. I even got a photo taken with William Zabka and got Ralph Macchio to sign my photo of My Cousin Vinny! Are you sure about that 5 minutes?! 🤣
As sure as I am that this post has 5 lessons!!
Keep reading and find out! 😉
Instead of hanging out with her best friend Brenda (Penelope Ann Miller) her mother convinces her to babysit the Andersons’ daughter, 8-year-old Sara (Maia Brewton), while they attend a party in downtown Chicago.
To which Chris replies, “I’m too old to babysit.” Honey, you ain’t seen nothing yet! 🤣
This was the worst babysitting gig on the planet. But Chris pulled through like a champ. Let’s see if you can keep up with the plot details.
Chris is set to babysit Sara. Her older brother, Fifteen-year-old Brad Anderson (Keith Coogan), has a massive crush on Chris. His friend Daryl (Anthony Rapp) comes by carrying his dad’s Playboy with a woman in it that looks just like Chris. Her best friend Brenda, who ran away to the bus station downtown because she just can’t take it anymore at home, calls her frantically from inside a phone booth (which doubles as a homeless man’s home) to come pick her up from downtown. They are in a race against time to get downtown before Brad and Sara’s parents get back.
And did I mention that on the way they get a flat tire, get a ride from a one-hooked truck driver whose wife is cheating on him so he pulls a gun on the guy while they’re in the car. And a car thief steals the Cadillac they are hiding in while they are still in it! All this is happening while she needs to get her mom’s station wagon towed and fixed. Oops, I meant to say her mom’s car! 🤣
She says that line throughout the entire film with suck shock and dismay that I laugh every time!
Hi-jinks ensue when you are the babysitter in this tale. So if anyone every recommends babysitting to me as a side hustle, no thanks. I’ll pass.
FINANCE LESSON TWO: A FRIEND IN NEED
Once Chris gets that phone call from Brenda, that’s when all hell breaks loose!!!
Her mom’s car gets a flat, they are taken to a chop shop in a stolen car, escape from car thieves and then they enter a blues club where the band on stage won’t let them leave until they sing the blues.
Daryl starts talking t a streetwalker but that gets cut short as they are being chased by the car thieves because they know where they are located so they hop on the Chicago L train and get put into the middle of a gang fight. One of the best scenes of the movie happens right here. Don’t F#*k with the babysitter! 🤣
The list goes on and on. All the while Brenda is still stuck downtown having her own adventures.
Let’s start with the fact that Chris would not have had these issues had Brenda not chose to run away. This caused her mom’s car to get a flat on the freeway, her windshield to get shot out, and that would cost her $50 bucks!
They end up running into a fraternity party where Chris befriends a guy there played by actor George Newbern (voice of Ren in Pirates of Dark Water). Hearing of her plight he offers to donate $45 to her cause.
This is truly where the term a friend in need is a friend in deed applies. He decided to help her out with no hesitation and asked for nothing in return.
This is the part in the film where I’m like “Ferris Bueller you’re my hero!” 🤣
One of my favorite parts was when she said I will just use the money I have in my account to pay for everything, but when she looks at her checkbook she sees she doesn’t have enough.
So let this be a life lesson for you all out there; never leave home without cash and a credit card.
I learned this lesson from Arnold Schwarzenegger as he says he never leaves home without a credit card and at least $1,000 in cash just in case.
FINANCE LESSON THREE: A DAY LATE AND A $5 DOLLARS SHORT
Dan, the fraternity guy, drops the gang off at the garage.
She explains to the owner, a Thor look alike, much to the delight of Sara, she is $5 short. He refuses to give them the car until Sara offers up her Thor helmet as a peace offering and selfless gift. He then gives them their car.
There are times when despite our best efforts we come up short.
However, like in the song Izzo (H.O.V.A.), JayZ said, “Plus if they was short with cheese I would work with them.”
Sometime you just got to help a brother out! Or in this case, a babysitter.
FINANCE LESSON FOUR: DO WHAT YOU GOT TO DO
After getting the car back, Chris spots her boyfriend in a restaurant with another girl. The gang goes in and confronts him.
