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.
“People ask what gives me the authority to give advice? I say, First of all, I don’t give advice. Dr Phil gives advice. Mr T helps people. I motivate them, I inspire them, I give them hope, and I plant the seed so they can feel good about themselves” — Mr. T
If you grew up in the 80’s or 90’s, then you know the name Mr. T. He was former United States Army veteran and Military Policeman who turned into a bouncer and bodyguard for the rich and famous. He later became a famous television personality while starring the 80’s sitcom “The A-Team.”
He also was a public motivator and made a motivational video to help kids such as dealing with peer pressure, money management, appreciating who they are, respecting others – especially their parents -and how to deal with anger.
I am still inspired by the words and actions of Mr. T to this day because he always made me feel good about myself and that just being me more was more than good enough.
I will share with you some of the things he taught me that I have carried with me into adulthood.
First, an introduction of the man named Mr. T.
THE MAN BEHIND THE T
“First name: Mister; middle name: period; last name T.” – Mr. T on an episode of the NBC series Silver Spoons (1982-1986)
What is in a name?
“People ask me what the “T” stands for in my name. If you’re a man, the “T” stands for tough. If you’re a woman or child, it stands for tender!” – Mr. T
Mr. T grew up in Chicago. He said growing up as a young man he saw that his father and other African Americans did not get a lot of respect in their communities.
Therefore, he decided to coin himself Mr. T. He said that was because the first thing you say is Mister and that word is an automatic sign of respect.
The letter T is simply the first letter of his last name.
“When I was old enough to change my name, I changed it to Mr. T so that the first word out of someone’s mouth was ‘Mister,’ a sign of respect.” — Mr. T
At the age of 18, he decided as a man he deserved to be respected as one and; therefore, self-ordained himself Mr. T from that day forward.
HUMBLE BEGINNINGS
“I’m so tough and so bad; I can be humble and lift another guy up.” – Mr. T
“I tell people that I was born and raised in the ghetto, but the ghetto was not born and raised in me.” – Mr. T
“As a kid, I got three meals a day. Oatmeal, miss-a-meal and no meal.” – Mr. T
Long before he became known for his distinctive African Mandinka warrior hairstyle (Mohawk), his gold jewelry, his no none sense persona and his tough-guy image, Mr. T was just a young man trying to find his way.
Lawrence Tureaud “aka Mr. T” was born in Chicago, Illinois the youngest of twelve in one of the city’s housing projects with the highest poverty rate in America.
He was surrounded by gangs, violence, and the absolute worst that poverty has to offer, but he chose a different path for himself.
In poverty, neglect can be your ally because if no one is paying attention to you, then they cannot try to stop you from being great.
I have learned that it is not what you have, but what you do with what you’ve got that matters.
EDUCATION AND WORK, HARD WORK
“Get to reading, stay in school. You don’t have to carry a gun.” – Mr. T
In high school, Mr. T played football, wrestled, and studied martial arts.
He was a wrestling champion that was so good he won a football scholarship to Prairie View A&M University, where he majored in mathematics.
However, he did not finish college. He made his next move by enlisting in the United States Army and served in the military police.
Then he went to work…hard.
Mr. T outworked everyone in his troop. He would go on to get a letter of recommendation from his drill sergeant and was elected “Top Trainee of the Cycle” out of a cycle of six thousand troops.
I read a statistic that 70% of prison inmates are high school dropouts.
Therefore, if you want to be the best and earn the respect of your peers and others that means putting in the work and improving your skills. Stay in school, off the streets and off the drugs.
There are 24 hours in a day. If you spend eight sleeping, four going to school, four reading and exercising, and eight working, then there is no time left for sitting on your laurels and being idle.
FROM BOUNCER TO ACTOR
“The reason why I wear gold – I wear gold for three reasons. One, when Jesus was born, three wise men came from the east: one brought frankincense, one brought myrrh, the other one brought gold. The second reason I wear gold is I can afford it. The third reason I wear it, it’s symbolic of my African heritage.” – Mr. T
After his military discharge, he became a bouncer.
“To be a bodyguard is to be a kamikaze pilot. Dedicated.” — Mr. T
It was during this time that he created his Mr. T persona and started wearing gold jewelry.
He parlayed his job of bouncer into a decade long career as a bodyguard.
His reputation became so well-known and highly regarded that he became a bodyguard to the stars and protected celebrities such as Steve McQueen, Michael Jackson, and Diana Ross.
“I used to bodyguard for Muhammad Ali, Leon Spinks, Sugar Ray Leonard. I used to bodyguard a lot of diamond merchants; I would travel with a suitcase full of diamonds and take them from point A to point B. My reputation grew because I was a professional. I did my job, and I was courteous – a no-nonsense guy.” – Mr. T
With the name came the pay.
He was able to charge anywhere from a $3,000 to $10,000 a day rate.
One day he decided to try out for NBC-TV under the contest of “America’s Toughest Bouncer” and he won.
It was during this time that Sylvester Stallone saw him on the show and this led to him eventually being cast in Rocky III as Clubber Lang and this is where his catchphrase “I pity the fool!” comes from.
This then led him to be cast in the television series The A Team, where he played Sergeant Bosco “B. A.” Baracus, an ex-Army commando.
And from there his career took off and things just exploded.
PROFESSIONAL ACTING ROLES AND OTHER WORK
“Everything started as a dream. You gotta have insight, know what you want. You gotta have a plan. Like I tell anybody, if you fail to plan, you’re planning to fail. I’ve been planning ever since I was a youngster. You’ve got to start from somewhere. There’s nothing wrong or demeaning in flipping burgers. It’s more proud than selling drugs.” – Mr. T
The season one episode four of Silver Spoons called Me and Mr. T aired on October 16, 1982. Edward hires Mr. T. to teach Ricky how to defend himself. Hilarity ensues.
