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Money Lessons I learned from Jay Leno

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Photo: Forbes.com

Everyday and in every way, invest in yourself. Invest in your health and education to help build your wealth. With money comes power and protection. The wealthy are protected. Build up your knowledge and money coffers. A war money war chest is your way to ditch the 9 to 5 and get out of the rat race.

Jay Leno gives advice on how to do just that.

MONEY LESSONS FROM JAY

Jay on starting out

“I wasn’t a millionaire when I started.”

“I would alternate between the two, so it was cars and hamburgers, which are actually still two of my passions.”

He started his career working for minimum wage at McDonald’s in Massachusetts. Jay also worked at a Ford dealership. He discovered the key or secret sauce (pun intended) to getting rich: Developing multiple streams of income.

Jay on working more than one job

“I always had two incomes.”

“I’d bank one, and I’d spend one.”

“I had two jobs because I realized that was the quickest way to become a millionaire.”

“When I got ‘The Tonight Show,’ I always made sure I did 150 [comedy show] gigs a year so I never had to touch the principal.”

He has worked two jobs simultaneously since he was 16.

And there you have it. Basically, if you want riches, then you have to put in the work. If you work 40 hours a week, then find a way to work 50 or 60. Gotta make that paper.

Jay on saving money

“When I was younger, I would always save the money I made working at the car dealership, and I would spend the money I made as a comedian.”

“When I started to get a bit famous, the money I was making as a comedian was way more than the money I was making at the car dealership, so I would bank that and spend the car dealership money.”

“Then I got to the point where the comedy money was, like, five times the other money, so I decided to flip it around and save the comedy money.”

“I would always spend the lesser amount of what the two were.”

Therefore, if you are working 2 jobs or more, then you bank the bigger paycheck and spend the smaller checks. Bank the bigger of the two checks and live off the other.

Forget the pundits that tell you not to save. There is value in saving. You need an emergency to help in case of job loss or illness. Life is full of hiccups. Once you have saved reasonable amount, then you start investing your surplus income.

The key is not to only save, but to also invest. Savings help you live your life to the fullest. In addition, savings can help you fund your dreams. Not having to go to the bank for a loan is an incredible feeling.

Jay on living on one salary

“I pretended as if I didn’t even have the ‘Tonight Show’ job.”

“You know, when you start making money, you get lazy. I wanted to make sure I always had that hunger, so I never looked.”

“It would go directly into a bank.”

Simply put, bank it and forget it.

Jay on patience

It took 22 years to accumulate, “a nice little nest egg.”

You heard it here folks. Building wealth takes time. In many cases, it takes a couple decades. There are no get rich quick schemes. There’s is no free lunch. There are no shortcuts. You do the work, get paid, invest the surplus incomes, and wait to earn interest.

Jay on retiring

“If you do something and it works, then keep doing it.”

You do not have to retire early unless you want to. If you are passionate about something, and can make a living doing it, then do it.

Jay on Buy-And-Hold

“The McLaren F1, I paid $800,000 for it in 1998. The last offer I got was $12 million. … The nice thing is, if you buy what you like, and it doesn’t go up in value, you still like it.”

Warren Buffet likes to buy-and-hold forever. Therefore, don’t even part with your cash, if you don’t want to keep an item to infinity and beyond. Just don’t even open your wallet.

Jay on avoiding credit cards

“I barely use credit cards.”

Words to live by. Either use credit sparingly for a purpose and get it paid off ASAP or don’t even bother using it at all.

Jay on house buying

“I didn’t buy my house until I had cash. When you own something and you don’t have to write checks every month, you’re just better off.”

I learned from James Brown, Dick Clark, Jay-Z, Oprah, JK Rowling and Michael Jackson to own what you do. You can control your earning potential and life, if you own. You can continue to make money off the things you own and control for many years to come.

Regardless, of whether or not you’re still working. You can still earn royalties from work you have done in the past. That is how the rich get richer. Earnings on top of earnings.

Jay on debt

“I don’t carry any debt. I don’t write checks at the end of the month for anything.”