While the shenanigans with Mike ensues, Sara slips away and while looking at toys in a display window gets spotted by the car thieves.
Come on, Chris! You should have some sort of plan in case you and the kids get separated.
She then runs to her parents building and scales the side while trying to get away from the thieves. Chris goes after her by climbing down the side of the building herself. Talk about going the extra mile!
From personal experience, I know how hard it is out here. You have to make a dollar out of fifteen cents!
But I am here to tell you, “Dearly beloved, we have gathered here today To get through this thing called life” and if the elevator tries to bring you down GOcrazy!!! haha Thank you Prince for those inspiring words.
Because I thought Chris was insane for scaling a building, but hey, you do what you’ve got to do out here. Like Prince said in the song Let’s Go Crazy, “In this life, you’re on your own.”
In my own experience, I had to work at a gas station to pay the bills.
It didn’t matter if I had to scrub toilets, sell hot dogs, or sell home security systems door-to-door (yes I did that too), I did what I had to do to survive.
Wasn’t nothing going on but the rent and it’s due on the first!
You are too good for nothing when it comes to your family and finances.
You have to put food on the table.
Go get two jobs if you have too!!!
But you take care of your obligations.
My father always told me responsibilities first, fun later.
I also cold-called jobs to see about getting gigs.
That is how I ended up getting one selling cell phones. In addition, I met people that would end up becoming life long friends.
Doing what you have to do, rolling up your sleeves, and putting in the work always gets rewards.
FINANCE LESSON FIVE: A RACE AGAINST TIME
They get Sara and the kids retrieve Brenda from the bus station and rush home, narrowly avoiding the Andersons on Interstate 290.
And Chris has everything taken care of right before Sara and Brad’s parents walk through the door.
As Chris says goodnight to the kids, Brad tells her he understands about her not returning his crush and that if they see each other at school the next day, it’s okay if she ignores him. But Chris smiles and tells him she doesn’t ignore her friends. Damn straight!!
As Chris is leaving, Dan arrives with one of Sara’s missing skates. He says he needs a babysitter and is disappointed when Chris says she is retired; he confesses the babysitter was for him. Chris decides that retirement can wait and gladly agrees to babysit Dan. Sara was delighted to see here missing skate and tells Chris to reward him with a kiss. With Sara’s encouragement, Chris and Dan kiss outside as Brad closes the blinds giving them some privacy.
Inadvertently, Chris got that kiss she wanted in the beginning of the film as the song was saying in the opening credits, but from another man instead of that jerk she dated.
The last lesson of the night; focus on your retirement.
Much like Chris came out of babysitting retirement, you too must not call it quits until you have made sure everything you need and want is in place.
You are in a race against time my friends to get out of the rat race sooner rather than later and that can only happen if you plan ahead.
I used an online calculator and found that if you start at $0 and invest $8,500 for 30 years at an 8% return, you will have $1,039,939.88. That’s right, you will be a millionaire!
If you can save $20,000 a year, this includes an employer match as does the previous retirement example, you hit the seven-figure milestone in 20 years! You would be free to be you.
Now this is an adventure worth taking.
The retire early adventure.
Inputs Current Principal: $ 0.00 Annual Addition: $ 8,500.00 Years to grow: 30 Interest Rate: 8% Compound interest 1 time(s) annually Make additions at start end of each compounding period
Thank you! And you should let me interview you for my blog. I see you posting everywhere. You're one of the hardest working men in the blog business. pic.twitter.com/o5ZrI7ke8J
So yes ladies and gents, this post happened from a tweet!
He seems as passionate about writing and blogging as I do!
I was born for this, born for this It’s who I am, how could I forget? – Macklemore
How I feel about blogging.
“Tonight, darling, we are going to right a lot of wrongs. And we are going to wrong some rights. The first shall be last; the last shall be first; the meek shall do some earth-inheriting." – John Green, Paper Towns #papertowns
Let’s get right down to it! It goes down in the DM!!! It goes down. It goes down!!! 😂 Yo Gotti – Down In The DM
The blog and the interview was done by Miriam of Greenbacks Magnet, but those lyrics up top are by Yo Gotti.
INTRODUCING
Welcome aboard all! All are welcome!
