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Celebrities and Money, Saving

Win, Lose Or Save

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Welcome to this post of Win, Lose or Save.

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Like the show, Win, Lose or Draw you must decide your fate.

Financial fate that is.

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Are you a fiscal gentleman or lady that manages your money well? Let this post help you out!

I do not care what anyone says or tells you, but saving is important. Supremely important, in fact. Why? Because all things first start with having money; therefore, you must save some.

Want to buy a house? You have to have a down payment. Want to start a business? You need to have the funds to pay employees and the lease on the storefront. Want to invest in your favorite company? You have to be able to put money in the brokerage account. And the list goes on and on.

I’ll give you an example of why you need to save money.

Every year for my birthday, I like to buy stocks.

Generally, shares in a 500 index fund. However, if you are broke, then there is no way to make this ice cream dream a reality.

Instead of an exotic vacation, new toy, fancy new set of wheels, or expensive birthday cake, I prefer to buy myself a $3.50 cupcake. Wait…in providing full disclosure I paid tax on that cupcake, so it really cost me $3.85.

I actually had about $500-$5,000 that I could invest. So, where did that other $496.15 or 4,996.15 go? Toward earning me interest of course!

We cannot all be like the jeopardy champ that has won a mind boggling 28 times in a row. His total winnings are now at the $2 million-dollar mark. Incredible!

However, we cannot base our financial futures on being able to answer in what year was the Louisiana purchase; 1803. Oops…I meant to say, What is 1803?

We need our money to work for us while we are sleeping.

I know the cast of Friends is still raking it in, but they are from a different time. When studios had to pay to play. That is, pay these actors on the back-end with royalties in order to get them to commit to playing the same characters for a decade or more. That is 12-15 hour days spend on a studio back lot that you cannot get back.

So I say kudos to them and the casts of the recently ended The Big Bang Theory and Game of Thrones. However, we all can’t be Starks or Dr. Sheldon Cooper, Dr. Leonard Hofstadter, Dr. Koothrappali, or Howard no Dr. in front. Just Howard. 🤣

You must save because you do not know when the next check will stop coming in. Let’s examine this further shall we? In one of my posts, I wrote about why Academy Award Winner Halle Berry saves so much.

See my post Why Halle Berry And I Continue To Save So Much

Because if you play spin the bottle with your finances, then it tends to land on BROKE!

It is no secret that here in the good old US of A many high school and college graduates know nothing about finances. However, here at Greenbacks Magnet we aim to change all that.

That is why I write cautionary money tales like today’s post.

For more cautionary money woes and tales, you can check out more stories on my website.

See my posts

From Debt Free To Owing $1 million In Mortgage Debt

Meet An Orthodontist With $1 Million In Student Loan Debt

From Pulitzer Prize Winner To Penniless

So let me give you some examples of why not to depend on big paychecks, royalties, or sequin jumpsuits.

A DIME ISN’T WORTH A NICKEL It was recently reported on May 14, 2019 that Brian May said that Queen hasn’t made any money from Bohemian Rhapsody. Now that’s a head scratcher. The film went on to gross over $900 million at the box office and its star, Rami Malek, with his performance as Freddie Mercury earned him the Oscar for Best Actor.

What do you gotta do to earn a few coins? Invent the wheel. Or in this case, invent music!

In yet another tale of musicians and money, David Lee Roth of Van Halen fame said the following in a December 2018 interview, “up until 18 months ago, I was making pennies in royalty on a $20 Van Halen record.” In addition, Roth stated, “I got butchered 40 years ago. I made over a billion dollars for Warner Bros. I watched my whole fortune walk off into another man’s pocket.”

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However, now that he is no longer under a recording contract and owns his own business he is, and I quote, “I’m a free motherfucker!”

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This is sad and confusing to say the least. I would be a disgruntled employee too if I sold millions of albums, t-shirts, spandex leotards, and headbands only to receive pennies on the dollar!

Check out how other musicians made fame and kept their fortune.

See my posts

How Dave Grohl Turned Passion Into Profits

Gene Simmons on Power

Money Advice I Got From John Legend

This reminds me of what I read in Pat Benatar’s book, she stated that she made her record label $75 million dollars and she felt used, abused, and thrown away.

After reading her book, I knew I better make sure to fund my retirement account like no tomorrow. When you see people work that hard for so many years talk about getting the shaft, then you know us regular folks in the salt mines better get it together.