He even got an animated cartoon series called Mister T. The Mister T cartoon starred Mr. T as himself, the owner of a gym. The gymnasts that trained there were helped by him not only with their training, but to solve mysteries and fight crime.
In my life I have scrubbed toilets, served food, been an operator, waitress, and worn holes in my clothes and shoes.
I have never been too good for anything. And neither should you.
I am no better than anyone else, but I am always just as good.
HAVE A MEANING AND A PURPOSE
“Left ear, I wear four earrings. The four is symbolic of the four seasons, spring, winter, summer and fall, the four directions, north, east, south and west, the four gospel writers, Matthew, Mark, Luke and John.” – Mr. T
Figure out what you want to do and why.
You cannot just randomly do things without a plan or purpose. Don’t just drift.
Life does not work that way.
Once you know what you like turn that into a career.
Whatever you are good at try to gravitate toward that.
Whatever you spend most of you efforts on, then that is what you should be doing.
You may be passionate about cooking, drawing, or sports, but that is not enough.
You have to still be able to produce.
Therefore, you must learn to harness what you are good at and turn that into how you earn a living.
MOTIVATOR
“As a Christian, you forgive, and you feed the hungry and clothe the naked, and you visit the sick and comfort the lonely. If I’m a true follower of my lord and saviour Jesus Christ, I got to do the things you’re supposed to be doing.” – Mr. T
“I try to use my experience and the fact that I grew up in the ghetto – I tell people you don’t have to rob or steal to get out of the ghetto.” – Mr. T
“If you can’t read, the only thing you can do is enjoy the pictures, not the whole story. Reading is the key to knowledge. Knowledge is the key to understanding. So read on, young man! Read on, young lady!” Mr. T
Mr. T would teach children and adults the value of an education, doing the right thing, weight training and watching your weight.
Building muscle gives confidence and takes hard work and discipline.
Discipline is a key ingredient to success.
BE A HELPER OF THE LESS FORTUNATE
“Stay humble and be concerned for the less fortunate.” – Mr. T
“Love is a verb… and Verbs show action” – Mr. T
“You’ll never have any trouble with Mr. T, I’m just a big, calm teddy bear kind of guy. Mr. T ain’t ashamed to cry. When I go out and I meet people who are suffering and they come and talk to me, Mr. T cries, Mr. T who could break a man’s jaw with his fist.” – Mr. T
I feel that helping others is the right thing to do.
I have seen the difference it can make in people’s lives.
Do good.
Goodness spreads, but not as fast as bad news or gossip so do good often.
Remember to be poor is not a crime.
Virtue can be seen in rags as well as fine silk.
SECOND CHANCES
“You pity the fool because you don’t want to beat up a fool! You know, pity is between sorry and mercy. See, if you pity him, you know, you won’t have to beat him up. So that’s why I say fools, you gotta give another chance because they don’t know no better. That’s why I pity them!” – Mr. T
I know it’s hard, but there are times to give people a second look or chance.
First impressions are important, but not the only thing.
I gravitate toward people who are hungry and hard working with good attitudes.
No one bats a thousand every time.
However, people need to show you with their actions that they are able and willing to work.
Just tell the truth. People are usually willing to help you when you’re doing the right thing.
RESPECT
“I’m a mama’s boy because everything I do is with respect to my mother. I won’t do a movie or a video that would bring disrespect to my mother.” — Mr. T
“Any man who doesn’t love his mama can’t be no friend of mine.” — Mr. T
“If every man loves his mother, he’s going to treat the ladies right, with love and respect.” – Mr. T
My mother told me growing up that you attract what’s in your heart.
Respect people and that’s what you get back.
Keep your heart pure and full of love and hope.
Hope can start revolutions and change lives.
Inside I feel joyful.
I try to spread goodwill and cheer everywhere I go.
I’m generally laughing and smiling because no one likes to be around a drag unless it’s immediately followed by the word queen.
DRIVE AND DETERMINATION
“I knew I wasn’t going to be a rocket scientist – let’s not be fools – but I wasn’t going to be a bum.” Mr. T
“If you get knocked down – setbacks in life, like applying for a job if they don’t hire you – keep trying, keep getting up, keep doing it” Mr. T
You may not know everything, but you know something.
Be resourceful.
Leverage what you know and what you have to make a way for yourself in this world.
You have to play the hand you were dealt. And play it so well that people cannot take their eyes off of you.
The more drive, determination, and perseverance you have, the more likely good things are to come.
Remember that if 100 doors close in your face, you only need one to be open to walk through.
One opportunity can change your life.
So do not slow down, speed up your efforts with hard work and sacrifice.
DEALING WITH ANGER
“When I was growing up, my family was so poor we couldn’t afford to pay attention.” — Mr. T
“If people are cool, then they are not stressed. I pity the fool that don’t be cool.” – Mr. T
“The most violent show on TV is the six o’clock news.” – Mr. T
I have learned if you can control your emotions, you can control your life.
You must learn good coping skills if you want to make it in this life.
Everything is not going to be easy or handed to you.
My father told me growing up that you have to learn to accept no just as well as you accept yes.
There is no place for violence in your home or community.
You can use your mind creatively to solve problems.
You do not fight to hurt others. You fight to stop them from hurting you.
You should only fight when there is no other choice and all other avenues have been explored and options exhausted.
You fight to defend yourself, your family, and your community. That’s about it.