Welcome to Greenbacks Magnet. Home of attracting Greenbacks like Magnets! 🤣Can I help you find financial freedom?
I want to thank you all for coming along this financial journey with me as I study the self-made and do blog interviews. You know, you are all my copilot’s on this magic carpet ride.
In the illustrious words of #Aladdin Genie, “You ain’t never ever had a friend like meeeee!!!”🤣
Let’s Meet Dave!!!
I actually met Dave at FinCon. He was positive and had a great attitude. That was the thing I remember about him most. He may not have known it but I thought to myself now there’s someone I would not mind working with. 🤔
And here we are today.
Another day, another breath (another breath) Been chasing dreams, but I never slept (I never slept) – Glorious Macklemore featuring Skylar Grey
I told Dave I thought he was one of the hardest working men in the blog business. I said that because I would go to read a post by a personal finance blogger and he would have already been there and posted the very first comment!
I couldn’t keep up with him! And I work HARD!!!
I remember seeing a comment on one blog post he did and he said, “Oh get out the popcorn. I see an interesting comments section coming on this post.”
Yep, that’s Dave.
What it felt like to meet Dave at FinCon.
He’s a genuine guy. 😉
Let’s talk about how Dave caught on financial FIRE!
DAVE STARTS A FINANCIAL FIRE BLOG
GBM: Hey Dave!! You should let me interview you for the blog! 5 questions tops! If it will get this ball rolling. I know you’re busy, but I promise to keep it short and snappy. Scouts honor. 😉
Dave: Hey Miriam, I will have to ponder these and will get back to you, interesting questions 😉
What is FIRE? It stands for Financial Independence Retire Early.
There are tons of blogs out there on the topic.
I even wrote a post called How do you play with FIRE?
WHAT IS FIRE?
According to Camp Fire Finance, the elevator pitch for FIRE is this, “When your investments generate enough money to cover your annual expenses you’re financially independent (FI). At that point work is optional and you can retire early (RE) if you want to.”
Basically, you have more than enough money coming in to stop working. Usually, this requires anywhere from $1 million to $5 million dollars depending on what you want or need to spend to maintain your lifestyle or that of the one you dream of having.
For example, if you decide you want to withdraw at least $80,000 a year, you would need to have a $2-million-dollar portfolio.
This is how I visualize myself on FIRE! 😂💋
Jennifer Lawrence in the Hunger Games was serving them eye candy with that dress. It was literally ON FIRE!!!
To stay on theme, I will pick this image for Dave. 😉
Let’s get to the interview. 😊
Dave: Hey Miriam, here are my responses.
1. How did you come up with your blog name?
I named my blog Accidental FIRE because I reached FI accidentally – meaning I wasn’t intentionally trying to get to a point where I didn’t have to work anymore. I just wanted as much of a nest egg as I could get because I come from a background and family that has no money. So it was about building security in my life. But when I discovered the 4% etc it then accidentally became about working less too.
Good for you! 👍
It’s great to have goals. I call that a win!
GBM Miriam: Some people may think building a nest egg from the ground up is impossible. I say personal finance is not rocket science. It is about earning, saving, and consistency.
Thanks for keeping it 💯and sharing that.
2. Any favorite finance books? What’s on your nightstand?
My favorite financial book is “The Simple Path To wealth” by JL Collins because it does the best job of boiling the basics down to make a FI path, well, simple. On my nightstand now are two books “War Letters: Extraordinary Correspondence from American Wars”, and “The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure”. Also my eyeglasses and a candle.
Well ok ✌That’s some good reading material right there. 👍
GBM Miriam: I am actually reading The Simple Path to Wealth by JL Collins right now! I guess great minds think alike! 😉
This was me in school. 😂
Even today, if I’m not reading, I like to exercise. 🤣 I like to keep busy. No idle hands.
I still read comic books too! My favorite is Red Sonja.
She Devil with a Sword
Fun Fact: The Marvel comic Red Sonja was turned into a film in 1985 starring one of my favorite self-made people to quote Arnold Schwarzenegger.
“Don’t focus on getting to $1 million; focus on getting to $2 million.” – Arnold Schwarzenegger
I heard that little gem when Mr. Schwarzenegger was doing a radio interview.
