As I write this, the USA has won the most medals at the Paris 2024 Olympics, ranking them number one overall. Some of the most exciting events included track and field, swimming, gymnastics and basketball.
And as of today, Monday 8/12/2024, the Olympic flag has arrived in Los Angeles ahead of LA 2028. That’s right. The next Olympics will be played on US soil.
I’m not going to talk your head off so let’s get right down to it. Sourced from a variety of sources from a quick Google search. Here are the US athletes with the most medal wins and highest net worth’s. You know, just in case you were wondering.
Credit: AP
And although he is not a USA athlete, I had to give honorable mention to Carlos Yulo. He became the Phillipines first male gold medalist and was gifted a 3-bedroom condo worth over $500,000 and prize money of approximately $346,000 plus free food for life!
BREAKING: 2x NBA Champion Kevin Durant has invested in Paris Saint-Germain through his Boardroom Sports Holdings, LLC via Arctos Partners, the strategic minority investor in the club.
KD is dropping buckets and minting money at a breakneck pace. As part of team USA, Durant won gold medals in 2012, 2016 and 2020. And after his last win on 8/10/24 this year, he has become the most successful athlete ever in an Olympic team sport.
A few months ago, Stephen Curry found out he would be playing on the global stage.
Steph Curry also known as Chef Curry has become an Olympic Gold Medalist. The NBA All-Star first signed with Under Armour in 2013 in a deal worth about $4 million per year. Then he re-upped and got an even bigger contract, this time with an equity stake in the company. He helped the men’s basketball team bring home the gold in an electrifying finish in the last quarter.
Off the court, he is a shrewd businessman, who has his hands in multiple million-dollar endorsement deals with Nike, McDonald’s and Pepsi. he is said to earn $55 million yearly just from endorsements. It’s good to be King.
As I write this, Deadpool & Wolverine just hit theaters mere days ago on July 26, 2024. It destroyed the weekend box office and broke records with an eye-popping $441 million-dollar opening weekend. That is just massive!
Not too surprising though for a movie that had the backing of one of the biggest movie and production companies in the world, Disney Studios and Marvel Productions. It was reported that Disney dropped $200 million as the budget and another $100 million for marketing.
The movie even went as far as to market to the first 100 ticket holders to receive the movie poster pendant as a way to sell tickets.
Genius in my POV!
What I am here to talk to you about today is what I learned from both actors, not in front of the camera, but what they do on their off time. Namely, investing.
Long before Ryan Reynolds went from party pimp in 2002’s Van Wilder to merc with a mouth in 2016’s Deadpool, he started putting his money to work investing in startups and these companies can be disruptive. The biggest by far was in Mint Mobile.
It was reported that T-Mobile struck a deal with Mint Mobile to purchase it for $1.35 Billion in 2023.
Reynolds, as a 25% owner, his stake would net him $300 Million. That’s probably more money than he’s made from his entire acting career! And his catalogue is pretty huge as he’s been starring in television and film for 30 years.
Publicly traded U.S. telco T-Mobile announced the deal today to acquire Mint’s privately held parent, Ka’ena Corporation, which also houses the Ultra Mobile and Plum brands https://t.co/4jsvBVdGCnpic.twitter.com/Qy2n7hxsXl
His involvement as a celebrity spokesmen caused a huge spike in customer interest and gained the company 12x the customers it had prior. That is more traction and eyeballs gained on them than they got with a $5 Million dollar Super Bowl ad.
He put Mint Mobile on the map and gave them access to a bigger audience just through his 45+ million followers on social media platforms alone.
And Hugh Jackman is no slouch either. Over his decades long career, he had made large paychecks in film, most notably as his Marvel character, Wolverine. He reportedly went from making $500,000 to over $20 Million playing the X-men fan favorite.
However, he did not just let that money sit in the bank. He invested a gobsmacking amount in real estate. Celebrities can actually make more money from endorsements than sheer talent alone. According to publications like the New York Times and New York Post, he is speculated to own approximately $50 Million in real estate in America and Australia.
Although talent has gotten them where they are, their investments keeping working for them long after the camera stops rolling.
Investments don’t need to take a 15-minute smoke break, drink water, go on vacations or sleep. They are working around the clock. Making you money while you sleep.
Learning that is when I put a ton of my focus into investing. I have looked into both entrepreneurial pursuits and being an avid investor. The truth is being an entrepreneur can make you rich, but investing is how you stay rich.