PEER PRESSURE
“I wanted to win to feed the hungry people of my community. I didn’t want to win to buy a diamond.. I didn’t have no diamonds then. I didn’t want to win to buy a car, I didn’t want to win to bring a couple of chicks downtown to a hotel. I wanted to win to feed the poor people of the community.”– Mr. T
I know about peer pressure and all that, but I say, “Hey, they called me a sissy because I wouldn’t join a gang. Who was calling me a sissy? Does it make me a sissy because somebody called me a sissy?” […] I’m going to fight if you touch me or hurt me or do harm to my family. But if you call me a bad name, or whatnot, I’m too smart for that. That’s the message the kids need to hear coming from me. I tell them, “If I fought every time somebody called me a name, I would never get out of jail. But I’m disciplined. I’m smarter than that.” So I tell them, like my mother said, “Consider the source.” When you see who called you the name, then you understand why they’re doing it. Then you don’t have to stoop that low. – Mr. T
You do not need to impress anyone.
No one should call the shots in your life except you.
You should not respond negatively to fear, guilt, shame, or tears.
You figure out a way to deal with your problems. Period.
Where there is a will, there is a way.
APPRECIATE WHO YOU ARE
“I’m not a star. I don’t feel I’m so great. So how can I make you feel great just because you’ve got my signature on a piece of paper?” – Mr. T
“My celebrity status allows me an opportunity, allows me a pulpit to preach and reach out to the people. Not even always preaching but just leading, motivating them by being a leader.” – Mr. T
I have always made sure to be clean in body, home, and clothing.
You may not be able to afford fine wine, clothes, and jewelry, but if you have a will to work you are already worth your weight in gold.
Do not let anybody talk down to you or tell you that you are not good enough because you are.
You have to believe in yourself.
I believe in you.
And if you are reading this, then I know you do too.
BE POSITIVE
“Whatever role I play is a positive role; it’s a strong role. Never negative.” – Mr. T
Positivity attracts things.
It attracts people, money, and things.
Therefore, if those are the things you want, then be positive.
SMILE
“We were poor, but we smiled.” – Mr. T
You may not have much, but you have something so be grateful.
Those who can keep a smile on their face and joy in their heart are never sad or bitter.
They love their enemies and pray for those who spite them.
They say it takes more muscles to frown than to smile.
Do not waste energy frowning.
You need every muscle to be able to work and earn a living and help others.
So keep smiling.
BE HUNGRY
“This guy Clubber Lang, I’ve been him all my life. He’s mean and hungry just like me.” – Mr. T
If you want something bad enough, you will find a way. Legally, morally, and ethically to get it.
I’m hungry. And I’m thirsty.
Knowledge feeds me, but it doesn’t quench my thirst. Therefore, I strive to find ways to help people.
They say reading feeds the soul. So, I read every day and help others increase their knowledge so they can be fed too because no one likes to eat alone.
CONFIDENCE
“I have the Midas touch, in the way that when I hook up with a project, I feel, not speaking cocky or conceited, but there’s a confidence I have. I learned that from Muhammad Ali; I used to bodyguard him. He taught me about confidence. So when it comes to any job I work, I’m gonna do it good; I’m going to bring it over the top.” – Mr. T
“I didn’t come to Hollywood. Hollywood came to me. A lot of people wish they could say the things I say. Everyone out here is so phony, it’s sickening.” – Mr. T
I have learned to hold your head up high, sit and stand up straight and look people in the eye.
Keep your standards high.
Give a firm handshake and stand your ground.
Even dogs can sense fear.
I have learned the two best ways of boosting confidence are getting a good education and hard work.
MINDFULNESS
“I take a lot of pride in the work I do, because people pay to see me. They’ve got to get babysitters, park their car, get popcorn and candy. I’ve got to be conscious of that.” – Mr. T
I learned that a job worth doing is worth doing well.
It can’t be all about me.
I have to be mindful of others and respect their time, energy, and efforts as if it were my own.
GOOD HYGIENE
“I’m pretty clean, hygienic and all that, but sometimes when I come home, I throw my coat over there, take one shoe off here, one shoe off there, but I’m not dirty.” – Mr. T
I have learned a cluttered home can lead to a cluttered mind.
Everything should have its place.
Cleanliness is the closest you can get to perfection.
Take care of yourself from head to toe.
You are just a shower and a shave away from an opportunity. Never forget that.
MANNERS MATTER
“T stands for being nice. T stands for manners. T stands for being polite.” – Mr. T
People like nice people.
Do not be a mean-spirited person.
Nice people tend to attract good things.
Money is also on that list.
Fortunes have been made just for being nice.
So do good.
“When you give, it comes back to you.” – Mr. T
“I tell everybody, I get so much because I give so much. I give freely, I give all my time, give all my money, give all of my soul. I try to motivate people. I try to inspire them.” – Mr. T
Case in point, Mr. T was at one time commanding an estimated $80,000 a week for his role on the A-Team and $15,000 for appearances. He even got to meet the president. All this from being nice.
There’s some food for thought. Just something to chew on.
BE BOLD
“I don’t worry. I don’t doubt. I’m daring. I’m a rebel.” – Mr. T
“Anger – use it, but don’t lose it!” — Mr. T
“I’m a free spirit” – Mr. T
My parents used to call me a rebel.
I was okay with that because fortunes usually favor the bold.
I think of myself as a free spirit.
I’m a free range pony. I can’t be held down. I’m too busy lifting people up.
What I am upset and bothered about is that there are so many people that do not know about finances.
However, I use my anger to creatively think of solutions.
I guess some could say I am a Rebel without a cause, but guess what? I have a cause.
My cause is to give a voice to those without one, to help the sick, poor, and elderly and promote positivity and change for the betterment of mankind, but that’s just me.