“I didn’t buy anything I couldn’t afford to pay for in cash.”

“Here is the money, give me the thing, transaction over.'”

Jay hates installments, as do I. His cash only solution is what the world needs to adhere by.

I have literally saved for two years or more to purchase items or services I wanted or needed.

When I wanted Lasik, I used my flexible spending and waited about 3 years before I did the procedure. It cost between $4,000 to $5,000. And was worth every penny. Paid cash, not credit.

When I needed dental work done, I saved for 2 years. Paid cash, no installments.

Don’t buy on credit, build a fortune.

Jay on Retooling

“Since high school, I’ve always had two jobs. I worked at a McDonald’s and I worked at a car dealership. … When I was doing the Tonight Show, I’d be on the road at least two to three days a week because I thought, ‘We’ll see how long this lasts.’ ”

Do not ever get too comfortable. Things can change. Always have more than one way to earn a living.

Jay on owning

“I own everything. I own my buildings. I own my cars. That way, if it ends tomorrow, I know what I’ve got.”

His conservative money philosophy gives him peace of mind. When you are out of debt you just feel better. Take control of your finances and this too will help give you some peace of mind.

Jay on old-fashioned values

“I’m not a big splurge guy, partly because I had Depression-era parents: “They just frightened me to death, saying, ‘You gotta save every penny!'”

“It’s a little old fashioned, I suppose, but it seems to work pretty well for me.”

No impulse buying. This is the debt trap. Plan your expenses. Budget just means you plan where your money goes and it gives you permission to spend. Use it.

Jay on Taxes

“I just pay. Fine, I’ll get another job, I’ll work harder. That’s probably not very good tax advice. I don’t have money in the Cayman Islands or any of that nonsense.”

Always pay your taxes. Period!

Jay on being frugal

“McDonald’s sent me these Happy Meal coupons, so one day I’m in the McLaren and I’m going to McDonald’s. I say, ‘Give me two Happy Meals.’ And I give them the [coupons].”

“Now I look like the cheapest guy in the world driving this multimillion-dollar McLaren and I’m trying to get a free hamburger.”

“I’ve never touched a dime of my ‘Tonight Show’ money. Ever.”

He hates spending on clothes and has not touched one dime of his Tonight Show money. At one point, he was earning around $30M a year! It pays to be frugal.

So, you just avoid the mall, invest the money you would spend on clothes and start earning your way to a fortune with compound interest. Delay your gratification. Discipline is the key to wealth. Once you have it, no one can take it from you. Then you can save money to invest. Easy as pie.

Jay on Shifting Gears

“So many friends of mine, all they ever did was the TV show. When the TV show ends, suddenly their life ends, because that was their whole life. I was never that guy.”

It’s great to have hobbies and interests outside of work. See if you can turn a hobby or side gig, into an income. At the very least, have something to do after one thing ends. Remember, no idle hands.

Jay on shopping

“I’m not a big shopping guy. I’m just not interested in clothes outside of the essentials.”

“To me, it seems like a complete waste of money. I just want to have enough clothes to cover legally what parts I have to cover.”

Hear, hear! I used to like shopping. Until I didn’t. That happened once I learned I was losing a small fortune for that new purse or shoes.  Read my post How Millennial Money inspired me to start saving $13,333.06 a year for more on that topic and see how I quit shopping for good.

Jay on Fixing Things

“When you’re in a business like show business, everything is subjective. Some people think you’re funny, some people think you suck. …When something’s broken and you fix it, no one can deny it’s running.”

Very true. Always be tweaking or working toward expanding and doing better. People notice you the harder you work.

Jay on setting high standards

He, like Coco Chanel, believe in setting high standards for yourself. Chanel said, “keep your head, heels, and standards high.”

Jay learned this attitude while working at McDonald’s. A key pillar of success: You can never go too far to ensure you’re producing a great product.

He would go home every night after work and write jokes. Jay would go through hundreds with his staff and get it down to the top 20. He would record himself and then re-listen for timing. Tedious? Yes, I know. But effective. The hard work paid off.