Don’t even get me started on all the celebrities that owe the IRS! It just goes to show you that saving money has to be a part of your financial freedom equation.

There is no financial independence when you have debt obligations. More cannot go out than is coming in.

WE ALL MUST FACE THE MUSIC

Here’s the thing. We ALL are going to stop working someday. It is simply up to you to decide what you want to and ow you want to live.

You may think that adults should know how to manage their money. However, if you never learned how to balance $100 in your checking account, then how on earth is someone supposed to earn and build a million bucks!

I work under the impression and assumption that if most people can manage $1,000, then they can manage $100,000 or more.

If I still have not convinced you to save, then just let me share this last story with you. If you saw The New Edition Story, then you know kids get ripped off too! Recording a hit album netted these kids $500 and a VCR! They decided to start taking more control of their money and their financial destiny. And you should too!

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Therefore, I have chosen to be the master or mistress of my fate like Elvira is Mistress of the Dark.

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I own my image, whatever I do, my mistakes and my money.

I am Mistress of the Greenbacks Magnet. I’m ready for my financial close-up like the same way model and actress Cassie poses for a shoot.

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If some company goes belly up and decides not to pay out it pension, then plan to make other arrangements. I don’t want to be left holding the bag for my retirement after giving my youth to some company who tells me to invest in their stock while at the same time cashing out their own chips like Enron.

That is why I save and invest.

I increase my goals EVERY SINGLE YEAR!

Doesn’t matter if every goal doesn’t get hit, I still have something to aim at.

This is what I have decided for my future. Here’s my financial close-up. 😉

Here is a peak behind my financial savings curtains.

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Ladies and Gentleman, I give you Greenbacks Magnet savings goals:

2018: $13,333

2019: $14,000

2020: $15,000

2021: $16,000

2022: $17,000

2023: $18,000

2024: $20,000

2025: $25,000

As you can see, my ultimate goal is to save $25,000 per year. That would net me $100,000 every 4 years! It is all about planning and discipline.

I do not care if your goal is to be able to make rent next month or buy a private plane next year.

Whatever you do, win, lose or save; make a goal and stick to it.

Financial Freedom

Don’t take money too personal

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“I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.” – Warren Buffett

I have spent the last 12 years devoting myself to the study of the wealthy.

In all that time, I learned that they are right about one thing: Money does not solve all your problems.

I thought when I finally had some money things would change. Everything would go my way.

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Forget Murphy’s Law. Whatever can go wrong, will not go wrong! The money will cushion my fall. It will shield me from water, wind, and fire. I’m unstoppable. Right? Wrong.

My life actually hasn’t changed all that much. I still live in the same house, drive the same car, have the same family and friends.

So, what the heck? Where are all the trumpets and parades? I guess they’re down by the Macy’s Day Parade floats where they belong.

I know money is emotional. However, money is just a tool. It is not good or bad.  It is what you do with it. Only you can decide. As Captain Planet would say, “the power is yours.” So, be rationale.

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BORROWING TO GET AHEAD

“Neither a borrower, nor a lender be; For loan oft loses both itself and friend.” – William Shakespeare, Hamlet

I understand why people borrow. It is because at the present moment they do not have the means to finance what they want or need at that particular time. That is why people borrow extensively for college.

On the opposite side of that spectrum, is to lend money.

“Before borrowing money from a friend, decide which you need most.”

However, in my observations on the task of lending, it often comes with unforeseen consequences.

You lend money to a friend or family member thinking you are just helping them out. Right?

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Bachelor Party 1984 with Tom Hanks and Adrian Zmed

Of course, they will pay you back. Unfortunately, I have seen more situations where people do not pay back their obligations; thus, ruining relationships with creditors, family, and friends.

When you lend money to a family member or friend, you do so out of trust. If that trust gets violated, it hardly ever gets repaired. The damage is done and many times is irreversible.

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You can end up losing a friend and making an enemy such as a business associate or contractor you decide not to pay. That is not a good thing to have happen because you are likely to make an enemy with a long memory.

The way Nyssa al Ghul (played by Katrina Law) said it when talking to Oliver (played by Stephen Amell) on the show Arrow put it so succinctly. I couldn’t have said it better myself.

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Arrow on the CW

That is because people are wired to be self-serving. I do not think it is done maliciously. I believe this is for survival. Memories are self-serving. The purpose is to help you live and avoid danger. If you remember that the stove is hot, then you are less likely to get burned. Something like that.