I’ve learned to make every dollar count. Focus on turning every $1 into $2. Instead of $1 million focus on $2 million. I learned that from @Schwarzenegger 😉
Just my 2 cents. Smooches 💋
How Arnold Schwarzenegger Totally Recalls making $20 million-dollar paychecks https://t.co/bINnB2OlIp
3. What’s the most interesting thing about you that we wouldn’t learn from your resume?
I’m a pretty good juggler.
Awesome! 👍That’s pretty cool.
4. What’s in your wallet? How did you start building wealth?
If you mean what kind of credit card I have a US Bank VISA that gives great reward points and that I use for everything. I started building wealth as soon as I started working when I was 16, I’ve always spent less than I made. But I started supercharging my wealth-building after reading a copy of Money magazine in 1995 and putting money in index funds.
Nice! 👌
GBM Miriam: I actually started after reading a Kiplinger magazine around 2007. I also put my money in index funds like the VFINX 500 index with Vanguard, which tracks an index like the S&P 500.
I try to save and invest over 40% of my income.
Although it is now closed to new investors you can put money into the VTSAX which is 80% comprised of the 500 largest companies in the United States.
Your story on how you grew up and got started building wealth reminds me of the song Glorious from Macklemore.
I feel glorious, glorious Got a chance to start again!
I loved it in the Crazy Rich Asians movie trailer.
I couldn't be afraid to face my reality. I had to live my truth and say to myself just stop charging and use cash.
5. What 80’s film best describes your relationship with money or the lifestyle you would like to have?
I guess I’d pick “Stand By Me” It doesn’t have much to do with money but I love the movie because it reminds me of my childhood – being in a small pack of super close friends and exploring and maybe sometimes getting into thins we shouldn’t have. And I’m still friends with all those guys today so it’s fun to reminisce about when we were younger and our knees didn’t hurt so much!
I hear you! 😉
Love that movie! It had some inspiring words. Love the 80’s. 💖
You know? Dialogue like this. 🤣
GBM Miriam: Seriously, though that film makes me tear up at the end every time. A great coming of age story about friendship.
Why we blog about finances?
I’ll let Skylar Grey answer that:
We gon’ be alright, put that on my life When I open my eyes, hope I see you shine Now I feel glorious, glorious I feel glorious, glorious
Well, we have come to the end of this interview. Hope you had fun.
Here at Greenbacks Magnet we like to have fun. And I had a blast!!!
GBM Miriam: Thank you Dave for stopping by!! I sure hope we will see each other again at the next money meets media conference as FinCon19 is coming to DC! But if not, there is always Twitter and DM’s. 😉
I bid you all farewell. Until we meet or tweet again.
I will give you one of my farewell messages that I tweet as a show of my appreciate for you hanging out with me here at Greenbacks Magnet.
Hope you had fun with me today and my Lipstick confessions. I must bid you all a good night. And go back to my regular identity. May the 80s live on forever in our hearts. Smooches💋 Greenbacks Magnet
Boys tell stories ’bout the man. Say I never struggled, wasn’t hungry, yeah, I doubt it – Drake, Started From The Bottom
So, who is the man behind the mohawk?
Well, you’re about to find out.
Just who he is.
But first…
A shout out to all things hearts and flowers. Valentine’s Day is coming!
Valentine’s Day!!!
Dean: Where am I going? Sam: Dean, it’s Valentine Day. Your favorite holiday, remember? I mean, what do you always call it – uh, Unattached Drifter Christmas?😂
Q: What did cavemen give their wives on Valentine’s Day? A: Lots of ughs and kisses.
Always blows me away finding pencils on the ground… Seemingly so worthless, yet can cause so much damage or love depending on who picks it up and how they use it. pic.twitter.com/TB5m7wX7yz
Q: What did the calculator say to the pencil on Valentine’s Day? A: You can always count on me.
Okay. All jokes and kidding aside.
Who are we talking with today about the sorted topic of coin? Blogger extraordinaire J. Money of Budgets Are Sexy
Sometimes I am two people. Johnny is the nice one. Cash causes all the trouble. They fight. – Johnny Cash
Let’s find out the man behind the money and the mohawk?
