Don’t gamble! Take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it. – Will Rogers.
In my last post, Down the Financial Freedom Rabbit Hole, I talked to you about having over $300,000 in retirement savings. In this post, Part 2, I will talk about the behavior you will need to use to get there.
One of the biggest lessons I learned about life is that you have to give to get. There is no free lunch. Nothing is free. You have to work for everything you have. And don’t let anybody tell you any different.
Even starting out with nothing, you can end with something.
However, it won’t happen overnight.
Little by little everyday you make progress. You have to set a goal. And you have to focus. Much like Obi Wan Kenobi’s Jedi Master in Star Wars said to a young Anakin Skywalker.
So without further ado, here are some of the behaviors that can help turn you into a millionaire. And we’re off…you can now wave goodbye to broke in the camera and say hello to financial freedom.
Learn to sit on a box until you can afford a chair. – money quote
Starting from scratch was not easy. The number one thing I did was make a goal. It does not matter how big or small, you have to start with a goal.
You cannot get to a destination without first knowing where you are going.
My ultimate goal was $1M USD. I then broke it into actionable steps.
Get a job that offers 401k’s with a match was one of them.
I also knew I had to increase my income. Whether it be sales, HVAC School, plumbing, teaching, or college, you have to find a way to make a living and bring some money home.
I took Dave Ramsey’s saying literally in when he says it is not what you are willing to do that will make you rich, but what you are willing to give up. And I gave up a lot. Nights out with friends, parties, vacations, you name it. But the sacrifice was worth it as it moved me closer to my ultimate goal: freedom.
I would spend my nights studying (sometimes up to 8 hours a day!) and doing my college work. Then I would spend my days looking for jobs that offered retirement accounts with matching contributions. Since I chose the college route, I knew that after I got my degree, that I would use that to negotiate a better job with higher pay.
I couldn’t just start in at the top. It’s like what the late rapper Young Dolph said on being wary of helping those who refuse to help themselves (“Million Dollaz Worth of Game” interview, 2021): Everybody wanna start at the top. Everybody wanna start at the top, and everybody wanna ball off the rip.
So true. How can you possibly start at the top? You don’t know anything. You have to put in the work if you want to get ahead and if you want people to respect you.
Dolph sounds a lot like one of my favorite Disney characters, Scrooge McDuck.
A panel from an Uncle Scrooge comic by Jack Bradbury. Character created in 1947 by Carl Banks.
So if you find yourself mopping floors, but earning the respect of your fellow workers and the CEO that leads to creating long lasting relationships, getting mentoring from those who played the long-game and won, you climbing that corporate ladder to one day being in the C-suite, count yourself fortunate to work your way up to the top you lucky duck! Pun intended.
Those that try to skip putting in the work miss out on opportunities and experiences that are necessary rungs on the ladder to success that are needed to stay at the top. You have to work late nights, get up early and be consistent. Nobody ever got rich sleeping all day.
Once, I got that magic 401k, I went to work investing in it. That was around 2007. However, my account was increasing too slowly.
I needed to figure out a way to free up some capital to make it go faster. That’s when I figured it out. One of the best ways to start investing larger sums of money with minimal effort. Change my behavior and attitude toward material objects. Namely; cars.
I would pay off my car and then not get into another car payment.
I would instead redirect that money to my investments. I gave up on the desire to having a flashy car in parking lot and focused on financial freedom. I paid off my car in 2009. I have not had a car payment since.
This along with paying off credit card debt, in my opinion, is the best ways to build wealth.
After that, my investments started to take off. I also opened up a Roth IRA around 2011 to invest even more money. I did this because when I did the math, it showed that if you max out your retirement accounts; $23,000 in your 401k and $7,000 in an IRA which are the limits in 2024, with a 10% return, you could hit $1 million in 15 years. That’s less than two decades! It takes the average millionaire about 27 years to get there.
Simple plan: Pay off car payment and max out retirement accounts. I just gave you the magic ingredients to the secret sauce.
Come on, let me get a 5-star rating for that advice like Nora got on Upload.
As of this writing, I am closing in on hitting my next target of $400,000 in investable assets. I was getting closer to my goal of $1M in retirement savings.
Getting so close to my goal made me realize that personal debt is the mortal enemy that threatens to suck the money out of your wallet and the joy out of your life.
I wanted to slay debt like my favorite Marvel comic book character Red Sonja does her enemies.
I wanted to strike first and show no mercy when it came to getting rid of and staying out of debt like Cobra Kai!
I felt like Carmen Sandiego when she meticulously plans her escapes…with style. I was leaving debt behind and flying toward freedom.
You can do the same. By changing your behavior to earn interest instead of paying it by investing. Until next time…
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?