I figured even if any business I ever starts fails, I would still have my investments.
I chose to work on having $1 Million in investable assets so that if I ever choose to walk away from work one day, then I would have the option to.
That’s why I started investing in Google, Apple and more recently AI stocks.
I am closing in on $400,000 in investments. At this rate, the earning are becoming quite considerable and I could hit my target of $1M in less than a decade. If I can get a 10% return on that, I could cross into the multi-millionaire territory in an additional 7 years.
Having $2 Million in investable assets is no small feat.
Since, it’s reported that only 9% of Americans achieve a $1 Million Dollar stock portfolio. You know how many make it to $2-3 Million or more…around 3%.
You would be in the small minority of Americans with a million in investable assets.
One of the tips and tricks I used to build my stock portfolio was to trim 10% of the top of all major purchases and invest the difference in the stock market.
If you budget $3,000 for a European trip, take $300 off the top and invest that in Google or the VTSAX.
Need a new washing machine.
Instead of spending $1,000, trim $100 off the budget and redirect that to your Roth IRA.
Considering that only around 26% of households have saved $100,000 for retirement, means you can definitely aim for this goal and likely reach it. That’s one in four households. Great odds.
However, once you get to $500,000 in retirement savings, this number of households goes down to 9%. You are now in a small minority. Going from a rather large majority of 26% to 9% is the difference of $400,000.
There are now more folks than ever that owe that in mortgages than they have saved for retirement.
I aim to be different. I want the elusive brass ring…to be a millionaire.
I won’t stop until I become part of the double comma club.
It’s a sorority that I have been pledging to become a member of for years.
I figure with enough time, grit and determination I could become that card carrying member. It is an elite club. The barrier to entry remains strict, but not impossible.
You have better odds of getting into this club than you do of being accepted into Harvard with its super low 3.2% acceptance rate.
You can do.
It’s like rapper and actor Master P said; “product outweighs talent.”
When it comes to monetizing your talents, having a product is key 🔑 You can watch the full Assets Over Liabilities interview feat. Master P on Revolt TV’s YouTube Channel. #masterp#talentisoverrated#businesstips
Don’t gamble! Take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it. – Will Rogers.
In my last post, Down the Financial Freedom Rabbit Hole, I talked to you about having over $300,000 in retirement savings. In this post, Part 2, I will talk about the behavior you will need to use to get there.
One of the biggest lessons I learned about life is that you have to give to get. There is no free lunch. Nothing is free. You have to work for everything you have. And don’t let anybody tell you any different.
Even starting out with nothing, you can end with something.
However, it won’t happen overnight.
Little by little everyday you make progress. You have to set a goal. And you have to focus. Much like Obi Wan Kenobi’s Jedi Master in Star Wars said to a young Anakin Skywalker.
So without further ado, here are some of the behaviors that can help turn you into a millionaire. And we’re off…you can now wave goodbye to broke in the camera and say hello to financial freedom.
Learn to sit on a box until you can afford a chair. – money quote
Starting from scratch was not easy. The number one thing I did was make a goal. It does not matter how big or small, you have to start with a goal.
You cannot get to a destination without first knowing where you are going.
My ultimate goal was $1M USD. I then broke it into actionable steps.
Get a job that offers 401k’s with a match was one of them.
I also knew I had to increase my income. Whether it be sales, HVAC School, plumbing, teaching, or college, you have to find a way to make a living and bring some money home.
I took Dave Ramsey’s saying literally in when he says it is not what you are willing to do that will make you rich, but what you are willing to give up. And I gave up a lot. Nights out with friends, parties, vacations, you name it. But the sacrifice was worth it as it moved me closer to my ultimate goal: freedom.
I would spend my nights studying (sometimes up to 8 hours a day!) and doing my college work. Then I would spend my days looking for jobs that offered retirement accounts with matching contributions. Since I chose the college route, I knew that after I got my degree, that I would use that to negotiate a better job with higher pay.
I couldn’t just start in at the top. It’s like what the late rapper Young Dolph said on being wary of helping those who refuse to help themselves (“Million Dollaz Worth of Game” interview, 2021): Everybody wanna start at the top. Everybody wanna start at the top, and everybody wanna ball off the rip.
So true. How can you possibly start at the top? You don’t know anything. You have to put in the work if you want to get ahead and if you want people to respect you.