Let’s not waste any time. We’re diving right into the interview.
THE INTRODUCTION
GBM Miriam: It was great meeting the one and only J. Money at FinCon 18 in Orlando. Congrats, on being an 11-time Plutus Award winner for your blog Budgets are Sexy. You can see more about what others are saying about his blog on his press page. The accolades are well-deserved. I even included him on my list of Money advice that 10 Bloggers told me blog post! That’s because J$ does not hold anything back when it comes to talking money.
Imagine my surprise to meet the man I had been following along to and reading his stuff for the past several years.
He was extremely nice and down-to-earth. One of the friendliest guys I have ever met!!!
He never ceases to amaze me with his sheer enthusiasm for life, unbridled passion for what he does, his unmatched love of talking all things money, and incredible charisma and good vibes is almost like nothing I have ever felt!
It was so great to meet him. He is just awesome to be around. You can never feel bad around J$. I dare you. He’s just too friendly and cool.
I had to reach out and ask for an interview.
MEET J. MONEY (J$ FOR SHORT 😉
This is how it feels to meet J$.
Fun Fact: Both Carl Weathers and Schwarzenegger have starred in films with Sly Stallone. Carl Weathers had famously done Rocky just a few years before he did this film, Predator, with Ah-nuld!
For those who don’t already know the award winning blogger.
Like Jay Z said, “allow me to re-introduce myself.”
J$ STARTS A SEXY BLOG
1. What prompted you to start a blog about money? Why are budgets sexy?
I fell in love with
the community after searching for tips back in 2007 when I bought a house with
no money down and no budget whatsoever (*gasp*). I was entranced by how real
and RAW people were online – especially those sharing their net worths! – and
after a while I thought I’d jump into the ring myself and have a little fun…
Had no idea it would completely change my life, and my finances, over a decade
later!
I came up with the “budgets are sexy” concept around the time Justin Timberlake’s “I’m bringing sexy back” song was charting, and thought it went well together since budgets essentially gives you the one thing that we all strive for – confidence. The confidence to know where your money’s been, the confidence to know where you’re money’s going, and then of course the confidence it gives you within just knowing you’re on top of the game! And how sexy is that??
So, you just decided to toss your hat into the ring! Wow. That’s it. Just jump out there. Well, that’s awesome.
You only live once, that’s the motto…YOLO – Drake, The Motto
I guess you really did take YOLO to heart. ❤👍
Well, alright! 👌
GBM Miriam: I read the Financial Diet by Chelsea Fagen and was pleasantly surprised to see you were featured in it!! Congrats!!!
2. Any favorite
finance books? How come?
My top 3 favorites are:
“I Will Teach You To Be Rich” by
Ramit Sethi (good for action taking and funny as hell)
“The Automatic Millionaire” by David
Bach (also good for action taking)
“The Millionaire Next Door” by
Thomas J. Stanley and and William D. Danko. (good for your *mind!*)
I also love “Essentialism” by Greg McKeown, which isn’t a finance book, but more of a lifestyle/career one which heavily influences what I spend my time on, and more importantly – what I don’t.
GBM Miriam: On your blog it states: “A personal finance blog that won’t put you to sleep.” – Benjamin Franklin
Great! Because I liked to be entertained. I don’t want to be put to sleep! I want to talk money and have some fun. They say, give the people what they want.
I thought that quote on Franklin was pretty funny because I did a blog post on the how the 13 virtues of Benjamin Franklin can make you rich. I am a huge fan of his and that is why I like the Disney film National Treasure so much as it has B. Franklin all over it!
Are you a fan of Ben Franklin?
3. What are you
reading right now? What’s on your night stand?
I’m reading a lot of books on the history of my hometown, which I’m told is even more boring than finances 😉 There’s also a book on Benjamin Franklin that a reader mailed me – “Franklin’s Thrift: The Lost History of an American Virtue” – as he knew I’m a big fan of his habits.
Success is having to worry about every damn thing in the world, except money. – Johnny Cash
4. One thing people
may not know about you?