“People tend to remember the loans they give, and forget the loans that they get.” – George Loewenstein of Carnegie Mellon University

However, Benjamin Franklin states, “Creditors have better memories than debtors.” You are supposed to pay your debts because it is the right thing to do. I’m like a Lannister, I always pay my debts.

Even if it meant for me to go without. That taught me self-sacrifice and discipline.

“Rather go to bed without dinner than to rise in debt.” – Benjamin Franklin

I feel the way Shelley Long of Cheers fame said in in the film The Boyfriend School (Don’t Tell Her It’s Me) describes this phenomenon best. Her character’s name is Lizzie and she says to her brother Gus, played by Steve Guttenberg, “People always do the right thing. When it serves their purposes.” Exactly.

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Scene from the film

DO NOT COVET THY NEIGHBOR

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

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Personal Branding expert, TEDx Talk and Keynote Speaker Leonard Kim described the meaning of Jim Carrey’s words. He stated, “that everyone chases money, wealth, success and fame, thinking it will bring them happiness.  Once they attain it, the person sits there and thinks “That’s it?  That’s what all the hype was about?  I don’t feel happy.  I don’t feel fulfilled.  I don’t feel anything.”

This was how I felt in a nutshell.

It was such an empty feeling. It felt so hollow. The only thing I had was the relationships I had built up with people. So, I learned to focus more on relationships than money.

I have no desire to buy a Ferrari, move to an expensive zip code, buy tons of couture clothing, or start collecting valuables that may try to take the place of some void.

See my post Name Brand Labels or Fat Stakes? You decide

Material possessions have not ever made me happy. Maybe, that is why I hold on to stuff for so long and repair instead of replace. I rarely shop. I don’t need anything.

The neighbor’s do not have to worry about keeping up with or competing with me or vice versa.

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I am content to simply read and write. I try to focus on building relationships and not tearing them down.  I do not want to hold grudges. Good luck to any person I have come across that we could not see eye-to-eye. I let you go with a full heart. I wish you no ill-will. I am happy being who I am.

I am more concerned with doing the common good.

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See my post on A Christmas Carol: Lessons in Finance, Business, and Life

I took a page out of another blogger’s book and focused on my goals. I would do the following:

  • Help three people
  • Read two books on finance/personal development a month
  • Research organizations to donate to

Anything is better than someone asking me this.

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IT IS OKAY TO SAY NO

“The difference between successful people and really successful people is that really successful people say no to almost everything.” – Warren Buffett

I like to observe people. Nothing gives you a better predictor of future behavior than past behavior. You do not have to try and people please. It is okay to say no when someone asks you for something.

Matter of fact, it is likely that saying no may save your friendship. Unlike what Robocop said, some things are not able to be fixed such as a lost friendship. No one wants that.

Robocop 1990

You are better off giving people the money they ask for than expecting it back. If it is more than you can afford to lose, then don’t lend it. Or just lend what you can afford to lose. It is just that simple.

Who cares if people get mad? It’s your money! They shouldn’t be coming to you simply because they think you are a soft touch. I once heard Pamela Anderson say that in an interview.

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Always do what is in your heart. It is the only way not to be bitter and make sure you do not live life full of regrets. Better to say no and keep the friendship and your sanity intact.

Thanks just my 2 cents.

Financial Freedom, Financial Independence

Money Lessons I Learned from Aesop’s The Ants & the Grasshopper

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Illustration is by Milo Winter 

Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time. –Johann Wolfgang von Goethe

I remember watching an old cartoon about a grasshopper and an ant when I was a kid. I thought it was very entertaining and learned a very valuable lesson about money and hard work. That the two go hand-in-hand and not to let anyone tell you any different.

Little did I know that the story was originated from an Aesop fable. Aesop was an ancient storyteller from Greece that is responsible for many children’s stories. One of his most famous works is the Tortoise and the Hare.

The story is a classic tale of what can happen if you do not work for a living. Here I share with you my takeaways from the tale.

THERE IS A TIME SET ASIDE CHILDISH THINGS

There’s a time for work and a time for play.

In the story, the grasshopper is very happy in the beginning. It is springtime and the flowers are in bloom. The sun is shining. He wants to sing, dance, play, and be merry.

However, the ants know that, much as they like to always inform us on Game of Thrones, winter is coming.

