Tag Archives: The Tonight Show

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.

Budgeting, Celebrities and Money, Credit Cards, Retirement, Saving, Self-Made Millionaires, Wealth

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.