I have mild O.C.D. as
well as A.D.H.D., and I also hate public speaking… which sucks, because you
could really grow an empire in this field if you love getting in front of a
crowd! Here’s an awesome article I just came across btw for anyone else who
suffers from “reading O.C.D.” (It’s a thing!) –> How I Overcame My Reading OCD
Started from the bottom, now we’re here. – Drake
GBM Miriam: I read online that you managed to amass $400,000 in 7 years. That’s no small feat.
I try to think positive. Write down my goals (cause you know, it’s all about the power of the pen). Visualize what I want and say my affirmations to make things come to fruition.
But what about you? How’d you do it?
5. What’s in your wallet? How did you start building wealth?
I’m super minimalist
with my wallet (it’s actually a money clip), and I only keep a credit card in
it, my debit card, and then cold hard cash along with my drivers license.
Although now I realize your question is more about my proverbial wallet
isn’t it? Haha…
For that I max out all my retirement accounts every year using Vanguard index funds, or more specifically – the VTSAX fund (I keep my investing simple too!). Went from $50,000 to $800,000+ by mainly doing that, along with of course cutting back and finding other avenues of income along the way…
GBM Miriam: I appreciate that honesty right there. Thanks for keeping it 💯!!
You just put it out there. And that’s awesome. I need all the transparency I can get right now with the Dow Jones base jumping every other week.
I almost started to Birdbox myself like Sandra Bullock and only look at the stock market blindfolded, but then I thought to just go ahead and look at it, as it’s better to just rip a band-aid off.
Alright, it’s time for the bonus round.
My favorite part of every interview here on Greenbacks Magnet!!!
Bonus Questions (pick
any of the questions from the top or below that you want to answer)
7. What’s your
favorite ’80s and/or ’90s jam? What’s on your ipod? Would you let us hook
up your ‘Recently Played’ list on Spotify to our office speakers?
Haha… I love old school rap, mixed in with a little pop and folk music for good measure. You could hook up my iPod Nano if you wanted (remember that one???) but it’s stuck in the 2000’s as I rarely download anything and tend to stick to the radio or vinyl… I love me some Johnny Cash or Chuck Berry action!
Chuck Berry huh? Anyone remember the film Back to the Future?
Well, here is Marty doing a cover of the 1958 Chuck Berry song Johnny B. Goode. Enjoy!
8. What would
your autobiography be called?
“Normal Guy Gets Lucky and Can’t Believe He Writes Down His Thoughts For a Living”
GBM Miriam: I love that title! That’s really funny, but sooooo accurate.
9. If you found a lottery ticket that ends up winning $2 million. What would you do?
Pay the taxes on it, spend $10,000 lavishly on friends and family, and then probably bank the rest into Vanguard funds and keep going about my business…
GBM Miriam: Smart move. Pay those taxes.
In a weird way I actually DON’T wanna win the lottery as I want to see if I can hit financial freedom *on my own*. Not that I’d turn it down if I won, but I’d probably have to stop blogging since everyone would just assume it was the lottery that brought me to this place and write me off, haha… I already feel like I won the lottery anyways as you can tell from my autobiography! 😉
If you notice we go from 9 to 12, that is because out of 15 (more or less) interview questions, all guests can answer whatever ones interest them the most. Skipping a few questions we move right along.
In the illustrious words of Pauly Shore, “let’s keep on cruisin’.”
12. Do you consider Monopoly to be a game that you play with friends or enemies?
FRIENDS!! Why would
you play it with enemies??? The only real problem with Monopoly is finding
people who will actually *finish the game* with you since everyone bails after
only like 30 mins!! The worst!!
13. If you could steal credit for any great piece of art, song, film, book etc which one would you claim?
GBM Miriam: Personally, I would want the Campbell Soup Cans by Andy Warhol.
Painted around 1962, one painting (of the 32 cans he painted, which the canvases are on display at the Modern Museum of Art in New York) went on to fetch a record-breaking amount for an American artist of $11.8 at Christie’s auction house in May 2006. I do love some Campbell’s chicken noodle soup.
Andy Warhol also said, “the goal isn’t to live forever. It is to create something that does.” It is one of the reasons I chose to start a blog.