The ants know that they must shore up their resources before the cold comes or they will be unable to provide food, clothing, and warmth for themselves.

Same rules apply when it comes to life and money. You work to provide your family, a roof over their heads, warm beds to sleep in at night, food on the table, and pay your bills.

When you are a child you spend part of your day at play. A much higher portion of your time is spent in recess and leisure while you learn and grow. However, the older you become, as maturity sets in, then the more you are to put playthings aside. You have responsibilities.

My father always told me growing up: responsibilities first, fun later. I still think of those words even today. Before I even start writing one word for this blog, I clean, pay bills, retrieve messages, return phone calls, open the mail, etc.

I need a clean desk and an open mind free of daily tasks and chores to be able to focus. When I was younger everything was cluttered; my desk, mind, and room. As an adult, I have learned to keep everything neat and tidy. Less hassle that way.

When I am organized I can also pay attention to what I am spending. Make a plan and budget for what I need and want. From this I learned, the more I save, then the more freedom I have as I have the means to provide for myself. Automating savings was the key.

THE MORE YOU SAVE

In one book I read, the father of the author was a hippy that did not care about money in his youth, now that he’s older that’s all he’s worried about.  As you get older, life becomes more expensive. Partly due to health care and others due to inflation. Therefore, you must squirrel away your money chips while you can and fill up the money pot. You do this by working when you are young and able.

Work when you’re young so you don’t have to when your old. Work as hard as you can. This elevates the stress of not knowing later, if you will have enough in abundance, so that working will be at will and by choice instead of because of no other options.

Check out this chart below to see how much you save can change your life.

 

 

 

 

 

 

 

 

 

 

Source: www.mrmoneymustache.com

Mathematically, regardless of income, you save more, then you become financially independent faster and that’s true no matter how much you earn.

EARN YOUR WAY TO FINANCIAL FREEDOM

Did you know, by saving 10 – 20% of your income annually, it would take approximately 30-40 years of working to accumulate enough money to retire? Maybe.

The fact of the matter is that life throws many curve balls at you. Sometimes you see it coming and sometimes you don’t.

The longer it takes to save your money; the more inflation decreases your purchasing power. That’s why you want to save more money faster. This gives your money, more time to earn compound interest and beat inflation.

Did you know, by saving 50% of your income annually, you would earn enough money for one year of retirement? That’s right. That means working for 10 years would equal 10 years’ worth of retirement. The formula is this:  1 x X = years of retirement or 1 (years of work) x X (years saving 50%) = years of retirement

See the chart below and see how much time it will take to save up just one year of retirement.

Source: www.flannelguyroi.com

Basically, if you aim to save, you are buying your freedom. The more you save, the quicker freedom comes.

WHAT YOU CAN DO WHEN YOUR FINANCIALLY INDEPENDENT

Getting back to the ant and the grasshopper story, you learn that once winter does finally come, the ants are safe, warm, and dry, buy the grasshopper is cold and hungry.

The ants worked hard every day. Every ant helped. They all had to work. And they saved up more resources than they actually needed. And when they day came, they were protected.

The grasshopper is left out in the cold with no food or place to stay and freezes outside because he chose to play instead of work.

The ants have mercy on the grasshopper and allow him to come in out of the cold. They decide to be kind and neighborly as it is very important to be a good neighbor. They tell the grasshopper they want him to live, even though he made fun of them while they worked. They feed and warm him by the fire. They tell him he must prepare for winter. They also tell him you must work to live.

The next summer came and this time the grasshopper heeded the ant’s advice and not only did he play, but he also worked.

Therefore, you must learn to work before you play. I learned that if you are unprepared then you are likely to fail. In addition, that being a good neighbor can make all the difference in someone’s life.

Lastly, the biggest takeaway I get from the story is this: money offers protection. So make sure you save a portion of every dollar you earn. I suggest saving $0.45 of every dollar you earn. And since it’s no secret that woman earn less, I suggest $0.50 of every dollar a woman earns should be saved. This would mean you become financially independent within 20 years! Possibly less.

That means, if you start working and saving 50% of your income at age 24, you can walk away from your full-time job at 44.

Sky is the limit from there. You can start doing all the things listed on your bucket list. You can become an artist, photographer, writer, blogger, or tightrope walker. The point is you can do what you want. You can lie on the beach all day if that’s what you want. The thing is, now you get to choose.