➡ The Millionaire Morning Show w/ Anton Daniels talks about how many famous actors and celebrities, despite having earned millions, are returning to work due to financial difficulties. This situation has raised questions about retirement and financial planning. Experts suggest that most people underestimate the amount they will need for retirement and often take too much risk with their investments. The discussion emphasizes the importance of understanding money management and having an exit strategy for retirement.

Because I thought that this was pretty interesting. They are saying that celebrities and actors, famous actors, are now coming back into the spotlight because they broke. Now, you know, this is one of my favorite subjects. They said that these favorite your favorite celebrities and actors who has made millions, tens, if not hundreds of millions of dollars are all trying to come back into the spotlight and make a bunch of movies and make a bunch of money because they are broke. I have done my research on that because they broke. Let’s continue.

Let’s get into it. A headline I got to be honest, Ken, it caught me off guard. Jim Carrey came out of retirement because he needs money. Well, apparently he’s not the only one. Al Pacino, Hugh Grant, Nicholas Cage, Harrison Ford. These folks, they can’t retire with all the cash that they’ve made. How can the average American want to bring it out? Matt’s and Money founder, CEO, Mark Mattson. And Mark, what is going on? Listen, we saw Mike Tyson like we knew Mike Tyson had to take the fight and maybe not win the fight, but he was in a dire situation.

No one thought Jim Carrey was in that situation. People are looking at this like, how can I ever retire? These guys can’t retire. Well, it’s a very difficult thing to do for not apparently not only normal everyday Americans, but for celebrities. And it’s because of the nature of money itself. Money can’t make you happy. If you look throughout history, you can see people like Elvis Presley, Marilyn Monroe, Prince, John Belugi. I mean, Howard Hughes at the time, the richest person on the planet. They were very miserable, very unhappy. You know, you had Jim Carrey said, I have enough.

I’ve done enough. I am enough. But apparently he doesn’t have enough. And he’s going to have to go back and work like many people that go into their retirement thinking they have enough. And they don’t. So and we know to your point, more people are working longer. They’re coming back out of retirement. So is it a myth? I mean, is there is there a path to really retiring comfortably? There is a path, but it’s a difficult one and wrought with a lot of danger. So I always tell people, look, most people dramatically underestimate how much they’re going to need.

There’s a rule of foreign financial planning, four percent. And it basically says for every million dollars, you can basically take forty thousand dollars a year in income. And that’s if you make absolutely no mistakes in your investing process. So, you know, most people don’t want to retire on forty thousand. So, look, if you’re going to have one hundred and twenty thousand a year, you’re going to need three million bucks. And most people are dramatically under that. And then the second thing that do is they take way too much risk in their investing process, often losing up to 50 to 75 percent of their money right when they need it the most.

So this is the rule of thumb. Let me give you a realistic rule of thumb because they’re just talking about stats and all that other BS. Hey, most people are severely underfunded and they are not planning for their lifestyle after they no longer have the ability to be able to do the same thing that they do. I plan on going over this because I want to go over my whole package inside of the Patreon. So after the 31st, after December 31st, I will then be updating my LinkedIn with the, you know, my work history for the current position that I have now that I’m no longer going to be at.

I talked about it a little bit on after hours, but basically I had a meeting yesterday and the question was, well, I’m more over into a different division that possibly have me going into the office or is that it take a severance and all of that? And one of the reasons that I was waiting for so long and I announced this months ago that I had been anticipating no longer being a part of corporate America after this year because we had sold off a division that we had developed and so on and so forth.

One of the reasons that I have been holding on and didn’t just say, hey, I quit is because I wanted my severance. Now, one thing about us, we got to make sure we get our bags. Ain’t no just quitting. I want to have a conversation to figure out what that severance look like. I want all of my PTO. I want all of my severance. I use no PTO this year. I want my entire severance and I get a bonus and I get all of that. So I get the whole the whole shebang, right? And it’s a pretty nice severance package, which I hadn’t planned on being here next year anyway.