BAS J$: I’m gonna take the lame way out and say I wouldn’t steal anyone’s as I hate it when my stuff gets copped. Plus — I already suffer from Impostor Syndrome just being *myself*, so there’s no way I could pull off being someone else even if I wanted to! 🙂
14. Which animal would make the best type of president if the animal kingdom ever rises up and takes over?
Unicorns? I don’t know anyone who hates them, and we sure do need some magic up in here to fix our world!! 🦄🦄🦄
Unicorn!!!!!
15. When it comes to making tea which answer most applies to you?
a) I am the patron
saint of tea, tea for everyone!
b) I’m not a one man
Starbucks. Every man for himself.
c) I’ve only got two hands- so first come, first served.
GBM Miriam: As there was only three options, J. Money decided to do a write in answer. As any boss would.
What I should have asked. And figured would be a coffee drinker’s answer.
Well, that brings us to the end of this interview. This was a fun post and I hope a good time was had by all.
GBM Miriam: Thank you J. Money for stopping by!! I am sure we will see each other again at the next money meets media conference as FinCon19 is coming to DC! That’s right in our neck of the woods. 😉
BAS J$: thanks again for having me! fun and creative questions 👍🙏
Want more straight forward money advice from Budgets Are Sexy?
The first step to getting the things you want out of life is this: Decide what you want. – Ben Stein
Ben Stein is an economist and actor, who wrote a book in 2017, called The Capitalist Code: It Can Save Your Life and Make You Very Rich. He has an estimated net worth of over $5 million. So, I thought I would check his book out.
On my quest to follow the money, I have discovered lots of books, blogs, and information about money.
I have been told I am seriously into all things money. Friends sometimes call me “the money lady.” That’s fine with me. I take that as a compliment. There are much worse things to be called than that.
But, I get it. I do have a laser-like focus when it comes to getting things done. I can be a task-master. It comes naturally to me. I just can’t help it because I believe in finishing what I start.
I learned that lesson from one of my favorite childhood books Where the Red Fern Grows.
You could say I’m a bit obsessed with learning about money. However, it has served me well to know about personal finance. I have a six-figure retirement and save over 40 percent of my income. All that came from reading finance books!
That is how I came to find this book. It is a quick read as the book is on the small side at 146 pages in length. I knew the name Ben Stein, but I wanted to find out What is The Capitalist Code?
But first…
WHO IS BEN STEIN?
“I’m an economist by training. I don’t really work as an economist. I only worked briefly as an economist.”
Jewish-American economic and political commentator, writer, actor and attorney. He gained early success as a speechwriter for American presidents Richard Nixon and Gerald Ford. Later he entered the entertainment field and became an Emmy Award-winning actor, comedian, and game show host. He is famous for his monotonous yet humorous voice in acting.
For those who may not be that familiar with the name you may remember him from his self-titled television show, “Win Ben Stein’s Money” or from the film, Ferris Bueller’s Day Off.
“As to a media personality, well that just happened in large measure because people found me amusing, and I did lots and lots of T.V. news interview shows.”
“It’s a great stretch for me to do my game show. It’s very hard. It’s not me at all. The only part that’s me is sort of when I’m sitting in the booth looking tormented. That’s the only part that’s the real me.”
In Ferris Bueller, he is actually discussing a real topic of the era. During the 1980’s, Reaganomics was also referred to as voodoo economics or trickle-down economics. I’ll give you more on this topic later, in a future post. 😉
Ben has written for publication’s such as Barron’s, The New York Times, Fortune, and the Wall Street Journal. And numerous financial books including this one.
WHAT IS CAPITALISM?
By definition, an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. You will often hear it referred to as a free market or free enterprise.
Simply put, capitalism is a system of investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained by individuals and corporations instead of by state-owned means. Participants privately own capital.
Ben says, “Free market capitalism is a fantastic wealth-producing system and allows individuals to amass wealth.”
In addition, “There is no freer, more diverse, and more equal opportunity employer than capitalism. . . If you can produce a large amount of excess over your costs, you get well paid. And if you produce very much more than you cost, you get rich.”
A free market of competition, not a central government or regulating body, dictates production levels and prices. True capitalism needs a competitive market because without competition, monopolies exist.
