Tag Archives: Golden Girls

Automobiles, Bankruptcy, Financial Independence, Retirement, Saving

Range Rovers And Foreclosures

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Range Rover, Car, Truck, Range, Rover

Here I am back again talking all things on four wheels. I’m talking about cars of course!

So I will say to you what they always like to say in Welcome Back Kotter’s theme song, “Welcome back!”

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And less like Agent Smith in The Matrix saying Welcome back.

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However, we did miss you.

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After my last post on on the price of luxury cars, it is time to bring you the sequel! Just like The Matrix Reloaded. This posts sequel is all about cars so Buckle Up!!!

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See my post Beamers, Benz, and Bentleys Or A GMC Truck

Why another post about cars you ask? Because apparently folks out here are still lining up at the dealership every summer ready to take on these 5, 6, 7, now 8 year car loans!

You read that right. Lenders are now allowing borrowers to repay car loans for 8 friggin’ years!

That is enough time to do the following:

1. Graduate from college twice, including graduate school

2. Get married

3. Watch all 14 seasons of Supernatural on Netflix

4. Have the President of the United States finish two-terms

5. Write the next great American novel (hey it’s possible as it took J.R.R. Tolkien 12 years to pen The Lord of the Rings) 😉

I am here to remind folks that cars will not make you look, feel, or be rich.

Hey, don’t get mad a t me. I am just the messenger. Like Loreali Gilmore, I am A Messenger, Nothing More. Please just take the letter Dean or in this case, just read this post. 😁🙏

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MAKE PEACE NOT CAR PAYMENTS You must make peace with your finances. It is the only way to come to terms with reality and set your sights on the bigger picture. You must choose a path. Rich or Broke. Never poor because poor is eternal.

All things are temporary. However, life is not short, it is long. And like Chris Rock said, “life is long especially, if you make the wrong decisions.”

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Therefore, I want you to make good financial decisions from the starting gate. Paying 8 year car payments is like going to war with your bank account. And you know here at Greenbacks Magnet, we are all about the love. So make peace not war. So I am here to tell you: BACK AWAY FROM THE CAR PAYMENTS SLOWLY, TURN AROUND, AND RUN AWAY!!! You need to stand on firm financial ground. Your financial footing has to be so good that not even the Big Bad Wolf could huff and puff and blow your finances over!

When you constantly have to worry about how to make the mortgage payments or paying for the Range, then you have a serious problem. No car is worth going into foreclosure over. Should the home get foreclosed are you prepared to live in that Range Rover? A car that luxurious should be parked in a driveway and not on a freeway off ramp. Paying a $700 car note is outrageous. Then again, so is paying a $6,000 mortgage. Both of these high fixed expenses could leave you in the poor house.

Tons of bankruptcy filings include not only credit card debt, but high mortgage payments and out-of-control luxury car notes! People, people please don’t forget what Ferris Bueller said about priorities!

A man with priorities so far out of whack doesn't deserve such a fine automobile.

RANGE ROVERS ARE OVER RED ROVER Why discuss and name my post about Range Rovers? Let me tell you a story and paint this picture for you. In the illustrious words of Sophia from Golden Girls, “picture this.” 🤣

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I have heard several separate stories about Range Rovers and the cost of ownership.

In one story, the owner had the car in the shop for an entire year because he could not pay the repair bill. That’s right. A car that you are still paying the payment for, including auto insurance is sitting in a repair shop.

Now how are you gonna be a number one stunna, if you can’t ride around in your car to impress all the people out there, while only having $100 in the bank? It’s like Birdaman said, “Ride Bentley’s ’round the city on buttons.” “I’m the # 1 stunna!”

Oh and why only $100 in the bank? because it took almost every dollar in your paycheck just to keep the car on the road. And speaking of keeping the car on the road…let’s talk about maintenance and repairs on a Range Rover.

If you didn’t already know, then let me be the first to tell you. Luxury cars are more expensive to repair. Why you ask? It’s simple. Luxury comes at a premium. You have to pay the cost to be the boss.