So it’s like you’re paying me to count, you pay me to come, you pay me to leave. So I made a decision that I didn’t want to stay with the company and so they’re giving me that severance. Right. You said Anton is retiring like rappers do. I’ll be back. I’m not ruling it out. If somebody hires me and they say, Anton, we want you to run this, the stipulations are going to be huge and the bag got to be crazy. I don’t anticipate ever going back into corporate America. However, I’m always open to the possibility of what if, right? If it fits into the lifestyle, if the bag is what it needs to be, then we can have that conversation.

But our Lord, the point of this conversation is that most people don’t plan their exit strategy. Most people, they either make an emotional decision or, or they are forced out. Most people, Robert Dalton said, we got to look out for our celebrities. You’re all, they better go and get a regular job like everybody else. Ain’t nothing wrong with going and getting a new job, figuring it out, going make your 70, $80,000 a year and live a regular life like everybody else. We don’t have to look out for nobody. We got to look out for ourselves.

You can’t help nobody until you help yourself first. But my point is that most of us don’t plan. We always don’t have an exit strategy. We either forced out or, or we just suffer. And very few people, very few people actually, very few people actually has an exit strategy. Everything that I do today, all of the things, even the bad chances know that my real estate investment strategy, you don’t make a whole lot of money in real estate initially. Real estate is a way for you to preserve and grow wealth, not necessarily a way for you to generate millionaire status for the majority of the people that are in real estate.

There’s really only four ways, four to five ways that you make money in real estate. I went over that, we gonna go over to get in Block Club this weekend, we’ll get to it. But the thing that I’m basically saying to you guys is a couple of different things. A, just because these celebrities have made a bunch of money does not mean that they know how to manage money. I don’t care how massive your bag is. I don’t care. If you do not understand the language of money, you will eventually go broke.

If you do not understand the language of money, they could have great acting shops, they could be good rappers, good entertainers, good acting, all of this stuff. And at the end of the day, they got baby mama problems, they got child support, they got alimony, they are not great investors, they all live in California, they pay an egregious amount to continue to hold on to their homes, and they broke. And if they don’t make another movie and they hurry up and get to it, then they gonna be broke again.

Most of your favorite celebrities are two to three years away from financial disaster. Most of your favorite celebrities are at best two to three years from a financial disaster. And so when you think about your life, because they can’t go back and get a regular job without getting teased, people gonna pull up to their job, oh man, you cooking fresh, ain’t nothing wrong with getting a regular job, but the pride, the pride. Y’all keep celebrating these people, thinking that they the greatest of all time, no, they struggling, they don’t understand business, they don’t understand money, they don’t really understand a lot of this stuff.

You said, nah, 50 Cent, he’s rich, yeah, of course you gonna have something that actually understands the game, but let me also help you to understand this, 50 Work. 50 Work, he rebrand himself, he just, I heard he just, he about to do a residency, he just came off of a world tour. He got a catalog that he continues to get paid off of. He made smart financial decisions when he came to his contract. 50’s still grinding, 50’s still working, he’s still shooting movies, he doing multiple different things.

See, y’all not really also taking into consideration that the ones that are great, they still working. He’s still working, he’s still running up a bag, he’s still working. He’s grinding, he’s hustling, he’s getting to it. And that’s dope, I love that. That’s the thing that I’m a champion for. Then you have to start figuring out how you’re going to make sure that you manage your resources. I’ve always fully funded my 401ks. I’ve always made sure that I plowed 90% of everything that I did, or everything once I got a certain threshold back in the real estate, back into the businesses, which then will eventually pull off, you know, over a hundred and something thousand dollars a month once I get to a certain threshold.