“Trying to pick individual stocks is a trap. I can’t do it. Warren Buffett can, but hardly anyone else can beat the indexes over a long period of time.”
It’s easy to think of big business as morally bankrupt, but it isn’t, really. Business leadership can make poor/unethical decisions, but being big doesn’t make them inherently wicked, and being a small business doesn’t make it inherently virtuous.
“I agree that there are some bad apples on Wall Street. I spent about ten years exposing corporate and financial fraud for ‘Barron’s’ magazine and I found a lot to write about.”
If you want to know more about stocks, you can read numerous books and magazines on the topic such as Value Line, The Intelligent Investor, and anything by Jack Bogle.
The key point is this: Free market capitalism is an incredible machine for making wealth. Corporations “rain money” year after year. If you don’t participate, you are making a huge blunder. It doesn’t take a genius, but it does take a plan—a “little bit of knowledge and an even smaller amount of action.”
SCARY STATISTICS
“The education system should teach us about money; it’s an incredibly big subject. I run into people all the time that don’t have the first clue of what they should do about money.”
Ben states the following about personal finance in America:
Most Americans have not inherited wealth or a successful business that could set them up for life
80% of millennial’s have no plan whatsoever for retirement savings
Many Americans are saving NOTHING
The average person says they need about $50,000 per year for retirement; but only has savings to achieve 20% of that number
We live in a country where more than half the people couldn’t come up with $500 in cash today if they had a family emergency
Source: GoBanking
WHAT YOU NEED TO DO
According to Ben, you need to save first, and then spend— automatically.
That’s similar advice that Shark Tank’s Kevin O’Leary says: “Don’t spend too much. Mostly save. Always invest.”
Barnes and Noble provides this overview of the book: harness the incredible power of the U.S. economy for enjoyment and security by being owners of profitable businesses-by consistent, conservative investment starting as young as possible in a diversified port- folio of stocks. Anyone can be a capitalist—and should be. All it takes is a little bit of knowledge and an even smaller amount of action. All it takes is The Capitalist Code.
BEN ON EDUCATION
“There is a clear, unequivocal, if generalized, connection between the amount of education that a man or woman achieves and the amount he or she earns.”
In the book, he shows what women can earn with a degree…
And men.
Agreed. I notice that the more education you have, the more informed decisions people tend to make.
Although, in my opinion, education is not an equalizer it does; however, provide you with increased opportunity, knowledge and exposure to scholarly information.
For most folks, a bachelor’s degree is enough. Particularly, from a reputable in-state public or private accredited institution.
I will never forget when I was reading Arnold Schwarzenegger’s biography when he saw a PhD professor driving up in an old, beat up car and he said to himself that if that is what an advanced degree gets you, then that guy was in the wrong career.
BEN ON SPENDING
“You must arrange your life from the very get-go so that you are spending less than you earn.”
Yep. I have learned it is not what you make, but what you spend.
You can totally blow through $200,000 USD a year after taxes! Just keep buying big homes and expensive cars.
BEN ON PICKING STOCKS
How should you invest?
“You don’t need to “play the market” and try to pick stocks. Just buying and holding index funds is a simple, effective method that beats money managers most of the time.”
How long should I hold onto stocks?
“Hold onto these funds as long as possible.”
Should I sell as soon as I get a sizable gain?
“Take advantage of huge tax subsidies for deferring investment gains.”
BEN ON WEALTH
“A highly disproportionate amount of the good things in life accrue to those who have financial capital. The easiest way is to own index funds.”
He states you must acquire wealth.
I too have read you must pursue wealth. You may not want to chase money, but sitting on your laurels won’t attract money and abundance to you. Wealth is something that is attracted to those that have beat inertia and exhibit exertion.
Well, there you have it.
Straight from the guy who is pretty focused on one-task himself as he continued to utter that famous line, Bueller? Bueller? Bueller? Bueller?
Just like someone had pity on him and answered him in the movie, Mr. Stein has answered a lot of your money answers in his book. The code is capitalist. He has given you the key to unlock the secrets on how to build wealth. So, use his key. Because guess what? The secret is out!