DON’T QUIT
“You’re going through college, and you’re going to be faced with a lot of things. You’re going to face adversity, the main thing is don’t quit. For many people it’s easy to quit, but don’t. That’s what separates the winners from the losers, what separates the all-stars from the also-rans.” — Mr. T
“I want to represent… to the kids to draw strength from me. So they can see that everybody goes through something, but you can rise up and do your best. Just try.” – Mr. T
“Really, you don’t lose until you stop trying.” – Mr. T
“I pity the fool who just gives up.” – Mr. T
In life, things are going to happen.
You get up, dust yourself off and keep going.
No one is going to coddle you in the real world.
You can’t win unless you play the game through to the end.
Be a winner not a quitter.
Don’t complain. Do something.
DO NOT GO DOWN WITHOUT A FIGHT
“We all gonna die eventually from something or other, but don’t be a wimp. Put up a good fight.”Mr. T
Whatever it is your going through know that you are not alone.
There are many others that may have problems that are bigger than yours.
If you’re going to go down, you might as well go down fighting.
If I have to fight, I’m going down kicking and screaming.
I can’t just give up. It ain’t in me.
And don’t let anything get you down. Get up.
SET A GOAL
“All I ever wanted to do with my life was own a little house. I did that way back with ‘Rocky,’ so now everything I do is just icing on the cake.” – Mr. T
You just have to have a goal and write it down.
Memorize it and visualize it. Work hard for it.
Sometimes dreams do come true. If you are willing to just try.
KNOW YOUR VALUES AND NOT JUST THE PRICE OF EVERYTHING
“Calvin Klein and Gloria Vanderbilt don’t wear clothes with your name on it, so why should you wear their name?” — Mr. T
“I don’t mean to be cocky, but if I’m never on TV again, if I never make another dollar, I am proud. I did what I wanted to do.” – Mr. T
“You might not have the things you want, but if you check carefully, you got all you need.” – Mr. T
Who cares if you can’t afford a fancy car, home, or clothes?
Just get out there and work.
Put in the time. Put your head down and work.
The only people that get anything are the ones that show up.
I don’t care much for labels. I only care about quality.
I wanted to know how long I could walk in a pair of shoes until holes started to show up.
I’m not putting those fancy designers’ kids through private school or paying for their summer home.
If you want my hard earned money, then you better have a quality product.
I value and respect money and time too much to just throw it away.
INVESTING
“Where’s the meat? This sandwich is full of weeds! I ain’t eatin’ nothing I don’t understand!” – Mr. T
Same rules apply with money.
You should not put your money, time, energy, effort, or invest in anything you do not understand.
Do your research.
Your body is also your temple. Stay away from drugs. You do not know what is in them.
My father told me growing up that drugs only lead to two things: death and destruction.
Put your hard earned money to work for you and you will one day not have to work so hard for it.
I have a dollar and a dream to make myself some cream. How am I going to do it? By investing.
I prefer low cost index funds. If you are unsure which ones, then go for the ones with the lowest fees.
MONEY
“I made a little money. And like the Bible says, I was enjoying the fruits of my labor. This is my comeback. This is me doing what I love to do.” – Mr. T
“I believe in the Golden Rule – The Man with the Gold… Rules.” – Mr. T
“We didn’t starve. We spent wisely. Like I tell people in the ghetto, “If you can buy guns and bullets, why can’t you buy food? You can buy heroin and crack cocaine, so why can’t you buy bread and butter and milk? Why can’t you pay your rent?” There’s a lot of people in the ghetto who go out and get a fancy car and all that. The car costs more than their house. Meanwhile, your kids need shoes. That’s not cool.” – Mr. T
I know money is important.
What I also want you to know is that it does not come before people.
What you have is not more important than who you are and if there are people around you that cannot see that, then get away from them.
People will try to talk you out of things, but if it is your dream then don’t let them.
If you have a dream, then don’t let anyone take it away.
Put your money where your values are.
Your credit card and bank statements will show where they are.
If you don’t like them, then change them.
You cut your expenses to the bone if that is what it takes to put food on the table and a roof over your head.
Forget a nice set of wheels if it means you cannot take care of your families and responsibilities.
I have heard of dealerships offering a seven year car payment! Forget that. That is longer than college!
Check out my posts on cars (the biggest money suckers on the planet)
Who or what motivates and inspires you? Please comment and share here.
I want you to focus on earning.
Once you earn, then you can save and invest.
Stay away from debt and credit cards.
Credit card debt is for the impatient.
Wealth and abundance come to those that are patient. See my post
What are you willing to sacrifice to achieve your goal of financial freedom and independence?
More money does not mean you are free of problems. Money can make life easier, but it has a price.
You want fame? … Well, fame costs. And right here is where you start paying. With sweat. – Debbie Allen in Fame
“Stardom equals financial success and financial success equals security. I’ve spent too much of my life feeling insecure. I still have nightmares about being poor, of everything I own just vanishing away. Stardom means that can’t happen.” – Steve McQueen
“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
“What people don’t realize is that fame—whatever your worst experience in high school, when you were being bullied by those 10 kids in high school—fame is that, but on a global scale, where you’re being bullied by millions of people constantly.” – Megan Fox
People assume I’m out there having this great life, but money doesn’t erase the pain. When you’re young you barrel through life, making choices without thinking of the repercussions. A few years down the line, you wake up in a certain place and wonder how the hell you got there. – Jennifer Lopez
MONEY PROBLEMS
What’s the problem with money? The problem with earning more is that oftentimes followed precipitously by spending more.
Overspending can cause many problems such as stress, depressions and weight gain. It also leads to debt, poverty, and negative net worth’s.