See my post Lipstick Confessions: Confessions Of A Teenage Waitress

Repairs will also cost you more for luxury models. The parts are more expensive and not easy to find and replace like American made cars, as repairs and upkeep are cheaper on these models. Why even buy a Range? That is because nobody wants to wear platinum Rolexes and canary diamonds while pushing a Honda!

However, if you drive that Honda for a decade and invest that $40,000 you spent on the Range, then you could have a million more in retirement in 35 years. That Range will be long gone by then. But you know what? If you have money to burn, then play on player or should I say drive on driver!

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In another story, I heard that a mechanic left a stable transit authority job with excellent benefits to go repair cars for the Range Rover dealership. When asked why he did it, he replied, “because I can make more money fixing Range Rovers because those cars are always in the shop.” What the F*ck!!! You spend enough to put a kid through college to get that car only to have it in the shop! Unbelievable. You would think with all the dough you had to drop to get that ride it would at least hold up better than a Rav-4 or Honda CRV.

SITTING PRETTY WITH MONEY IN THE BANK OR WITH YOUR CAR ON BRICKS I will end this post with some news I have heard from around the water-cooler and then some.

One lady told me that she didn’t know what her husband was going to do because his BMW was in the shop and he couldn’t afford the $8,000 to get it out! Holy crap! So you want luxury but you cannot actually afford luxury. Then it’s simple: Sell the car. Take the $15,000 check that Carmax will cut you for the trade-in, get you a Ford or Toyota for $6,000 and put the rest of that money to work in the stock market. That is how I turned my $450 car payment into over $100,000!

It is far more important to have money in the bank than a Range in the driveway or the repair shop. Put your money where your values are. Far more people are impressed by those than can afford to buy Range Rovers, but actually don’t. The most important thing you can do with your money after you earn it is to actually have and keep some of it in the bank.

Film Reviews, Financial Independence

5 Pieces of money advice from The Devil Wears Prada

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“Fashion is not about utility. An accessory is merely a piece of iconography used to express individual identity.” – The Devil Wears Prada

I am sure many of you have seen or heard of the film The Devil Wears Prada. It was released in 2006 and based on a book written by Lauren Weisberger in 2003. The film starred Anne Hathaway, Emily Blunt, Stanley Tucci, and Meryl Streep. The film was a financial success and grossed millions at the box office.

What really made it great was the dialogue in the film. If you can decipher all the quips in the film, you can get some valuable money and life advice. All fiction has some truth.

Check out some hilarious, but honest, dialogue from the film.

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This scene was particularly truthful and funny, but on point.

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Let’s see him actually use facial expression to get his point across. 😂

“Yes, because that’s really what this whole multibillion-dollar industry is all about, isn’t it? Inner beauty.”

So, with no further ado, I give you lessons I learned while watching the film The Devil Wears Prada.

Let’s go!

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SPENDING ON HIGH-END FASHION CAN MAKE YOU BROKE

I will not bore you with the details of countless celebrities who post their closets or other lifestyle choices on social media only to find out years later they are BROKE!

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I have reviewed and studied many bankruptcy filings over the years. For work when necessary. And outside of work to satisfy my curiosity.  In addition, to reading books on bankruptcies, I seem to notice the following patterns.

Tons of credit card debt (usually more than $25,000)

Huge mortgages (for celebs this can be in the millions!)

Exotic Automobiles (BMV, Range Rovers seem to be favorites)

Property liens (foreclosures and short sales)

Thousands owed to the IRS (several celebs such as Willie Nelson and Chris Tucker owed the IRS more than $10 million dollars!)

In the film, Andy (played by Anne Hathaway) gets a job as the second assistant to Miranda Priestley (played by Meryl Streep) and works with the first assistant Emily (played by Emily Blunt) and staffer Nigel ( played by Stanley Tucci).

They regularly and casually name drop designer labels such as Tom Ford, Yves Saint Laurent, and Oscar de la Renta.

If you look up any of these haute couture designers, you will find clothing that ranges $500 to $10,000. You could drop $25,000 in their establishments in a single visit easy. The fact that you could turn that money into a fortune from investing is lost on those that buy these clothes.