That way, in addition to all of my other investments, it’ll continue to sustain if you do it the right way. It’s the reason why I don’t have any mortgages. It’s the reason why I continue to roll over investments and I’m building houses now. I’m not doing this for the now, I’m doing this for 15 years from now. I’m doing this for 15 years from now. Everything that I invest in now is basically for when I’m 55, 57. So, you know, and let me also say this before we get to the rest of the article, because a lot of people got this misconstrued.

It is better. Hear me out, y’all. Hear me out. It is better for you to have something paid out that you can afford, paid off that you can afford. Let me say it again. Three times, like Dr. Umar Johnson, paid off that you can afford, there’s something that you are buying because it impresses other people, but you got a crazy mortgage because you did not pair what you make to your lifestyle. I significantly, and I’m going to always advocate for this, live severely under the amount of money that you make, pair your lifestyle down, make sure that you got your stuff paid off, and make smart financial decisions.

People think that the flex is to have a huge house. No, the flex is to be able to have a paid off house that you can afford. Listen, if you can, everything in you, no matter what happens, have a home. No matter what happens, have a home. Don’t let nobody shame you into thinking that you got to live in a two to three million dollar, four, five million dollar, six, seven million dollar mansion. Get you a house that’s paid off that can’t nobody evict you from if anything was to go wrong or you go through a little lull in what you’re making or you got to get laid off.

The flex, talk about it, Osriel, is to pay off your house and to fund your 401k. They keep shaming y’all and telling y’all, oh man, you got a regular job. Remember when I went, went back to corporate America? I retired in 2019. I wound up going back into corporate America. Remember when they was talking about me? Oh, he must be broke. Oh, he not, his businesses ain’t thriving. I love working, all money in. I’m not missing out on no money. Corporate America is a flex. See, a lot of people think that there’s not, y’all don’t, come on, man, come on, man.

These people is working. They hoping to get a new movie role. Your favorite, most of your favorite rappers, they broke. During the pandemic, I seen them doing, they was over there doing GoFundMe’s in order to be able to survive. They was taking our loans. Your favorite rappers, it’s tough for them right now for a lot of them. They got a small window, most of them. They got a minuscule window. That’s it. That’s it. Corporate America is a flex, if that’s what you’re gonna do, if that’s what you wanna do. Life insurance, 401ks, matched, fully funded, bonuses, equity, I still got my equity.

I got 100% equity, all of my equity in the company and the stocks is up. 100%. These people is broke, man. Well, I know that you’ve created what you call the American dream experience, so how does that work? Yeah, that’s a two-day workshop that we created to help people understand the dangers of how to toxic investing. We teach them the academics behind investing and then how to plan long-term. Look, we’re in a very precarious situation. From 95 to 2000, the S&P made on average of 22% a year. The NASDAQ made 45% a year and then we had a 50% crash in growth stocks and a 75% crash in tech stocks.

I’m not saying that history repeats itself but it often rhymes and people are gonna have to get much broader diversification, analyze the risk in their portfolio and truly understand the academics by how to do this instead of just gambling. So then before I let you go, is there also a spending component to this? I mean, is there sort of, because when the market’s running the way you describe, we also have what they call the wealth effect and we feel like we’ve got a little bit extra because check out my account and we go and spend money, not from cashflow but on the assumption that we’ve got it and all of a sudden it’s not there.

Yeah, it’s extremely dangerous. Look, the reality is that investing is a dangerous game. Playing the market itself is dangerous and I always tell people, look, you wanna invest in the market long-term, not play it. No one knows when the next Boeing’s gonna hit. Who would have ever guessed Boeing would lose everything that made planes that crashed themselves, doors flew off, had massive terrible problems, many companies have gone bankrupt, broad diversification in large stocks, micro cap value and international and hedge your equity risk with high quality short-term fixed income, that way if the market does take a 50% hit, you have cash to rebalance and buy that while it’s low and don’t spend that, a lot of people are getting money from their parents when they die, they don’t even reinvest it, they buy Ferraris in new houses.