Although, having vast sums of money can cause some headaches and of the same problems as stated above, money has many good uses as well.
For example, once you have it you are able to espouse love in numerous ways, such as paying for good health care, an excellent education, adequate housing and healthy food.
Money offers protection.
Especially, for the harshness of life. However, the reality is that money has no power until you use it. Power by itself is not good or evil. Money is not good or bad. It is what you do with it that gives it meaning.
It is all up to you.
They say be careful what you wish for. Especially, money. It can be a gift or a curse depending on the way you look at it.
I read a book called Winning the Money Game: Lessons Learned from the Financial Fouls of Pro Athletes by Adonal Foyle. He was a professional basketball player who describes the things he says while playing in the NBA in regards to how other athletes dealt with financial management or lack thereof.
He that said you should learn the basics of money and that you should rule your money or money will rule you. He saw many people lose homes, cars, wives, and careers.
In addition, he said you should audit anyone who comes into contact with your money. That includes family.
I cannot count the number of stories I have read about some celebrity losing millions to unscrupulous financial and business managers.
It’s a great way to keep accountants and others on their toes and let them know you are watching.
CASH RESERVES
Cash reserves are a must. Any individual with an income should put a money cushion aside for lean times because trust me they will come.
The problem is that when money comes fast, which is true for athletes and lottery winners, it usually goes out that way as well. Before many have had time to adjust and learn the ropes of handling money.
If you own a home and want to build a fortune as a real estate mogul or landlord, then usually that comes with sweat equity (a fancy term for hard work and fixing up your property yourself).
You also need to set aside money for maintenance or vacancies. As every business needs capital.
Should you choose to pursue wealth, fame, fortune, and your dreams you better have a backup plan should all not go as you hoped. (Foyle was forced to retire due to an injury at the ripe old age of 35)
He started preparing financially many years’ prior and was on solid financial footing when the day came for him to stop earning paychecks from his career as a basketball player.
I advise everyone to do the same.
Foyle has started coaching and advising other young athletes about money as he saw a need and decided to help others and he continues to help people regardless of what has happened in his life.
No matter what you go through in this life do not lose your humility or your humanity.
Your friends and family are the ones that will help you in good times and bad.
“No man is poor who can do what he likes to do once in a while.” -“Uncle” Scrooge McDuck
I am a huge Disney fan and one of my favorite characters is Scrooge McDuck. He was a Scottish Pekin duck that lived in a huge mansion in a city named Duckburg and had a money bin the size of a skyscraper. For those of you not familiar with this cartoon character I will give some background information.
Scrooge McDuck was created in the 1940’s by Carl Barks for the Walt Disney Company. He was modeled after Ebenezer Scrooge, the main character in Charles Dickens’ 1843 classic, “A Christmas Carol.” Like Ebenezer, McDuck is a tightwad and whose miserly behavior made him a fortune through frugality and hard work. In addition, he has strong similarities to the wealthy American industrialist Andrew Carnegie, who was also a Scottish immigrant, that made his fortune through work and ingenuity. Scrooge also shows similar traits of John D. Rockefeller.
Rockefeller was at one point the world’s richest man and first ever American billionaire. Considering he was a billionaire in the early 1900’s he is still considered as the richest person in modern history. When a reporter asked him, “How much money is enough?” He responded, “Just a little bit more.”
Scrooge’s penny-pinching ways are a constant theme throughout his life, but his belief in thrift, square business dealings through honesty and ingenuity are the reasons for his success. He is often criticized for being tight-fisted and cheap, but admired for his values and work ethic. Even though he is immensely wealthy, he does not shy away from an opportunity, no matter how arduous, to earn more. He often laments that the young want to start in at the top instead of working up from the bottom like he did. The lessons Scrooge teaches his nephews Huey, Dewey, and Louie in the series are always to be smart, have morals, values, good work ethic and to play totally aboveboard meaning fair and square. A short biography is provided below.
Bio
Name: Scrooge McDuck
Birth year: 1867
Nationality: Scottish
Gender: Male
Nickname: Uncle Scrooge
Occupation: Entrepreneur and Business Magnate “Adventure Capitalist”
Education: Informal (school of hard knocks)
Known for: Swimming in his money bin
Amount of wealth: unknown but estimated in the billions
Hobbies: Treasure hunter and adventurer
Relatives: Donald Duck (nephew) Huey, Dewey, and Louie (grandnephews)
Life Lessons from Uncle Scrooge
Humble beginnings. Scrooge truly started from the bottom. He was not born into wealth and started without a dime. He was born to poor farmers and started working as a young boy to earn money. A true Dickensian existence he lived, as he and his family were poor. Regardless, no matter how poor you are, you still have worth. Therefore, know your worth and do not accept anything less. Remember this: “I believe that virtue shows quite as well in rags and patches as she does in purple and fine linen. – Charles Dickens. His first job was as a shoeshine boy in Scotland. This is where he earned his first dime, which he never spent, but would save as a reminder of the importance of hard work. This is the start of his thriftiness and the secret of his wealth.
Scrooge also worked as a cabin boy on a ship to America. He left Glasgow, Scotland as he decided he would be able to make his fortune in America and was inspired to do so after earning his first dime, which was an American coin. He learned from a young age that life is full of tough jobs, but he wasn’t afraid to get his hands dirty. He prospected for gold in the Klondike and that is how he made his first million. His past is not so rosy as not all of his business dealings are done legally, but he learns from these experiences and changes his ways to only doing business fairly.