Jay on idle hands

“I meet with the writers at about midnight or so and work until about 4:00 a.m.”

“I sleep four hours, maybe five.”

The way he saw it was, “if you have time to complain, you don’t have enough work to do.”

I am notorious for going to bed thinking of work and getting up to work. Sometimes I get up in the middle of the night to write down ideas about work. I work so much I barely have time to breathe.

I learned that from Pat Benatar who was a workaholic in the 80’s.  But guess what? She wrote hits songs for like a decade. When there are times I need a break or pick me up while working, I’ll listen to her songs Invincible, Shadows of the Night or Love is a Battlefield.

For those who may not know or remember those songs, check out the links below. Good stuff.

Jay on failure

“You learn a tremendous amount from the mistakes.”

I have learned to fail better. It makes you stronger. It also humbles you and makes you more empathetic to others.

Jay on money to blow

“So many people get to be the age I’m at now and they’ve got nothing because they just blew it all.”

“I put my money in a hammock and say, ‘You relax. I’m going to go work.’ And when I come back, I put some more money in the pile.”

It’s your money. Don’t blow it.

Jay on Life

“Life is not that complicated … if you’re kind and decent, and try to be honest, it’ll probably work out. Yeah, you’ll get screwed once in a while. I certainly have, but that’s okay … don’t dwell on it.”

Pick yourself up, dust your wallet off, and get back into the grind. Don’t rest on your laurels. Put your head down and work. Stay humble and stay hungry. Generate multiple streams of income, diversify your earnings, increase your savings, and build your wealth. Get that net worth pumping in that interest faster than Arnold Schwarzenegger did lifting weights in Pumping Iron and you will start rolling in the dough!

Just FYI: Jay is worth over $300 million dollars. Has no debt. Is a self-made millionaire. And still works at the age of 68.

Celebrities and Money, Financial Freedom, Self-Made Millionaires

How Beyoncé and Jay-Z became a $1 billion couple

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I don’t like to gamble, but if there’s one thing I’m willing to bet on, it’s myself. – Beyoncé

Hip-hop is more about attaining wealth. People respect success. They respect big. They don’t even have to like your music. If you’re big enough, people are drawn to you. – Jay-Z

The 2018 Grammy’s have come and gone. And even though Jay-Z went away empty-handed on January 28th, he is far from empty-pocketed.

Forbes listed his net worth as $810 million and Beyoncé with her own at $350 million net worth.

That’s right. Beyoncé and Jay-Z are a billion-dollar couple.

Through not only music and touring, but lucrative business dealings have made them a fortune.

Here is where it all began.

Jay-Z builds an empire

“By the time I got to record my first album, I was 26, I didn’t need pen or paper – my memory had been trained just to listen to a song, think of the words, and lay them to tape.” – Jay-Z

Back in 1996, a rising rap star named Jay-Z, who was known for memorizing lots of rhymes without writing them down, put out the album Reasonable Doubt.

It all began when Jay-Z and two others started their own record label, Roc-A-Fella Records, when the talented artist was unable to get a record deal.

It eventually went platinum. From there he would go on to record the commercially successful and critically acclaimed album Hard Knock Life in 1998.

He has not slowed down since.

Jay-Z was a business owner and rapper as he rapped for the very label he owned.

And he would eventually go on and sell the label to Def Jam.

He became a record exec who helped launch the careers of Kanye West and Rihanna. And eventually served as CEO of Def Jam Records in 2004 (a job he took to assume control of his earlier master recordings with the label).

Jay-Z signs another huge deal with Live Nation for $200 million in 2017, his second big payday with the concert promoter. The first 10-year deal was for $150 million in 2008. Through this deal he makes millions in merchandising and concert revenue.

His interests outside of music (Rocawear, and stakes in 40/40 Club and the New Jersey Nets as a sports team owner) have netted him millions more. He sold Rocawear for a reported $204 million. It was said the deal in 2007, would net him around $35 million in cash. This cash infusion would be the seed money used to fund his other business ventures.