Fools, don’t start buying the toys until you fully take care of all of the business. Make sure the kids’ college fund is taken care of, make sure that your home is paid off, make sure that you got money invested and that your dollar cost averaging, meaning that you’ve automated the investment process every single time that you get paid, money go into that, make sure you got your businesses thriving and make sure that you have multiple streams of income, that’s when you start to buy the toys, that’s when you can start to have fun, that’s when you can start to do that but until then, stay focused, man, stay focused.

Build your businesses while you’re working in corporate, don’t quit your job to start the business. Keep your job and then do the business at the time that you’re not working, run up a bag, pay off your debt and make sure your kids ain’t got to take out student loans in order for them to be able to go to school, next pay off your house that way that anything happened to you, your family is good, get some life insurance and then, and only then, once you have multiple streams of income and you have options, right? Because worst case scenario, you should always still be able to go and get a decent job.

You still an engineer, you still a software engineer, you still got that executive resume, you still taking care of business, you still got that in your back pocket, right? So take care of your priorities first, then you start to spend money on the toys. Once you’re down for a long time and then you feel like, you know what, I could just chill for the rest of my life and I don’t have to go to work, then you still stay working and that’s when you can start to buy the toys, all right? That’s when you can start to buy the toys.

Work on your businesses, work on the other things that will put off the money or that will put off more money in addition to whatever you got going on, but in the meantime, make sure you stay focused and don’t get caught up with all of this stuff that these other people is doing. They getting PPP loans, they scheming, they don’t have it like you think that they do and they doing it all just to keep up an image. They doing it all to keep up an image. I got on a $25 t-shirt, just because I like the material, it’s a little bit better.

I got on a $25 t-shirt, a free beanie that I got when I bought my e-bike, my Apple watch, usually I put on a Rollie just for looks or when I go out the Apple watch, but I tell you what, I got the best computers. You know why? Because this is something that I then write off, I could write this off. See, I don’t mind spending five, $6,000, $7,000 on getting the best computer that give me the best results. I don’t mind making sure that my MacBook Pro is the best, you know why? Because it returns me money, it makes me money.

I don’t mind that. You understand the game now? You play with the toys after you invest in yourself. You start to get the little cars and you get to get into your hobbies once you already won and you still running it up. But you invest in the things that then make you more money. Forget all of that other stuff, that’s extra. You invest in the things that generate you more revenue. I could’ve went and bought a chain. I could’ve went and bought a chain. My homeboy that I knew, ran into, he an entertainer, I seen him and he bought his iced out chain.

He said, man, I said, man, what’d you spend on that? He said he spent 40 for the chain and 60 for the pendant. He said he spent 40 for the chain and 60 for the pendant. So he spent 100,000, real talk. 40 for the chain, 60 for the pendant. I said, man, you really, you doing it big, huh? You doing it big. He said, yeah, man, I had 100,000 budget, $100,000 budget that I needed to spend some money on before the end of this year. I said, that’s dope. I said, me too.

He said, what’d you buy? I said, I redid my studio. I said, I redid my studio. I got, I spent, what you spent, I spent it on my studio, but I’m a right man off and I’m gonna make more money as a result of it. I spent it on my studio. I got workers in here, building multiple different sets and making sure that we gonna have a better quality product because year over year, we’re growing in the business and we doing more than we did last year and we did more than we did the year before that and we expecting to do double next year.

He said, ah, see, he felt stupid. You know why he felt stupid? You know why he felt stupid? Cause I wasn’t aligning with somebody that was gonna say, oh man, that’s it. We think differently. And so now it forced them to feel a little bit awkward. Then he wanted to tuck his chain in because the chain didn’t mean the same thing to me as it meant to him or what other people that he ran into. [tr:trw].

See more of The Millionaire Morning Show w/ Anton Daniels on their Public Channel and the MPN The Millionaire Morning Show w/ Anton Daniels channel.