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I am not saying not to buy clothes. I am not saying not to buy designer clothes. What I am saying is that I need people to recognize that if you truly cannot afford to spend like the Queen of England, then you should act your wage. Buy what you can afford. If you want pricey clothing items or fancy toys, then buy them when you have made your first $1 million or second, but not before.

See my post Name brand labels or fat stacks? You decide.

JOB OR CAREER

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If you ever watched that Chris Rock comedy special where he talks about the difference between a job and a career, then you understand what I mean by this.

A job pays the bills.

You watch the clock waiting for it to hit 5 o’clock and rush out of work like the building is on fire.

With a career, there is never enough time. You don’t watch the clock. You work for the sheer joy it brings you. The paycheck is a bonus in recognition of and a result by dint of hard work in excelling at what you do because of your drive and passion.  

In the movie, Andy is working in this job to land a bigger and better one down the road. That is all well and good, except for the fact that Miranda is a slave driver.

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Emily: A million girls would kill for this job.

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See my post Jobs that pay $70,000 a year

MANSIONS OR STUDIO APARTMENTS

If you do some research, you can find what are the most expensive zip codes in America and the world.

According to Forbes, this would be 94027 in Atherton, CA where the median price of a home is $9,686,154.

You see the stark contrast of living conditions in the film. Andy lives in a small walk-up apartment in New York, while Miranda lives in the modern day equivalent of a palace with several floors and spacious rooms that could easily set you back for $2 million in New York.

One of the biggest expenses in any budget is housing. The trifecta of expenses is housing, food, and transportation.

While listening to a podcast on BiggerPockets, I learned about house hacking.

House hacking is when you live in one of the multiple units of your investment property as your primary residence, and have renters from the other units pay your mortgage and expenses.

If you can cut your expenses in this area, you are g2g (Good to Go). 😉

Please do not get caught up in the zip code and school district rat race. I say this because people will buy properties they cannot afford in good school districts and pay astronomical property taxes instead of investing that money. This can lead to retirement shortfalls if you are not careful.

My advice is to buy what you can afford and save the difference. Truth be told, when I looked up profiles on Facebook, I noticed that folks I knew that went to private school ended up going to the same colleges as everyone else including myself.   

Matter of fact, I know folks that were “C” students in high school and still managed to eke out an existence and graduate from a flagship university while some private school kids went to second tier state schools. Go figure.

See my posts

Why I think college should only be 8 months

Home Buying: Survival of the Fittest Wallet

Less Home, More Wealth

You could live in a safe but affordable neighborhood, drive Hondas, and put that money to work in a 401k or 529 college savings plan instead of paying high mortgages and property taxes. That would pay for college right there. I’m just saying.

BEAMERS, BENZ, AND BENTLEYS

There was a hilarious scene in the film where she tells Andy not to take public transportation. EVER!

I cannot say I agree with this. Let me tell you why. Public transportation can save you thousands in annual costs sue to lowering the cost of mainteannce and repair bills on your car. You could also forgo a car all together and have no car payment or maintenance and gas to deal with!

See my post Are car loans worth giving up $1 million dollars?

PEOPLE ARE THE GREATEST ASSETS

So, many people are working the 9-to-5 grind and in the rat race living check to check, but at the end have very little to show for it. Nothing in savings. Nothing in retirement. Nothing in the bank period.

For every dollar you earn, I suggest you find a way to stash away 5% of what you earn and slowly start increasing your savings rate monthly or annually by 1% or more. This will get you in the habit of saving and also allow you to start building an emergency fund.

See my posts

The greatest assets are people

Money and Life Lessons I Learned from Mr. T

During the film, Andy talks about getting some amazing job as a writer. However, this job is all about paying her dues.

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You do not get something for nothing. You have to give to get. That’s the bottom-line.

Building strong relationships is to key to growth and a happy life. People rarely look back and say I wish I could have worked more!

Take pictures today. In 20 years, you will be glad you did. In reality, people think more about the things they didn’t do instead of the things they actually did.

So, stop and smell the roses while you can. Right now! Bend down and smell the flowers, take that trip, go visit family, make those phone calls, send that email, write that letter, hit send on that text message and stay in contact with those you love and care about.

No one cares about who dies with the most toys. People care about what type of person you are.