Dolph sounds a lot like one of my favorite Disney characters, Scrooge McDuck.
A panel from an Uncle Scrooge comic by Jack Bradbury. Character created in 1947 by Carl Banks.
So if you find yourself mopping floors, but earning the respect of your fellow workers and the CEO that leads to creating long lasting relationships, getting mentoring from those who played the long-game and won, you climbing that corporate ladder to one day being in the C-suite, count yourself fortunate to work your way up to the top you lucky duck! Pun intended.
Those that try to skip putting in the work miss out on opportunities and experiences that are necessary rungs on the ladder to success that are needed to stay at the top. You have to work late nights, get up early and be consistent. Nobody ever got rich sleeping all day.
Once, I got that magic 401k, I went to work investing in it. That was around 2007. However, my account was increasing too slowly.
I needed to figure out a way to free up some capital to make it go faster. That’s when I figured it out. One of the best ways to start investing larger sums of money with minimal effort. Change my behavior and attitude toward material objects. Namely; cars.
I would pay off my car and then not get into another car payment.
I would instead redirect that money to my investments. I gave up on the desire to having a flashy car in parking lot and focused on financial freedom. I paid off my car in 2009. I have not had a car payment since.
This along with paying off credit card debt, in my opinion, is the best ways to build wealth.
After that, my investments started to take off. I also opened up a Roth IRA around 2011 to invest even more money. I did this because when I did the math, it showed that if you max out your retirement accounts; $23,000 in your 401k and $7,000 in an IRA which are the limits in 2024, with a 10% return, you could hit $1 million in 15 years. That’s less than two decades! It takes the average millionaire about 27 years to get there.
Simple plan: Pay off car payment and max out retirement accounts. I just gave you the magic ingredients to the secret sauce.
Come on, let me get a 5-star rating for that advice like Nora got on Upload.
As of this writing, I am closing in on hitting my next target of $400,000 in investable assets. I was getting closer to my goal of $1M in retirement savings.
Getting so close to my goal made me realize that personal debt is the mortal enemy that threatens to suck the money out of your wallet and the joy out of your life.
I wanted to slay debt like my favorite Marvel comic book character Red Sonja does her enemies.
I wanted to strike first and show no mercy when it came to getting rid of and staying out of debt like Cobra Kai!
I felt like Carmen Sandiego when she meticulously plans her escapes…with style. I was leaving debt behind and flying toward freedom.
You can do the same. By changing your behavior to earn interest instead of paying it by investing. Until next time…
What is this strange new world called financial freedom? The more I watched her show, the more I wanted it.
Essentially, do I take the blue pill or the red pill?
As the title of this post implies, I took the red pill.
Financial Independence. I wanted the ability to do what I wanted, whenever I wanted without being tied down to a 9-to-5. But how would I do it? I needed a plan.
Much like the Scooby gang needed a Scooby trap, I was going to have to plan my way out of the rat race and into financial freedom. A financial road map. That’s what I needed.
It was like what Gail Vaz-Oxlade of Til Debt Do Us Part would always say in the intro of her show, I needed to go from red to black. My investment picture of over more than a decade is listed below.
Here’s a sneak peak behind Greenbacks Magnet financial magic curtain. Up first, from red. Then fade to black. Or in my blogs case, green.
Financial chaos bleeds. Here’s the red.
Oct, 2023: -$16,000 (market + house value ↓ )
Sep, 2022: -$22,000 (market crash + loss of 2nd income)
Feb, 2020: -$19,000 (market crash; where the bleeding really starts)
May, 2019: -$10,000 (market crash)
Dec, 2018: -$14,000 (market crash)
Oct, 2018: -$10,000 (market crash)
Feb 2018: -$4,900 (market crash)
Jan, 2016: -$4,000 (market crash)
Aug, 2015: -$5,000 (market crash)
Jun, 2013: -$4,000 (market crash)
Sept, 2012: -$14,000 (market crash + cash crash + got a new home!)
Feb, 2010 -$1,000 (market crash + got a new job!)
May 2009: -$3,000 (market crash + laid off)
Financial triage has prevailed. Here’s the black.