He has sold more than 28 million albums in his 15 plus-year solo career.

He has done numerous solo tours including going out on the road in 2013 to support one of his most recent albums, Magna Carta…Holy Grail.

He purchased the streaming service Tidal for $56 million back in 2015. It is now said to be worth $600 million.

He has used his ownership of Roc-A-Fella Records and Rocawear clothing brands to build what he has today.  In 2018, he is one of the richest musicians in the world.

Beyoncé builds her own empire

“Do what you were born to do. You just have to trust yourself.” – Beyoncé Knowles

Beyoncé decided at the tender young age of five that she wanted to be a performer after going to a Michael Jackson concert.

She sang in the choir at church, at school, and everywhere. She honed her craft. Practice, practice, practice.

After appearing on star search in 1993, and later landing a record deal with her singing group in 1997 with Columbia Records, from there she would rise to fame in the late 1990s with the R&B girl group Destiny’s Child.

As a member of Destiny’s Child, she has sold 17 million albums. The group went on to sell more than 60 million albums worldwide. Their 1999 album ‘The Writings On The Wall’ sold over 15 million copies worldwide and was one of the top selling albums of 2000.

The release of her debut album Dangerously in Love, in 2003, turned her into a solo artist. From there she would go on to do films such as “Pink Panther” and Academy Award winner “Dreamgirls.”

Her 2007 tour, ‘The Beyoncé Experience’ grossed over $24 million following the release of her 2006 record B’Day, her 2nd studio album which spawned numerous hits and videos. She then followed up this tour with an even bigger one in 2009, ‘I Am… World Tour’ which grossed $119.5 million. 

She set a new record when she earned 6 Grammys in 2010 for ‘I Am… Sasha Fierce. Her 2009 single from the Sasha Fierce album ‘Single Ladies (Put a ring on it)’ was a huge success and in constant rotation on radio stations worldwide.

She has performed for presidents and as the headliner for the super bowl half-time show in 2013.

She also has multi-million dollar endorsement deals with L’Oreal, Coty (the perfume company) H&M and Target. She has also released at least three fragrances which has made $400 million in sales.

In 2012, Beyoncé inked a deal with Pepsi for a reported $50 million dollars.  

BEYONCE became the fastest-selling album in iTunes history and solidified her as one of the most powerful women in music.

She released her own documentary in 2013 ‘Life Is But A Dream,’ which she directed and produced. It was a rare inside peek behind the curtain of her personal life.

The 2016 release of Lemonade exclusively on Tidal debuted at No. 1, and became her sixth album. She is the first ever female artist to have every one of her solo albums debut at No 1.

As a solo artist, she has sold 16 million records in the U.S. alone and 100 million worldwide.

Beyoncé enjoys making video diaries with the help of her favorite item to do so which is a MacBook.

Beyoncé is a singer, dancer, songwriter, and entrepreneur who continues to tour worldwide while making money from concerts, merchandise, and albums.

Jay-Z and Beyoncé empire as a power couple

“Those who are successful overcome their fears and take action. Those who aren’t submit to their fears and live with regrets.” – Jay-Z

“And we have to teach our girls that they can reach as high as humanly possible.” –Beyoncé

They both own equity in Tidal, which is worth $600 million. That is more than 10 times what Jay-Z paid for it.

In addition, together they both own over $100 million in Real Estate holdings.

Headlining tours independently and together for the 2014 joint On The Run Tour with Beyoncé,  has netted them millions more. This tour earned well over 9 figures with a staggering over $100 million in ticket sales. Making them one of the most profitable touring and recording artists today.

Jay-Z and Beyoncé amassed their fortune from hard work, savvy business acumen, and ownership. Simply put, they own what they do.

All this combined has made them into the billion-dollar couple you see today.

Basically, to build wealth, you have to own. Whether it is a business, stocks, or real estate the money comes from owning.

Side note: Jay-Z is a 21-time Grammy winner and Beyoncé is a 22-time winner. Just in case you were wondering.