If you remember that episode of Golden Girls, Sophia wanted to know who would show up at her funeral, so she spread the word of her passing.

The people who show up are the ones who care.

Your legacy is not built in things, but lasts in the minds and memories of the people whose lives you’ve touched or changed in some significant way.  

Money will not and cannot buy true friendship or loyalty. If you are watching the news right now, you can see that for yourself firsthand with Michael Cohen.

Focus your energy on doing good things and good work so you will not ever have to look back and regret.

You will only look back and smile.  

Financial Freedom

Are car loans worth giving up $1 million dollars?

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Ferrari 458, Ferrari, 458, Spider, Red, Sports Car

If you have seen the news headlines recently, then you know many people are in debt up to their eyeballs.

What you may not have known is that car loans are starting to become an even bigger drain on finances than people ever thought possible.

It was reported that 7 million Americans are 90 days delinquent on auto loans. It was even in the news that in the UK financing is become all the norm and putting lots of people in debt. Similar to American consumers, British consumers are driving themselves into the red.

It makes you wonder if financing or leasing a vehicle the fast lane to debt?

Many seem to think so. Myself included.

If you have been reading my posts, you know how I feel about cars. They put you on the fast track to bebtville, if you are not careful.

So, how can financing cars cost you $1 million dollars?

I’ll show you.

A LOOK BACK THROUGH TIME

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I may not be able to take you back in time by going 88 miles an hour like in the movie Back to the Future, but I can give you a glimpse into what things cost by providing you the data here.

Back when Henry Ford was working on the Model T vehicle for the Ford dealership, he believed in pricing his vehicles at a rate that even his employees could afford. He said to pay a fair wage good enough so that his factory workers could afford to buy his car. Oh how things have changed.

CEO’s used to make 20 times their employees wages on average, now they make 300 times more.

As wages have stagnated since the 1970’s, but the cost of everything has gone up, it has made it very difficult for people to afford the price of a vehicle today.

Let’s talk about the average cost of a car in 2019.

COMPARISON SHOPPING

I will give you a quick rundown of the average cost of homes and cars over the last few decades.

This is a comparison of prices over the last 70 years.

Average Cost Of New Home Homes
1930 $3,845.00 , 1940 $3,920.00, 1950 $8,450.00 , 1960 $12,700.00 , 1970 $23,450.00 , 1980 $68,700.00 , 1990 $123,000.00 , 2008 $238,880 , 2013 $289,500 ,
Average Wages 
1930 $1,970.00 , 1940 $1,725.00, 1950 $3,210.00 , 1960 $5,315.00, 1970 $9,400.00 , 1980 $19,500.00 , 1990 $28,960.00 , 2008 $40,523 , 2012 $44,321 ,
Average Cost of New Car Cars 
1930 $600.00 , 1940 $850.00, 1950 $1,510.00 , 1960 $2,600.00 , 
1970 $3,450.00 , 1980 $7,200.00 , 1990 $16,950.00 , 2008 $27,958 , 2013 $31,352 ,
Average Cost Gallon Of Gas 
1930 10 cents , 1940 11 cents , 1950 18 cents , 1960 25 cents , 
1970 36 cents , 1980 $1.19 , 1990 $1.34 , 2009 $2.051 , 2013 $3.80,
Average Cost Loaf of Bread Food 
1930 9 cents , 1940 10 cents , 1950 12 cents , 1960 22 cents , 
1970 25 cents , 1980 50 cents , 1990 70 cents , 2008 $2.79 , 2013 $1.98 ,
Average Cost 1lb Hamburger Meat 
1930 12 cents , 1940 20 cents , 1950 30 cents , 1960 45 cents , 
1970 70 cents , 1980 99 cents , 1990 89 cents , 2009 $3.99 , 2013 $4.68

Prices retrieved from http://www.thepeoplehistory.com/70yearsofpricechange.html

If you focus just on the average cost of new cars, you will notice that a car that was $600 in 1930 is now $31,352 in 2013. The cost of a car has gone up over 5000% in 90 years. Wages have gone up 2250% in the same amount of time.

According to the U.S. Census Bureau, median household income in the United States is $56,516 in 2015. The price of cars have outpaced the increase in wages.