Education. School of hard knocks. McDuck had no formal education because he went to work at an early age, but became a self-taught and lifelong learner by reading. His extensive travels and business dealings to seek out opportunities allowed him to learn numerous languages where he is able to cut out the middleman as he states he has outsmarted the smarties. There is no one job or niche that secured his wealth. He would go on to diversify his mining money into as many opportunities and investments that he could use to grow his money.
He teaches his nephews the principles of economics, including the history of money, and inflation. Scrooge always does his due diligence and researches any investment before investing because knowledge, discipline, and understanding are the foundation to building a profitable wealth portfolio. Note this witty adage: Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway. – Warren Buffett
Invest in yourself. Scrooge knew that investing in a good education pays the best dividends. He became an avid reader and linguist. This allowed him to do business with people all over the world. Thus, increasing his fortune as there is plenty of money to be made internationally. Scrooge would often say that “knowledge is power.” Due to his research in looking for investment opportunities he built a huge personal library. The secret of wealth is not complicated, but it does require you learn how money works by becoming financially literate. Therefore, your home should look like a Barnes & Noble if you want to build and keep a fortune.
Work ethic. Scrooge believes in hard work and not being a spendthrift are the first steps toward success, he understands that real success comes in working smarter and not harder. Generating multiple streams of passive income, such as ownership of a business or other enterprises are the keys to building lasting wealth. Staying away from get rich quick schemes and knowing that time is your ally not your enemy.
Investments. Scrooge McDuck was shrewd and close-fisted when it came to spending money, but was big on saving. He preferred to have his money work as hard for him as he worked for it through investing in a diversified portfolio of holdings such as art, gold, diamonds, farms, newspapers, rubber, real estate, and other assets. Buy assets that go up in value. Cars and clothes do not. However, rare coins, stamps, books, and art do. He believes in “trickle back economics” in where he gets a piece of the profit from every investment he makes such as from customers buying products from a company he invests in or owns. He limits and cut costs to the bone and only spent when ready or necessary and always would seek to gain a profit.
Inflation. Scrooge teaches his nephews about inflation in the animated short entitled Scrooge McDuck and Money (1967). Basically, as the price of good and services rise the value of currency falls. Meaning that the money in the bank today will be worth less tomorrow. He wanted to teach his nephews that without something solid and secure behind the money, then you get inflation where money becomes worth less and less. A dollar would not be worth the paper it’s printed on. He says “it’s what you can buy with what you have got that counts.”
From worker to owner. Scrooge was bright and not afraid of hard work. He listened to the sound advice of his father and decided he would work smarter not harder. It took him mere months to save enough money to go to overseas to America instead of years through his ingenuity. Businessman was his goal through ownership of numerous commodities. Put money to work for you. Money does not sleep. He even owed the very banks that housed his money! The money is in ownership. He had a simple business motto: Keep it simple so he could run the business himself.
Find your passion. Scrooge always did what he enjoyed which was earning a living and gaining vast sums of money through investing and treasure seeking. Passion means you go the extra mile and continue working even after the clock strikes five. You don’t need vacations or breaks when you’re having fun and doing what you love. When it starts being more work than fun, it’s time do something else.
Treasure hunter. Scrooge likes a challenge. When he learned about the value of artifacts he started to seek out treasures from all over the globe. He works well under pressure and in tight situations that arise from these excursions as he knows pressure makes diamonds; not only in jewelry, but in character.
The infamous Money Bin. Scrooge used to keep his money under his mattress, but when it got too high he decided to build a money bin to keep it more safe and secure, which is why we use banks. It was a three-cubic-acre building and the vault housed the very first coin he ever made called his Number One Dime. He placed it placed on a velvet pillow in glass enclosed case. The Dime’s origins are described in the story called Getting That Heathy, Wealthy Feeling (1964). The bin housed only some of his money that he earned by himself from his personal dealings as he is once heard telling his nephews that the money stored here is “petty cash.” He would often swim in it. It was constantly under attack from his enemies, but he always thwarted them in the end.
Emergency Fund. Scrooge knew that, if something can go wrong it will. He believed in keeping savings and liquid assets just in case. At one point, he hid assets as startup capital should he ever need to start over.
Morality. Scrooge is aggressive when it comes to life and his pursuits, but exhibits strong amounts of self-control. He also has a temper just like his maternal nephew Donald Duck. He does not however use lethal force as he does not want to deal with feelings of guilt, anger, or despair. When helping others, he does not wait or request a thank you. He simply does what he is going to do. He does not believe in burning bridges, but understands that an enemy can be made and is not to be underestimated. He has said that only in fairy tales do bad people turn good, and that he is too old for them and old enough to not believe in fairy tales. “You have enemies? Good. That means you’ve stood up for something, sometime in your life.” – Winston Churchill
He does not believe in cheating and dishonesty as those traits are not prosperous. He also believes in keeping his promises once his word is given. He has once said “Scrooge McDuck’s word is as good as gold.” He practiced what he preached: thrift and integrity. He constantly preached budgeting and being square. If you live your life like you are being followed around all day by a reporter, and everything is on the record, then you may do things differently. Scrooge also believes in the golden rule: treat others as you would want to be treated.
Attitude. Scrooge is very optimistic. There is always another rainbow. Plenty to go around. More than enough for all. The glass is always half-full. Opportunities are always just around the corner.
Resilience. Scrooge is never one to walk away from a challenge or money making opportunity. Regardless of how difficult the terrain or objective may be, Scrooge McDuck can grind it out with the best of them. He has also shown great physical fitness through beating bigger characters, swimming, running and the like. Meaning he still continues to exercise and maintain a stamina that allows him to be mobile and agile well into older age. He has learned to quickly adapt to his surroundings and thrive in any environment and come out on top. He credits his success, which is due to his determination, grit, and will power, on the fact that he is “tougher than the toughies and smarter than the smarties.” Do not give up so easily. When times get tough, get tougher. Work harder, but also smarter.
