*Featured Side Hustle*: Ride sharing companies like Lyft and Uber have made it easier than ever for anyone to start a profitable side hustle. If you have a reasonable driving record, a smartphone, and a car that’s less than 10 years old, you could be making serious side income (from $20-$40 an hour) within minutes just by driving around your city!
I recently read that Jay Leno banks ALL of his TV money and only lives on the money from doing comedy. WOW.
I got that over at MoneySavingDude.com, who also featured 4 other financially-conscious celebrities in the article (he labeled them as “frugal,” but to me it’s more “smart” than it is frugality. I’m pretty sure they’re not frugal in the sense we think of ;)). Here’s the entire quote that Jay once said in an interview. Yes, we’re on a first name basis now, mainly because we’re both Jay’s, and millionaires. #NOT
“When I was a kid I had two jobs. I worked at a Ford dealership and at a Mcdonald’s. I’d spend the money from one job and save the money from the other. That’s still the way I am now. I live on the money I make as a comedian, and I put all the TV money in the bank. I’ve never spent a dime of TV money – ever.”
Can you even try and fathom how much money that means he has in his bank/investments? You see how much he spends on all his crazy rare cars and house – and that’s not touching ANY of his “real” money! Insane… and, incredibly brilliant.
Not unlike the 2nd person I’ll now be telling you about, who you may even know – fellow personal finance blogger/vlogger Kathryn from MakinSenseBabe.com. You might have read her stuff back in the day when she wrote at Kathryn’s Conversations (a MUCH toned down version of her current online self), but in a nut shell she recently quit her $600,000/year job (not a typo) to go out on her own and be the next Jon Stewart. Only, sexier.
And here’s the best part – she’s not touching a dime of her investments for it either:
[Cicoletti] couldn’t leave her day job until she’d saved enough money to cover at least one year of anticipated expenses. If you’re like me you just read that and thought, “But she was averaging more than $500K per year! Didn’t that provide enough cushion to quit right away” Nope, when questioned on this Cicoletti makes clear that her accumulated wealth was invested, and she wasn’t about to start pulling from [it]”
That’s a recent article about her from Forbes.com. As in, THE Forbes.com. I’ve always known she’s been good with money, but hot damn! A $600k salary is no joke! And, just like our other friend Mr. Leno (I’m now referring to him more appropriately so he doesn’t get offended when he reads this ;)), she refuses to touch her “retirement” money. Though, let’s be honest, either of them could retire at any point shall they choose. But that’s what working your ass off and being GOOD at it gets you, right? F-R-E-E-D-O-M.
And that’s what I like the most about both these people featured here today: Even though they’ve got tons of money they STILL only live off a very minute portion of it. And they do it in very smart ways too. Leno’s the ULTIMATE side hustler though, my word… His side hustle pays for his main life! And his real hustle pays for his FUTURE life! That’s one helluva play right there, ladies and gentlemen.
So the takeaways for this weekend are:
- The early hustler gets the
- Stash as much cash away as possible – especially side income!!
- Give J. Money some of your money (I keed, I keed!)
Lots of people doing big things out there, baby… Next time I wanna be reading about YOU! :)
PS: Where do you think my friends above would land on my List of Blogger Net Worths?
[Jay Leno / Barack Obama photo by Wikipedia.org]
Featured savings tip
You already know that banks pay $$$ for the privilege of holding your money…it’s called interest. But maybe you didn’t know this: that so-called interest can be as little as .01%. If your cash savings aren’t sitting in a high interest savings account that earns you at least 1%, you’re basically saying “no” to free $$$!
Now, obviously the 1% interest you get with a high interest savings account like the one at Discover bank won’t make you rich, but that extra 1% compounded over 30 years can grow into a *big* pile of cash. And if you wanna hit lofty $$$ goals, you should be looking for every edge possible.
Here’s another way to look at it: if you leave $50,000 in a regular savings account, that’s almost $500 you’re just throwing away, each and every year you don't setup a high yield savings account! Will you do 5-10 minutes of work right now to earn an extra $500/year for years to come?
If you said “heck yes”, then you can setup your high interest savings account here to start earning 1% on your cash savings.