That’s something to think about right there.

WHY SHOULD I FINANCE OR LEASE A CAR?

People used to get around by horse and buggy until the combustion engine was invented around 1885. Before that, people would rarely go more than 10 miles from home. That meant you worked, lived, and played within a 10-mile radius of home for your entire life.

Once the automobile was introduced, people were then able to work further from home. This provided more opportunities.

However, the price of cars has become so inflated that people are having to decide between paying for utilities or car payments.

If having a car was so great, then why have wages not kept up with inflation enough for people to truly be able to continue to afford and enjoy them. I feel the same way about clothes. If your job wanted you to dress in couture, then they should pay you couture wages.

My sister once said that if a job wanted you to dress in suits, then they would pay you enough for that. If they want you to wear designer clothes, but only pay minimum wage, then they get Target and Walmart. Haha. I laughed so hard at that. Cause it’s true.

When you find yourself needing a car, why not buy what is affordable?

You could finance a car that you plan to own or lease a car you plan to trade-in and trade-up in a few years. Either way, it’s going to cost you.

I say finance to own. Actually, if you can, I prefer you pay cash for all appliances and that includes a car.

HOW TO SAVE $1 MILLION DOLLARS BY NOT BUYING A CAR

Let me tell you story.

I’ll paint you a picture, like Sophia would in Golden Girls.

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Picture it: Washington DC 2003…

It was a brisk day in early Spring. A car salesman was trying to sell me a more expensive model of the car I wanted, but I declined.

While I waited to sign on the dotted line, I was so nervous my hands were sweating. It took all day, but I finally got my new car. Sticker price: $24,000.

I was informed that I would be paying $450 a month. I walked out and was happy to have a brand new car. Skipping merrily along my way before reality would sink in.

A mere three years later, as I wrote out that check, I was sick of writing it by then and told myself NEVER again!

I finally paid that car off in 2009. And am happy to report I have not had a car loan since. I spent about 6 years of my adult life paying car notes. I promised myself never again. I have not had a car payment in a decade. I used that money to pay off debt, save, and invest. I turned that car payment into $100,000 in the stock market.

See my post How I turned a $450 car payment into $100,000

And check out my other posts on cars.

A car and nothing more

I won’t stop now, cause it’s Ford cars for life

If you want to be wealthy, drive a Ford

I also started saving thousands of dollars in a rainy day fund.

Check out my ebook and See my post How Millennial Money inspired me to start saving $13,333.06 a year

After doing some math, I found out that $100,000 invested in the stock market could turn into $1 million dollars in 30 years. In addition, if you were to put $5,500 in a Roth IRA for 35 years at an 8% return, you could net a $1 million-dollar portfolio.

Don’t think you can swing that? I think you can. I’ll tell you why.

You could spend a couple hundred grand on cars in a lifetime.

Let me show you how.

The average car payment is over $500 a month. According to Nerdwallet, the average is $530 a month for a car note. That is $6,000 a year. If you are paying that, then that is your retirement money right there.

If you buy a new car every 5 years, at $34,000, then over 30 years you would have spent $204,000. And that is just the sticker price! That does not include interest, gas, maintenance, car washes or accessories like a steering wheel cover.

If you can just save a few thousand dollars and buy a car for cash, then you can save yourself thousands of dollars in interest and more. You could slowly trade up every couple of years as you save more cash and upgrade your car.

Do not give up potentially $1 million dollars on cars because no vehicle is worth giving up that.  

Careers, Relationships

6 Money and Life Lessons I Learned from the film Mannequin

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“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.” ― Dr. Seuss, Oh, The Places You’ll Go!

Mannequin was a film released in 1987 starring Andrew McCarthy and Kim Cattrall. The story was about finding love and doing your passion. It was a feel good romantic-comedy (rom-com), that is memorable for its theme song Nothing’s Gonna Stop Us Now.

Mannequin Trailer

PASSION TRUMPS ALL

  1. Find your passion and get paid for it

The main character in the movie, aptly named Jonathan Switcher, as he was constantly switching jobs in the film. Kind of reminds me of John Ritter as Jack Tripper in Three’s Company, as his character was always tripping or falling. Ritter’s character also did lots of pratfalls (falling down) like Chevy Chase would do on Saturday Night Live for laughs as a sight gag dating back to the days of vaudeville.