Persistence. Scrooge is generous and kind in his older years to his nephews, but in his younger days the slaps of life hardened his character. Failure is not an option. He has learned to endure the difficulties of life with a tough exterior and personality to match. Do not be too soft or you will be taken advantage of by others. A great quote by Churchill: “If you’re going through hell, keep going.”
Charity. When Scrooge left for America his mother asked him to write to them and he promised his mother that he would send money home. There are times when he has donated to the poor or given money to the Salvation Army as well as gifting those who have helped him and have less than him. One of the best lessons in life is that you can help others including family. In life, you can’t get something for nothing. You have to give to get.
Family. Although Scrooge has no family of his own, he does have his nephew Donald and his great-nephews Huey, Dewey, and Louie. These are his greatest and most prized possessions: his kin. In one episode of the animated television show Ducktales (1987), episode twenty-two entitled Down and Out in Duckburg which aired on October 13, 1987, the family ends up in the poorhouse. They decide to stick together in the tough times even as people mock and mistreat them. They all even end up washing dishes together to eke out a living. In the end, they stick together as a family, tough it out and regain his fortune. The lesson here is to not ever take for granted or underestimate the importance of family.
Value of money. Scrooge always knew the value of a dollar. He would teach his nephews this through his actions and his words. He was a skinflint who only parted with money when absolutely necessary.
In another episode of the show, the boys asked for a raise in their allowance. Their Uncle Scrooge denies their request as he told them if he raised their allowance they would “grow up to have no respect for money, learn to live a wasteful life and end up out in the street begging for a few measly coins.” If the government just creates money, it loses its value. If everybody had lots of money, prices would go up, and then everyone has to have more money which leads to chaos.
This episode entitled “Dough Ray Me” aired on November 3, 1989 and was the 82nd episode of the series. The boys are able to duplicate money and the self-duplicating coins spread through Duckburg. The town is drowned “funny money” and buried in a “cash avalanche” causing sky high inflation. The episode provides a very funny narrative through its series of events that show how inflation works.
The most notable theme is that money’s only value lies in how hard it is to obtain; “easy or funny money” loses value and leads to inflation. In this story, the boys learn a life lesson in everything that glitters is not gold. There is a price to be paid for everything and the bill always comes due. For example, future inflation grows to gargantuan proportions and money becomes worthless in this episode.
During the “cash avalanche” a newspaper is selling for “only” $200.
A lollipop costs a little girl $5,000; she hauls up a wagon full of money, saying in that case, she’ll take two.
A bus fare costs one poor guy an astounding $10,000 in exact change, which he heaves aboard in a huge sack.
At the dentist’s office, one man is told fillings for his two cavities will cost $40,000 per filling for a total of $80,000. He remarks by saying “Well, at least some prices haven’t gone up…”
Even the nephews complain at one point that it will cost them $30 just to use a gumball machine.
Money is so abundant that the Beagle Boys (series villains) try to rob a bank that has now become a money landfill to the cheers and applause of the bank employees.
In a twist of fate, the “funny money” implodes and everything goes back to normal proving that you really cannot make or get something for nothing and the coins are essentially worthless.
Many revelations are shown throughout the episode. For instance, even the show’s villains think the townspeople are acting unusual and overly generous. The triplets realize spending all their money on the first day of summer was unwise. They start to gain a respect for money in understanding that you need to know more than the price of everything or you will know the value of nothing. Like the Marshmallow experiment or test, that it is often called, of 40 years ago done at Stanford, the boys learn patience is a virtue and delayed gratification and self-control are important characteristics to have in life if one is to be successful.
Profit even in bad times. Profit also can come from unexpected events and misfortune. In one of the comics, a classic tale published in 1951 called “A Financial Fable,” where all of Scrooge’s money is lost in a cyclone blasting all the money to citizens in town is a great example. One day his money bin just explodes and all of his wealth ended up in the hands of the townspeople of Duckburg. He lost all his possessions and wealth, but looked for a way to make it all back. Instead of getting angry or wallowing in despair, Scrooge kept his head down and worked by growing crops on a farm he owned outside the town.
The newly minted rich townspeople stopped working to enjoy their new money and the trappings that go along with wealth. They did not believe in saving for the future, spending wisely, investing or delayed gratification. They spent with reckless and wild abandon. Scrooge’s crops just so happened to reach harvest exactly when the town was running out of food and, since the other farmers had quit growing crops, Scrooge had an effective monopoly on a vital good of commodities. He sold eggs for the price of one million dollars! Of course, Scrooge quickly recouped his fortune from selling his crops to the town at the sky-high prices (millions of dollars) that he was able to set due to the lack of competition. He was able to name his price for his goods and he made them high. This is how fortunes are made.
A monopoly. Like the game with the guy in the top hat, monopoly is all about collecting the most properties, cash, utilities and other holdings to win. A monopoly is a business or industry that is dominated by one corporation, firm or entity. Basically, you cannot buy products or services from virtually anywhere else other than this one place. Monopolies are the extreme result of capitalism. Without any restraints, and absent any regulations, the enterprise becomes so big that it owns all or nearly all of the market (assets, commodities, and supplies).
Anti-Trust laws. Laws were put in place to stop this practice of being a monopoly to ensure the marketplace stays open and competitive. This started in 1890 with the Sherman Anti-Trust Act that was used to break up John D. Rockefeller’s Standard Oil company. Monopolies are illegal because businesses can become discriminate and hurt the public because customers will be at the businesses mercy. Although Scrooge is the richest duck in the world, he believes in healthy competition and obeying the law.