Nov, 2023: +$27,000(market rebound + 2nd job + house value ⬆)
Oct, 2022: +$17,000 (market up + mad hustlin’ 2nd job)
Mar, 2022: +18,000 (market up + bought condo)
May, 2020: +27,000 (market rebound; the green starts rollin’ in)
Jun, 2019: +$9,800 (market rebound)
Jan, 2019: +$10,000 (market rebound)
Aug, 2018: +$6,300 (market up)
Feb, 2017: +3,900 (market rebound)
Mar, 2016: +$5,000 (market rebound + tax refund)
Oct, 2015: +$6,000 (market rebound)
Feb, 2015: +3,300 (market up)
Aug, 2014: +$2,000 (market up)
Jun, 2010: : +$4,000 (market rebound)
May 2008: +$2,000 (market up)
Dec, 2006: +$1,000 (got a new job!)
First, I got rid of any payday loans and made a promise to myself to not ever sign up for them or any car title loans. Done.
Second, I needed tp pay off my car loan and stay away from car payments. So I paid off my SUV and freed up that monthly payment of $448.65 in 2009. I have not had a car payment since. Done.
I needed to get rid of the $20,000 personal loan I took out for $333 monthly. Done.
I needed to increase my income. So I finished my bachelor’s and got a higher paying job. Done.
I needed a goal to aim for. I decided upon one short-term and one long-term and one sensational dream goal.
Short-term I needed a $10,000 savings emergency fund. Done.
Long-term I wanted to retire a multi-millionaire. So I needed at least $2 million. Sensational dream goal is $10 million. I decided to break this all up into smaller goals. Therefore, I would start by having investable assets of $100,000. Done.
Then $250,000. Done.
Next was $300,000. Done.
Although, having over a quarter of a million-dollars is an incredible feat in itself, I had no time to rest on my laurels. I must keep going.
Then I started to press on toward my next goal of $500,000. After that is accomplished, I will set my sights on $750,000. The next leg in the journey would be $1 million.
At that point, I would be a 401k millionaire.
The next goal is to double my money. I would get to my next several money milestones by increasing my 401k contributions by 1-2% every year.
No vacations unless they were paid for with cash.
I also got a second job to bring in more income.
I signed up for credit card and checking account bonus offers that brought in thousands.
I invested my old car payments in index funds like the VTSAX and individual stocks like Apple, Google and Amazon.
And every time I got paid I would put a small portion in my Roth IRA.
I also make sure to keep track of my investments every month.
I’ll breakdown more of my behavior on how I went from $0 to over $300,000 in my next post.
“Why would anyone ever eat anything besides breakfast food?” – Leslie Knope – Parks and Recreation
Waffle day is coming up. It’s on Monday, March 25.
I just so happened to read a book on personal finance (PF).
Shocker right?
In the book, it talked about how the person would always think about purchases in terms of her favorite food. Like how many donuts would I be able to buy instead of this item type of thing, right.
So it got me thinking 🤔. I love waffles. My favorite food is breakfast. So how many waffles would I be giving up to buy this item?
If you have been reading my blog, then you know I am on the journey to build a $500,000 investment portfolio.
After working my way up to $100,000, I started thinking what else could I do.
It was like Dave Ramsey said, “being wealthy isn’t about what you are willing to do, it’s about what you are willing to give up.”
In order to get to $100,000, I started with $5 dollars. I switched jobs because they one I previously had did not include benefits. I started investing 6% of my pay and got a company match of 3%.
By the time I left my 401k had gotten up to $8,000. However, I lost part of the money in the market and another 60% of my match dollars due to not being fully invested. Therefore, my account went from $$8,000 down to $5,000.
With my new job, I started investing 3% and worked my way up to 25%. This and giving up trips and nights out at the bar allowed me to slowly build my stock portfolio. It also helped that the market was on a tear after the financial crisis in 2007-2008.
If you were invested from 2009 – 2020, you made a mint as that has been the best recorded stock market returns in its over 200 year history!
When I would get any type of windfall, like a tax refund, it went to savings and investments or paying off debt. I also decided to rollover my old $5k 401k and invest most of that money in Apple in 2013. One of the best decisions I ever made. I got an excellent return. And I used some of that money to buy hundreds of shares of Google and Amazon.
I went from $25,000 to $50,000 in a few years. And I steadily increased my 401k contributions by one percent or more each year. Within a short time, I made it to over $100,000.
After paying off my $448.65 car payment, I directed all of this money to my investments every month. Within six years, I had $150,000 in my 401k.