Anywho, in the film Jonathan was really an artist at heart, but he just couldn’t find the right gig. Finally, as luck would have it, being nice and kind, is what got him his start.

He was walking when a little old lady (Estelle Getty, Sophia from Golden Girls) came into the path of a huge store sign that was falling. He pushed her out of the way and saved her life! She just so happened to be the owner of a major women’s department store and offered him a job on the spot.

This changes the course of his life.

Once she learns what he can do, she gives him a job as a window dresser. This is where his artistry skills come into play.  He finally found a way to make a living doing something he loved and was good at.  And people were willing to offer him good money. A competitor wanted to offer him big bucks for his skill by doubling his salary. He said he didn’t do it just for the money.

Turn your passion into your career. 

He kept his job where he was. This is where the movie truly begins.

Your Fired! Pick up your paycheck and get out of here.

COMPASSION

  1. Compassion for others

Before getting his job as a window dresser, Jonathan had lost his job, his girlfriend (Roxy, played by Carole Davis), had no money, and was just sad and alone. All that changes when he starts dressing a Mannequin who comes to life!

Her name is Emmy. She says she saw him last night in the rain.  He looked so sad and lonely. So, she came back to life just for him.

Emmy Comes Alive

DANCE

  1. Dance

It’s good exercise and fun. Singing also can help cure loneliness, sickness, and unhappiness.

So, like I once heard Toni Braxton say to her sistsers on Braxton Family Values, “Don’t be the fun police. Don’t be the fun po-po.” When you go out, have some fun. Don’t be a wallflower. Go out there on the dance floor and dance.

Good health is vital on the road to wealth. You don’t have to lift a ton of weights, but you do need to get moving.

So, sing and dance, will ya.

The absolute most fun and funniest scene in the movie was the dance scene. That is what dancing does, it brings you to life and in this film that means literally.

Dancing scene 

NO STEALING

  1. Don’t steal

The men in the film are competitors to Switcher’s company. Once they find out about Emmy and her helping him make a name for himself as an in-demand window dresser, all hell breaks loose. They steal Emmy and then get arrested for it.

Do not steal. That’s all I have to say.

BE NICE

  1. Be nice

Jonathan was a nice guy, but he was nobody’s fool. His kindness to others was always reciprocated back to him. He was nice. Then he got a job offer. He was nice. Easily, he made a friend. He was nice. And found his true love.

Good things can happen when you are nice. Being nice attracts things to you. In this film, it was a job.

It’s like Mark Cuban says, “It’s always easier to be nice than to be a jerk. Don’t be a jerk.” So be nice.

REAL LOVE IS WORTH THE WAITING FOR

  1. Real love is something worth waiting and fighting for

My favorite and best scene of the film was the ending where they get married while the song Nothing’s Gonna Stop Us Now by Starship is playing. This is the most memorable part of the movie. It was a good way to end the film. It was a great scene and it made you feel good. Jonathan had finally found true love with Emmy.

When she came on the scene she informed him that she wanted to escape a loveless marriage from 4000 years ago B.C. She waited to come back to life to find the right man. And she commented to him in the film that she was so glad she picked him. And they only had eyes for each other.

Window Wedding Scene

This life is unpredictable. There are only a few things that are worth fighting for. Love is definitely top of that list.

I remember this movie fondly. It still has a special place in my heart.

This movie is what inspired me to help little old ladies. I had to help a complete stranger get out of a chair at a hotel one time. It just so happened that she was alone and I saw her struggling to get up. I walked over and asked if he needed help getting up. She looked up at me in surprise and said yes.

It sure felt good to help someone in need.

I do it every chance I get. Helping people across the street. Answering questions. I try to tip pretty well.

You know, I just try to treat people the way I would like to be treated.

I am nobody’s doormat, but I try to help the little guys out.

So recap…

  1. Find your passion and get paid for it
  2. Have compassion for others
  3. Dance
  4. Don’t steal. Earn your keep. Work for what you want.
  5. Be Nice
  6. Anything worth having is worth the wait