Budgets and Bargain hunting. Scrooge finds deals galore, sticks to a strict budget, and likes anything for free or at a discount. He even teaches economics and inflation to his nephews in how you must manage the household finances through budgeting which is financial discipline. He says proper budgeting should leave a profit. Then you invest the profit. Money should not be idle and should be put to work. He allows the boys to invest in his company and become shareholders to grow their own money into wealth. After consulting his nephews, he requests a small fee and tells them that good things are never free. Remember this: When your good at something never do it for free. – The Joker, DC Comics
In life you make mistakes, but the key is to learn from them. The key to building wealth is to stay out of debt and pay cash for large purchases like cars and appliance. Credit is no replacement for cash. Cash is king.
Bottom Line. Fictional characters can teach valuable lessons in life, such as morale character and finances. The only place that success comes before work is in the dictionary. Working, saving, and investing is the true path to wealth and success.
Bob Marley poet and a prophet; Bob Marley walkin’ like he talk it. – Red Hot Chili Peppers
One day I was reading an article online. It was about Warren Buffet, the most successful investor of all-time, so I had to stop and read it. Glad I did.
In the article, it discusses how Buffet was speaking to the pilot of a plane and asked the man why he still works for him instead of doing what he wants to do.
The pilot stated he had lots of goals and dreams but no time to focus; therein lies the rub.
Buffet then suggested his strategy of writing down 25 things you want to accomplish.
The trick is to circle the top five most important things to you. These are the things you should focus on.
What about the others? Forget them. Only put your time, energy, and attention on the tasks that are truly in your heart. These are what you will put your best efforts into anyway. Now you have solved the crux of the problem: too many distractions.
If you want to be successful, then you have to focus.
I stopped focusing on doing twenty things and narrowed my focus to five. I became so much more productive and decreased my stress at the same time.
I increased my productivity tenfold. Instead of trying to find time to write one article, I now had more than enough time to write 10.
I had been saying for years I need to write a book or teach a class on finance. I was so fed up with reading so much and realizing I had known so little. I wanted to share my new knowledge.
Well then I decided to write a blog. I remembered reading another blogger who had written a post called how to start a blog. The rest as they say is history.
Do not listen to those who say live for today or have to treat yourself or have fun. Those are the same people in debt up to their eyeballs.
Avoid debt, especially credit card debt, at all costs. The money paid to these institutions lines their pockets while you go broke.
Case in point, LL Cool J, the famous rapper, entrepreneur, and actor had some telling advice as he was quoted as saying that “I lease a Honda Accord for $399 a month while other rappers are going broke”.
Therefore, buy a smaller house, car, and wardrobe. The money you save can go in the bank. You can earn interest instead of paying it when you don’t spend.
Considering that everyone or system of some kind seems to be in cahoots to separate you from your hard earned money; it is no wonder that the savings rate in America is so abysmal.
For example, you need a college degree to get a good job, i.e., one with good benefits like health care and a retirement plan as many low-paying positions offer none.
You now have to sell a kidney to afford the ever increasing cost of college. So what do you do instead? You finance it.
If you are one of the lucky ones, as only 33 percent of adults hold a college degree meaning 67 percent may be struggling to find decent work and wages. In contrast, in 1940, a mere 4.6 percent had a four-year college degree.
Don’t get me wrong. There are many out there without a degree that are doing well but, they in many times are the exception and not the rule.
Then you go out there and get a job now that you have the coveted golden ticket… err uh I mean a college degree. Jobs nowadays pay peanuts so you have to finance a wardrobe, car, home, and furniture.
And dating? Forget about it. That costs money. If you go out for more than coffee, you have to finance it. That’s right, you charge it on the plastic because that’s the only money you have and thing you own that the finance company won’t repo.
If we could ask how the finance companies feel about customers no longer wanting access to their credit lines, in my opinion, I suspect a humdrum response. A customer wants to return their credit card as they no longer can afford to continue payments.
For example, the exchange may go something like this.
Question: Do we turn the card over to you as we no longer want it?
Answer: You can keep the card, but we want back all the things that clothe, transport, and shelter you.
When you can no longer afford your automobile. Your car can be repossessed by the bank.
When you can no longer afford your mortgage. The bank forecloses on your home.
It may take time for the finance company to pick up its property, but it will happen if you can’t pay.
Maslow’s hierarchy of needs says you really need the basics first and foremost which is food, clothing, and shelter. After that, you must make the slow ascension up to the top of the needs hierarchy pyramid; culminating in self-actualization: one’s full potential.
So let’s recap.
You do and have the following: Go to college. Finance it. Get a job. Finance a car to get to work. Get a mortgage to finance a home or rent an apartment to have a roof over your head. Buy a wardrobe because you need professional clothes as the t-shirts and hoodies no longer work. Stagnating wages. Tons of debt. Pay your bills. No money left for saving and investing to get out of the hole. Rinse and repeat.
The only way to get out of the proverbial rat race is to buck the trend.
Start at a community or low cost local college. Live like a broke college student until your debt is repaid. Then put into practice living like a real adult. College is all about theories, but being an adult is about practical application.
This is where the rule of one will serve you well.
One house, one car, one nice piece of jewelry.
The problem is that many people let their lives become too complex. Simplify it.
One bank, one credit card, one motorcycle, etc. etc.
Keeping it simple with this rule can save you hundreds of thousands of dollars over a lifetime. That is money that can be invested or spent doing other things like starting a business or traveling to see family.
I know you may have learned a lot from the post above and it may take some time to sink in.
So let’s keep it simple. Just do one rule at a time.