I had to give up getting a new car, clothes, vacations, nights out on the town, eating out, and shopping. I knew if I wanted my freedom, then sacrifices would have to be made. And like Leslie of Parks and Rec, I like diners. Since many of them serve breakfast all day. My favorite being Silver Diner. And I love their waffles!
There are times I go would I rather have a fancy $200 lobster dinner or spend $8 bucks on a waffle and invest the difference. About 9 times out of 10, I go for the waffle.
I want the new M.A.C lipstick. That will be $30 crisp dollar bills. How many waffle dollars is it? I would have to give up three waffles.
I remember brown bagging lunch or eating subway sandwiches just to save a buck. We don’t all work at Google and get free meals. I had to watch friends and family take exotic vacations to exciting locales like Hawaii and destination islands while I was eating salads at Applebee’s 2 for $20.
However uncomfortable that may have been for awhile, it all paid off. Within a few years of making it to $150,000, I doubled my money and had a portfolio of over $300,000! I had made it to $333,000. I was one third of the way to a million dollars and was close to reaching my goal of $500,000!
What helped me get there was not buying a new car or bigger home. This saved me tens of thousands of dollars that could get invested instead. I would spend money on experiences, health-related costs and education, but not things that would depreciate in value.
I learned that earned compound interest is my friend and paying interest was the enemy.
Getting a second Master’s degree for half the price of the first one was a good deal. A half-off sale at Nordstrom was not.
I also picked up extra work where I could. Whether it was being a cashier or stocking food items. I’m not too good to work. Scrubbing floors is not beneath me. Not if it puts food on the table and helps keep a roof over my head. I put most of those dollars to work.
I know Nvidia is now worth more than Google right now at a $1.82T versus $1.76T, respectively.
If you don’t start a business, you can definitely own shares in one.
A $10,000 investment in Nvidia 10 years ago would have given you a $322,000 balance. However, a $33,000 investment would have netted you an eye-watering million bucks!
I’m just keeping my eye on the prize and continuing to save and invest.
I recommend everyone keep at minimum $10,000 in savings and investing at least the equivalent to one hour a day of your pay to get yourself on the path to financial independence (FI).
Therefore, if you make $80,000 a year, that’s around $40 an hour.
With this FI formula, $40 (one hour of work) x 365 (days of the year) = $14,600 to be invested. Invested in an S&P 500 index, at a 10% return, then you would have $919,836.49 in 20 years.
Then just think how many waffles I could buy with that!
In my 20’s, I started watching the personal finance show hosted by money expert Suze Orman.
The show ended in 2015, but I learned a ton about managing money from her. Continuing on my $500k journey, I knew if I wanted to be rich, that I had better invest my money.
Suze was hilarious though in her approach of telling people what they could and could not afford. It was watching this segment of “Can you afford it,” that put me on the path to conserve versus consumption.
I rejected buying new cars and instead invested that money. I started reading every book I could on investing from the Automatic Millionaire to the Millionaire Next Door. I would go to the library and browse the personals finance sections on read the books while commuting to work and on weekends.
Like Ramit Sethi, I like to ask the “$30,000 questions.” Personally, I really like to ask myself $10,000 questions. Meaning what in my life can I get for $10,000 less. How can I spend $10,000 less?
I want low fixed expenses. I didn’t need a $70,000 Tesla to make me happy. No offense to your boy Josh there in the video. I would rather have $70,000 invested in the market than driving around in one simply to go to target and have a nice fancy car to drive around in while I pick up my toothpaste.
That’s right Colgate, feel this leather and enjoy this new car smell while I take you home in my $1,200 per month shiny new car. Screw that! Let me make this money work for me. I want to earn $70k in dividends and interest, not pay interest on $70k.
Don’t get me wrong, I prefer the finer things in life…when I can afford them.
As a teenager, I worked as a telephone operator and a waitress so I know the value of dollar. I really didn’t know a lot of people that were socking away huge amounts of money in savings or investments. I just knew I wanted to have money to be able to take care of myself and not have to spend so much time worrying about how to pay the bills. I took the advice of Robert Frost.
Two roads diverged in a wood, and I— I took the one less traveled by, And that has made all the difference.
Instead of buying $50,000 cars, luxury vacations, expensive clothes and $500,000 homes, I poured my money into stocks. I started with $5 dollars. Then slowly worked my way up to $100,000.
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